CHAU vs. TMF
CHAU (Direxion Daily CSI 300 China A Share Bull 2x Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - CHAU is a China Equities fund tracking the CSI 300 Index (200%), 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, CHAU returned 2.81%/yr vs -17.86%/yr for TMF. At a correlation of -0.09, they often move in opposite directions. CHAU charges 1.21%/yr vs 1.01%/yr for TMF.
Performance
CHAU vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, CHAU achieves a 0.33% return, which is significantly higher than TMF's -9.16% return. Over the past 10 years, CHAU has outperformed TMF with an annualized return of 2.81%, while TMF has yielded a comparatively lower -17.86% annualized return.
CHAU
- 1D
- -5.35%
- 1M
- -13.41%
- 6M
- -3.46%
- YTD
- 0.33%
- 1Y
- 35.87%
- 3Y*
- 7.74%
- 5Y*
- -10.86%
- 10Y*
- 2.81%
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%
CHAU vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares | 0.33% | 47.73% | 6.61% | -28.25% | -49.17% | -2.84% | 71.95% | 70.01% | -51.03% | 74.91% |
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 CHAU and TMF is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2015 | -0.09 |
The correlation between CHAU and TMF shifts across timeframes, from -0.09 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CHAU vs. TMF — Risk / Return Rank
CHAU
TMF
CHAU vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) 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.
| CHAU | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.01 | ||
| Sortino ratioReturn per unit of downside risk | +1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.01 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.87 | -0.08 | +1.94 |
| Martin ratioReturn relative to average drawdown | 5.92 | -0.15 | +6.07 |
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Drawdowns
CHAU vs. TMF - Drawdown Comparison
The maximum CHAU drawdown since its inception was -79.21%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for CHAU and TMF.
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Drawdown Indicators
| CHAU | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.21% | -92.89% | +13.68% |
Max Drawdown (1Y)Largest decline over 1 year | -19.27% | -26.51% | +7.24% |
Max Drawdown (3Y)Largest decline over 3 years | -59.88% | -55.14% | -4.74% |
Max Drawdown (5Y)Largest decline over 5 years | -71.97% | -88.81% | +16.84% |
Max Drawdown (10Y)Largest decline over 10 years | -78.58% | -92.89% | +14.31% |
Current DrawdownCurrent decline from peak | -59.51% | -92.48% | +32.97% |
Average DrawdownAverage peak-to-trough decline | -58.83% | -43.95% | -14.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.07% | 13.14% | -7.07% |
Volatility
CHAU vs. TMF - Volatility Comparison
Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) has a higher volatility of 18.68% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.35%. This indicates that CHAU'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
| CHAU | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.68% | 7.35% | +11.33% |
Volatility (6M)Calculated over the trailing 6-month period | 29.66% | 19.77% | +9.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.62% | 27.49% | +11.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.64% | 46.48% | +1.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.41% | 43.70% | +3.71% |
CHAU vs. TMF - Expense Ratio Comparison
CHAU has a 1.21% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
CHAU vs. TMF - Dividend Comparison
CHAU's dividend yield for the trailing twelve months is around 2.16%, less than TMF's 4.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares | 2.16% | 1.97% | 2.25% | 3.97% | 0.77% | 1.73% | 0.09% | 0.58% | 0.83% | 0.00% |
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
CHAU and TMF have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CHAU has higher volatility (18.68%) compared to TMF (7.35%). In terms of maximum drawdown, CHAU dropped -79.21% vs TMF's -92.89%.
On 10-year performance, CHAU leads with 2.81% vs -17.86% for TMF. 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, CHAU has performed better with a 2.81% return vs -17.86%. 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 1.21% for CHAU.
TMF has the higher dividend yield at 4.35%, compared with 2.16% for CHAU.
CHAU is categorized as China Equities, while TMF is Leveraged Bonds. CHAU tracks CSI 300 Index (200%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.21% for CHAU and 1.01% for TMF.
CHAU currently has the higher Sharpe Ratio (0.93 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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