CSCL vs. TMF

Last updated Jul 15, 2026

CSCL (Direxion Daily CSCO Bull 2X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - CSCL is a Leveraged Equities fund managed by Direxion, while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Over the past year, CSCL returned 151.22% vs -5.12% for TMF. At a 0.02 correlation, their price movements are largely independent. CSCL charges 1.07%/yr vs 1.01%/yr for TMF.

Performance

CSCL vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily CSCO Bull 2X Shares (CSCL) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSCL achieves a 107.51% return, which is significantly higher than TMF's -10.33% return.

CSCL

• 1D: -3.78%
• 1M: -7.24%
• 6M: 114.96%
• YTD: 107.51%
• 1Y: 151.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMF

• 1D: 0.34%
• 1M: -5.43%
• 6M: -11.84%
• YTD: -10.33%
• 1Y: -5.12%
• 3Y*: -21.17%
• 5Y*: -33.53%
• 10Y*: -17.87%

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

CSCL vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025
CSCL Direxion Daily CSCO Bull 2X Shares	107.51%	20.73%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-10.33%	-0.12%

Correlation

The correlation between CSCL and TMF is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.02

Return for Risk

CSCL vs. TMF — Risk / Return Rank

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

CSCL

CSCL Risk / Return Rank: 84
CSCL Sharpe Ratio Rank: 90
CSCL Sortino Ratio Rank: 74
CSCL Omega Ratio Rank: 82
CSCL Calmar Ratio Rank: 94
CSCL Martin Ratio Rank: 81

TMF

TMF Risk / Return Rank: 7
TMF Sharpe Ratio Rank: 7
TMF Sortino Ratio Rank: 7
TMF Omega Ratio Rank: 7
TMF Calmar Ratio Rank: 7
TMF Martin Ratio Rank: 7

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.

CSCL vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily CSCO Bull 2X Shares (CSCL) 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.

	CSCL	TMF	Difference
Sharpe ratio: Return per unit of total volatility	2.36	-0.19	+2.55
Sortino ratio: Return per unit of downside risk	2.64	-0.08	+2.72
Omega ratio: Gain probability vs. loss probability	1.39	0.99	+0.39
Calmar ratio: Return relative to maximum drawdown	5.55	-0.19	+5.74
Martin ratio: Return relative to average drawdown	12.48	-0.40	+12.88

CSCL vs. TMF - Sharpe Ratio Comparison

The current CSCL Sharpe Ratio is 2.36, which is higher than the TMF Sharpe Ratio of -0.19. The chart below compares the historical Sharpe Ratios of CSCL and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CSCL vs. TMF - Drawdown Comparison

The maximum CSCL drawdown since its inception was -27.41%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for CSCL and TMF.

Drawdown Indicators

	CSCL	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-27.41%	-92.89%	+65.48%
Max Drawdown (1Y) Largest decline over 1 year	-27.41%	-26.51%	-0.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-55.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-88.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.89%	—
Current Drawdown Current decline from peak	-20.35%	-92.58%	+72.23%
Average Drawdown Average peak-to-trough decline	-9.40%	-43.92%	+34.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.17%	12.91%	-0.74%

Volatility

CSCL vs. TMF - Volatility Comparison

Direxion Daily CSCO Bull 2X Shares (CSCL) has a higher volatility of 20.51% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.49%. This indicates that CSCL'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

	CSCL	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.51%	7.49%	+13.02%
Volatility (6M) Calculated over the trailing 6-month period	57.98%	19.84%	+38.14%
Volatility (1Y) Calculated over the trailing 1-year period	64.41%	27.57%	+36.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.25%	46.51%	+16.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.25%	43.72%	+19.53%

CSCL vs. TMF - Expense Ratio Comparison

CSCL has a 1.07% expense ratio, which is higher than TMF's 1.01% expense ratio.

Dividends

CSCL vs. TMF - Dividend Comparison

CSCL's dividend yield for the trailing twelve months is around 1.23%, less than TMF's 4.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSCL Direxion Daily CSCO Bull 2X Shares	1.23%	1.31%	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	4.40%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

Can I hold both CSCL and TMF in my portfolio?

CSCL and TMF have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSCL or TMF?

CSCL has higher volatility (20.51%) compared to TMF (7.49%). In terms of maximum drawdown, CSCL dropped -27.41% vs TMF's -92.89%.

Which ETF is better, CSCL or TMF?

On 1-year performance, CSCL leads with 151.22% vs -5.12% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSCL or TMF?

Over the 1-year period, CSCL has performed better with a 151.22% return vs -5.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSCL or TMF?

TMF is cheaper with a 1.01% expense ratio, compared with 1.07% for CSCL.

Which ETF pays a higher dividend yield, CSCL or TMF?

TMF has the higher dividend yield at 4.40%, compared with 1.23% for CSCL.

What is the main difference between CSCL and TMF?

CSCL is categorized as Leveraged Equities, while TMF is Leveraged Bonds. Their fees differ too: 1.07% for CSCL and 1.01% for TMF.

Which has better risk-adjusted returns?

CSCL currently has the higher Sharpe Ratio (2.36 vs -0.19), 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.