BRZU vs. TMF

Last updated Apr 2, 2026

Compare and contrast key facts about Direxion Daily Brazil Bull 2X Shares (BRZU) and Direxion Daily 20-Year Treasury Bull 3X (TMF).

BRZU and TMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BRZU is a passively managed fund by Direxion that tracks the performance of the MSCI Brazil 25/50 Index. It was launched on Apr 1, 2020. TMF is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (300%). It was launched on Apr 16, 2009. Both BRZU and TMF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

BRZU vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRZU Direxion Daily Brazil Bull 2X Shares	40.14%	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	-3.05%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	22.72%

Returns By Period

In the year-to-date period, BRZU achieves a 40.14% return, which is significantly higher than TMF's -3.05% return. Over the past 10 years, BRZU has outperformed TMF with an annualized return of -14.69%, while TMF has yielded a comparatively lower -15.81% annualized return.

BRZU

• 1D: -0.13%
• 1M: -3.25%
• YTD: 40.14%
• 6M: 58.04%
• 1Y: 111.48%
• 3Y*: 26.12%
• 5Y*: 10.30%
• 10Y*: -14.69%

TMF

• 1D: -0.28%
• 1M: -10.73%
• YTD: -3.05%
• 6M: -9.57%
• 1Y: -17.24%
• 3Y*: -23.47%
• 5Y*: -29.34%
• 10Y*: -15.81%

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

BRZU vs. TMF - Expense Ratio Comparison

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

BRZU

Direxion Daily Brazil Bull 2X Shares

TMF

Direxion Daily 20-Year Treasury Bull 3X

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: 91
BRZU Sharpe Ratio Rank: 92
BRZU Sortino Ratio Rank: 88
BRZU Omega Ratio Rank: 84
BRZU Calmar Ratio Rank: 97
BRZU Martin Ratio Rank: 92

TMF

TMF Risk / Return Rank: 4
TMF Sharpe Ratio Rank: 4
TMF Sortino Ratio Rank: 4
TMF Omega Ratio Rank: 4
TMF Calmar Ratio Rank: 3
TMF Martin Ratio Rank: 5

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	2.17	-0.51	+2.69
Sortino ratio Return per unit of downside risk	2.53	-0.52	+3.05
Omega ratio Gain probability vs. loss probability	1.34	0.94	+0.41
Calmar ratio Return relative to maximum drawdown	5.13	-0.56	+5.69
Martin ratio Return relative to average drawdown	13.31	-0.89	+14.20
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 2.17, which is higher than the TMF Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of BRZU and TMF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BRZU	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	-0.51	+2.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	-0.63	+0.82
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.17	-0.36	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	-0.13	-0.21

Correlation

The correlation between BRZU and TMF is -0.05. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

BRZU vs. TMF - Dividend Comparison

BRZU's dividend yield for the trailing twelve months is around 1.90%, less than TMF's 4.02% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRZU Direxion Daily Brazil Bull 2X Shares	1.90%	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	4.02%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

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 -92.61%. 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%	-92.61%	-7.10%
Max Drawdown (1Y) Largest decline over 1 year	-22.67%	-27.13%	+4.46%
Max Drawdown (5Y) Largest decline over 5 years	-65.00%	-88.37%	+23.37%
Max Drawdown (10Y) Largest decline over 10 years	-98.11%	-92.61%	-5.50%
Current Drawdown Current decline from peak	-99.00%	-91.97%	-7.03%
Average Drawdown Average peak-to-trough decline	-89.43%	-43.14%	-46.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.73%	16.98%	-8.25%

Volatility

BRZU vs. TMF - Volatility Comparison

Direxion Daily Brazil Bull 2X Shares (BRZU) has a higher volatility of 22.44% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 10.85%. 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	22.44%	10.85%	+11.59%
Volatility (6M) Calculated over the trailing 6-month period	39.48%	19.49%	+19.99%
Volatility (1Y) Calculated over the trailing 1-year period	51.61%	33.77%	+17.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.52%	46.81%	+8.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	84.27%	44.00%	+40.27%