CONX vs. TMF
CONX (Direxion Daily COIN Bull 2X ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - CONX is a Leveraged Equities fund actively managed by Direxion, while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). CONX is actively managed, while TMF is passively managed. At a 0.15 correlation, their price movements are largely independent. CONX charges 0.97%/yr vs 1.01%/yr for TMF.
Performance
CONX vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, CONX achieves a -61.79% return, which is significantly lower than TMF's -6.13% return.
CONX
- 1D
- -12.34%
- 1M
- -38.44%
- YTD
- -61.79%
- 6M
- -75.11%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TMF
- 1D
- -1.14%
- 1M
- 1.22%
- YTD
- -6.13%
- 6M
- -11.63%
- 1Y
- 0.90%
- 3Y*
- -20.78%
- 5Y*
- -30.52%
- 10Y*
- -16.56%
CONX vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CONX Direxion Daily COIN Bull 2X ETF | -61.79% | -26.29% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -6.13% | -4.94% |
Correlation
The correlation between CONX and TMF is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025 | 0.15 |
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Return for Risk
CONX vs. TMF — Risk / Return Rank
CONX
TMF
CONX vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily COIN Bull 2X ETF (CONX) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| CONX | TMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 0.03 | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.66 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.62 | -0.14 | -0.49 |
Drawdowns
CONX vs. TMF - Drawdown Comparison
The maximum CONX drawdown since its inception was -76.90%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for CONX and TMF.
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Drawdown Indicators
| CONX | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.90% | -92.89% | +15.99% |
Max Drawdown (1Y)Largest decline over 1 year | — | -26.51% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -56.31% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -88.81% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.89% | — |
Current DrawdownCurrent decline from peak | -75.11% | -92.23% | +17.12% |
Average DrawdownAverage peak-to-trough decline | -48.87% | -43.63% | -5.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 11.49% | — |
Volatility
CONX vs. TMF - Volatility Comparison
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Volatility by Period
| CONX | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 8.09% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 19.01% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 146.14% | 28.76% | +117.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 146.14% | 46.75% | +99.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 146.14% | 43.92% | +102.22% |
CONX vs. TMF - Expense Ratio Comparison
CONX has a 0.97% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
CONX vs. TMF - Dividend Comparison
CONX's dividend yield for the trailing twelve months is around 2.12%, less than TMF's 4.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CONX Direxion Daily COIN Bull 2X ETF | 2.12% | 0.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.15% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
CONX 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.
On fees, CONX is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CONX is cheaper with a 0.97% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.15%, compared with 2.12% for CONX.
CONX is categorized as Leveraged Equities, while TMF is Leveraged Bonds. Their fees differ too: 0.97% for CONX and 1.01% for TMF.
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