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 Leveraged 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 5.49%/yr vs -16.87%/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 15.68% return, which is significantly higher than TMF's -4.67% return. Over the past 10 years, CHAU has outperformed TMF with an annualized return of 5.49%, while TMF has yielded a comparatively lower -16.87% annualized return.
CHAU
- 1D
- -6.92%
- 1M
- 2.59%
- YTD
- 15.68%
- 6M
- 16.43%
- 1Y
- 74.53%
- 3Y*
- 14.03%
- 5Y*
- -8.64%
- 10Y*
- 5.49%
TMF
- 1D
- -0.62%
- 1M
- 4.96%
- YTD
- -4.67%
- 6M
- -5.95%
- 1Y
- -2.80%
- 3Y*
- -21.07%
- 5Y*
- -31.33%
- 10Y*
- -16.87%
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 | 15.68% | 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 | -4.67% | -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 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
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 0.14 (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 | +2.21 | ||
| Sortino ratioReturn per unit of downside risk | +2.63 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.01 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 4.91 | -0.11 | +5.01 |
| Martin ratioReturn relative to average drawdown | 13.77 | -0.23 | +14.00 |
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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 | -15.27% | -26.51% | +11.24% |
Max Drawdown (3Y)Largest decline over 3 years | -59.88% | -56.09% | -3.79% |
Max Drawdown (5Y)Largest decline over 5 years | -72.59% | -88.81% | +16.22% |
Max Drawdown (10Y)Largest decline over 10 years | -78.58% | -92.89% | +14.31% |
Current DrawdownCurrent decline from peak | -53.31% | -92.11% | +38.80% |
Average DrawdownAverage peak-to-trough decline | -58.86% | -43.76% | -15.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.43% | 12.26% | -6.83% |
Volatility
CHAU vs. TMF - Volatility Comparison
Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) has a higher volatility of 14.72% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 6.50%. 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 | 14.72% | 6.50% | +8.22% |
Volatility (6M)Calculated over the trailing 6-month period | 25.68% | 19.35% | +6.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.51% | 27.91% | +7.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.32% | 46.59% | +0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.22% | 43.86% | +3.36% |
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 1.76%, less than TMF's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares | 1.35% | 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 | 3.07% | 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 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CHAU has higher volatility (14.72%) compared to TMF (6.50%). In terms of maximum drawdown, CHAU dropped -79.21% vs TMF's -92.89%.
On 10-year performance, CHAU leads with 5.49% vs -16.87% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 6.50%. 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 5.49% return vs -16.87%. 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 4.09%, compared with 1.76% for CHAU.
CHAU is categorized as Leveraged 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 (2.11 vs -0.10), 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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