BRZU vs. TMF

Last updated Jun 4, 2026

BRZU (Direxion Daily Brazil Bull 2X Shares) and TMF (Direxion Daily 20-Year Treasury Bull 3X) are both exchange-traded funds - BRZU is a Leveraged Equities fund tracking the MSCI Brazil 25/50 Index, while TMF is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (300%). Both are passively managed. Over the past 10 years, BRZU returned -16.20%/yr vs -16.56%/yr for TMF. At a correlation of -0.05, they often move in opposite directions. BRZU charges 1.29%/yr vs 1.09%/yr for TMF.

Performance

BRZU vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Brazil Bull 2X Shares (BRZU) and Direxion Daily 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRZU achieves a 11.76% return, which is significantly higher than TMF's -6.13% return. Both investments have delivered pretty close results over the past 10 years, with BRZU having a -16.20% annualized return and TMF not far behind at -16.56%.

BRZU

• 1D: -6.46%
• 1M: -22.26%
• YTD: 11.76%
• 6M: 2.36%
• 1Y: 55.66%
• 3Y*: 9.42%
• 5Y*: -4.04%
• 10Y*: -16.20%

TMF

• 1D: -1.14%
• 1M: 1.22%
• YTD: -6.13%
• 6M: -11.63%
• 1Y: 0.90%
• 3Y*: -20.78%
• 5Y*: -30.52%
• 10Y*: -16.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BRZU vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRZU Direxion Daily Brazil Bull 2X Shares	11.76%	97.99%	-57.07%	55.48%	8.30%	-39.23%	-91.34%	57.02%	-37.21%	30.80%
TMF Direxion Daily 20-Year Treasury Bull 3X	-6.13%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	22.72%

Correlation

The correlation between BRZU and TMF is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Apr 11, 2013	-0.05

The correlation between BRZU and TMF shifts across timeframes, from -0.05 (all time) to 0.21 (3 years), reflecting how their relationship changes across market environments.

BRZU vs. TMF - Sectors Allocation Comparison

Sectors	BRZU	TMF
Financial Services	32.7%	18.7%
Energy	18.7%	-
Basic Materials	13.7%	-
Utilities	12.8%	-
Industrials	10.9%	-
Consumer Defensive	4.2%	-
Healthcare	2.4%	-
Communication Services	2.2%	-
Consumer Cyclical	1.5%	-
Technology	0.9%	-
Real Estate	-	-

Return for Risk

BRZU vs. TMF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BRZU

BRZU Risk / Return Rank: 32
BRZU Sharpe Ratio Rank: 31
BRZU Sortino Ratio Rank: 30
BRZU Omega Ratio Rank: 31
BRZU Calmar Ratio Rank: 35
BRZU Martin Ratio Rank: 34

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 9
TMF Omega Ratio Rank: 9
TMF Calmar Ratio Rank: 9
TMF Martin Ratio Rank: 9

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BRZU vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Brazil Bull 2X Shares (BRZU) and Direxion Daily 20-Year Treasury Bull 3X (TMF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BRZU	TMF	Difference
Sharpe ratio Return per unit of total volatility	1.13	0.03	+1.10
Sortino ratio Return per unit of downside risk	1.65	0.25	+1.40
Omega ratio Gain probability vs. loss probability	1.21	1.03	+0.18
Calmar ratio Return relative to maximum drawdown	1.73	0.03	+1.69
Martin ratio Return relative to average drawdown	5.24	0.08	+5.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRZU vs. TMF - Sharpe Ratio Comparison

The current BRZU Sharpe Ratio is 1.13, which is higher than the TMF Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of BRZU and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BRZU	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	0.03	+1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	-0.66	+0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.20	-0.38	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	-0.14	-0.22

Drawdowns

BRZU vs. TMF - Drawdown Comparison

The maximum BRZU drawdown since its inception was -99.71%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for BRZU and TMF.

Drawdown Indicators

	BRZU	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-99.71%	-92.89%	-6.82%
Max Drawdown (1Y) Largest decline over 1 year	-32.39%	-26.51%	-5.88%
Max Drawdown (3Y) Largest decline over 3 years	-58.25%	-56.31%	-1.94%
Max Drawdown (5Y) Largest decline over 5 years	-65.00%	-88.81%	+23.81%
Max Drawdown (10Y) Largest decline over 10 years	-98.11%	-92.89%	-5.22%
Current Drawdown Current decline from peak	-99.20%	-92.23%	-6.97%
Average Drawdown Average peak-to-trough decline	-89.55%	-43.63%	-45.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.66%	11.49%	-0.83%

Volatility

BRZU vs. TMF - Volatility Comparison

Direxion Daily Brazil Bull 2X Shares (BRZU) has a higher volatility of 15.75% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 8.09%. This indicates that BRZU's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRZU	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.75%	8.09%	+7.66%
Volatility (6M) Calculated over the trailing 6-month period	41.66%	19.01%	+22.65%
Volatility (1Y) Calculated over the trailing 1-year period	49.58%	28.76%	+20.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.40%	46.75%	+8.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.15%	43.92%	+39.23%

BRZU vs. TMF - Expense Ratio Comparison

BRZU has a 1.29% expense ratio, which is higher than TMF's 1.09% expense ratio.

Dividends

BRZU vs. TMF - Dividend Comparison

BRZU's dividend yield for the trailing twelve months is around 2.39%, less than TMF's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRZU Direxion Daily Brazil Bull 2X Shares	2.39%	2.39%	8.73%	3.24%	4.70%	6.29%	0.78%	0.95%	1.04%	0.74%
TMF Direxion Daily 20-Year Treasury Bull 3X	4.15%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

Can I hold both BRZU and TMF in my portfolio?

BRZU and TMF have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRZU or TMF?

BRZU has higher volatility (15.75%) compared to TMF (8.09%). In terms of maximum drawdown, BRZU dropped -99.71% vs TMF's -92.89%.

Which ETF is better, BRZU or TMF?

On 10-year performance, BRZU leads with -16.20% vs -16.56% for TMF. On fees, TMF is cheaper at 1.09% per year. On volatility, TMF has been the lower-risk option at 8.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRZU or TMF?

Over the 10-year period, BRZU has performed better with a -16.20% return vs -16.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRZU or TMF?

TMF is cheaper with a 1.09% expense ratio, compared with 1.29% for BRZU.

Which ETF pays a higher dividend yield, BRZU or TMF?

TMF has the higher dividend yield at 4.15%, compared with 2.39% for BRZU.

What is the main difference between BRZU and TMF?

BRZU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. BRZU tracks MSCI Brazil 25/50 Index, while TMF tracks NYSE 20 Year Plus Treasury Bond Index (300%). Their fees differ too: 1.29% for BRZU and 1.09% for TMF.

Which has better risk-adjusted returns?

BRZU currently has the higher Sharpe Ratio (1.13 vs 0.03), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.