BRZU vs. TMF
BRZU (Direxion Daily Brazil Bull 2X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) 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 ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, BRZU returned -20.06%/yr vs -17.86%/yr for TMF. At a correlation of -0.05, they often move in opposite directions. BRZU charges 1.29%/yr vs 1.01%/yr for TMF.
Performance
BRZU vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, BRZU achieves a 16.56% return, which is significantly higher than TMF's -9.16% return. Over the past 10 years, BRZU has underperformed TMF with an annualized return of -20.06%, while TMF has yielded a comparatively higher -17.86% annualized return.
BRZU
- 1D
- -0.46%
- 1M
- 5.75%
- 6M
- 7.69%
- YTD
- 16.56%
- 1Y
- 57.13%
- 3Y*
- 5.87%
- 5Y*
- -1.38%
- 10Y*
- -20.06%
TMF
- 1D
- 0.94%
- 1M
- -6.04%
- 6M
- -10.50%
- YTD
- -9.16%
- 1Y
- -1.98%
- 3Y*
- -21.11%
- 5Y*
- -33.31%
- 10Y*
- -17.86%
BRZU vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BRZU Direxion Daily Brazil Bull 2X Shares | 16.56% | 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 ETF | -9.16% | -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 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2013 | -0.05 |
The correlation between BRZU and TMF shifts across timeframes, from -0.05 (all time) to 0.20 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BRZU vs. TMF — Risk / Return Rank
BRZU
TMF
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 ETF (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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BRZU | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.22 | ||
| Sortino ratioReturn per unit of downside risk | +1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.01 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | -0.08 | +1.67 |
| Martin ratioReturn relative to average drawdown | 3.93 | -0.15 | +4.08 |
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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.
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Drawdown Indicators
| BRZU | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.71% | -92.89% | -6.82% |
Max Drawdown (1Y)Largest decline over 1 year | -35.97% | -26.51% | -9.46% |
Max Drawdown (3Y)Largest decline over 3 years | -58.25% | -55.14% | -3.11% |
Max Drawdown (5Y)Largest decline over 5 years | -62.89% | -88.81% | +25.92% |
Max Drawdown (10Y)Largest decline over 10 years | -98.11% | -92.89% | -5.22% |
Current DrawdownCurrent decline from peak | -99.17% | -92.48% | -6.69% |
Average DrawdownAverage peak-to-trough decline | -89.61% | -43.95% | -45.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.62% | 13.14% | +1.48% |
Volatility
BRZU vs. TMF - Volatility Comparison
Direxion Daily Brazil Bull 2X Shares (BRZU) has a higher volatility of 11.60% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.35%. 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.
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Volatility by Period
| BRZU | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.60% | 7.35% | +4.25% |
Volatility (6M)Calculated over the trailing 6-month period | 39.80% | 19.77% | +20.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.90% | 27.49% | +22.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.26% | 46.48% | +8.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.27% | 43.70% | +38.57% |
BRZU vs. TMF - Expense Ratio Comparison
BRZU has a 1.29% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
BRZU vs. TMF - Dividend Comparison
BRZU's dividend yield for the trailing twelve months is around 1.93%, less than TMF's 4.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BRZU Direxion Daily Brazil Bull 2X Shares | 1.93% | 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 ETF | 4.35% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
BRZU and TMF have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRZU has higher volatility (11.60%) compared to TMF (7.35%). In terms of maximum drawdown, BRZU dropped -99.71% vs TMF's -92.89%.
On 10-year performance, TMF leads with -17.86% vs -20.06% for BRZU. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMF has performed better with a -17.86% return vs -20.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.29% for BRZU.
TMF has the higher dividend yield at 4.35%, compared with 1.93% for BRZU.
BRZU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. BRZU tracks MSCI Brazil 25/50 Index, while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.29% for BRZU and 1.01% for TMF.
BRZU currently has the higher Sharpe Ratio (1.15 vs -0.07), 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.
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