CHAU vs. TMF

Last updated Apr 2, 2026

Compare and contrast key facts about Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) and Direxion Daily 20-Year Treasury Bull 3X (TMF).

CHAU and TMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CHAU is a passively managed fund by Direxion that tracks the performance of the CSI 300 Index (200%). It was launched on Apr 16, 2015. 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 CHAU 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

CHAU vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) and Direxion Daily 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

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	-2.48%	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	-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, CHAU achieves a -2.48% return, which is significantly higher than TMF's -3.05% return. Over the past 10 years, CHAU has outperformed TMF with an annualized return of 2.21%, while TMF has yielded a comparatively lower -15.81% annualized return.

CHAU

• 1D: 0.74%
• 1M: -8.47%
• YTD: -2.48%
• 6M: -0.27%
• 1Y: 47.33%
• 3Y*: 0.30%
• 5Y*: -10.61%
• 10Y*: 2.21%

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)

CHAU vs. TMF - Expense Ratio Comparison

CHAU has a 1.21% expense ratio, which is higher than TMF's 1.09% expense ratio.

CHAU

Direxion Daily CSI 300 China A Share Bull 2x Shares

TMF

Direxion Daily 20-Year Treasury Bull 3X

Return for Risk

CHAU vs. TMF — Risk / Return Rank

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

CHAU

CHAU Risk / Return Rank: 71
CHAU Sharpe Ratio Rank: 70
CHAU Sortino Ratio Rank: 67
CHAU Omega Ratio Rank: 67
CHAU Calmar Ratio Rank: 74
CHAU Martin Ratio Rank: 75

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.

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 (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.

	CHAU	TMF	Difference
Sharpe ratio Return per unit of total volatility	1.29	-0.51	+1.81
Sortino ratio Return per unit of downside risk	1.76	-0.52	+2.29
Omega ratio Gain probability vs. loss probability	1.26	0.94	+0.32
Calmar ratio Return relative to maximum drawdown	2.08	-0.56	+2.64
Martin ratio Return relative to average drawdown	8.42	-0.89	+9.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CHAU vs. TMF - Sharpe Ratio Comparison

The current CHAU Sharpe Ratio is 1.29, which is higher than the TMF Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of CHAU 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

	CHAU	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	-0.51	+1.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	-0.63	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.05	-0.36	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	-0.13	+0.03

Correlation

The correlation between CHAU and TMF is -0.10. 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

CHAU vs. TMF - Dividend Comparison

CHAU's dividend yield for the trailing twelve months is around 2.09%, less than TMF's 4.02% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares	2.09%	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	4.02%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Drawdowns

CHAU vs. TMF - Drawdown Comparison

The maximum CHAU drawdown since its inception was -79.21%, smaller than the maximum TMF drawdown of -92.61%. Use the drawdown chart below to compare losses from any high point for CHAU and TMF.

Drawdown Indicators

	CHAU	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-79.21%	-92.61%	+13.40%
Max Drawdown (1Y) Largest decline over 1 year	-21.99%	-27.13%	+5.14%
Max Drawdown (5Y) Largest decline over 5 years	-74.32%	-88.37%	+14.05%
Max Drawdown (10Y) Largest decline over 10 years	-78.58%	-92.61%	+14.03%
Current Drawdown Current decline from peak	-60.65%	-91.97%	+31.32%
Average Drawdown Average peak-to-trough decline	-58.96%	-43.14%	-15.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.47%	16.98%	-11.51%

Volatility

CHAU vs. TMF - Volatility Comparison

The current volatility for Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) is 9.69%, while Direxion Daily 20-Year Treasury Bull 3X (TMF) has a volatility of 10.85%. This indicates that CHAU experiences smaller price fluctuations and is considered to be less risky than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHAU	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.69%	10.85%	-1.16%
Volatility (6M) Calculated over the trailing 6-month period	22.47%	19.49%	+2.98%
Volatility (1Y) Calculated over the trailing 1-year period	36.74%	33.77%	+2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.97%	46.81%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.25%	44.00%	+3.25%