DFEN vs. TMF
DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), 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 5 years, DFEN returned 33.03%/yr vs -33.16%/yr for TMF. At a correlation of -0.11, they often move in opposite directions. DFEN charges 0.96%/yr vs 1.01%/yr for TMF.
Performance
DFEN vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, DFEN achieves a 13.04% return, which is significantly higher than TMF's -10.63% return.
DFEN
- 1D
- -5.15%
- 1M
- -0.07%
- 6M
- -14.66%
- YTD
- 13.04%
- 1Y
- 51.34%
- 3Y*
- 64.46%
- 5Y*
- 33.03%
- 10Y*
- —
TMF
- 1D
- -1.85%
- 1M
- -5.74%
- 6M
- -11.74%
- YTD
- -10.63%
- 1Y
- -5.83%
- 3Y*
- -21.26%
- 5Y*
- -33.16%
- 10Y*
- -17.90%
DFEN vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares | 13.04% | 156.62% | 27.07% | 24.70% | 6.99% | 12.72% | -70.23% | 95.09% | -32.86% | 83.64% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -10.63% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 14.73% |
Correlation
The correlation between DFEN and TMF is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 3, 2017 | -0.11 |
The correlation between DFEN and TMF shifts across timeframes, from -0.11 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DFEN vs. TMF — Risk / Return Rank
DFEN
TMF
DFEN vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) 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.
| DFEN | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.57 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.99 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | -0.22 | +1.46 |
| Martin ratioReturn relative to average drawdown | 2.73 | -0.46 | +3.19 |
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Drawdowns
DFEN vs. TMF - Drawdown Comparison
The maximum DFEN drawdown since its inception was -91.36%, roughly equal to the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for DFEN and TMF.
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Drawdown Indicators
| DFEN | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.36% | -92.89% | +1.53% |
Max Drawdown (1Y)Largest decline over 1 year | -41.75% | -26.51% | -15.24% |
Max Drawdown (3Y)Largest decline over 3 years | -43.13% | -55.14% | +12.01% |
Max Drawdown (5Y)Largest decline over 5 years | -51.96% | -88.81% | +36.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.89% | — |
Current DrawdownCurrent decline from peak | -25.92% | -92.60% | +66.68% |
Average DrawdownAverage peak-to-trough decline | -44.99% | -43.91% | -1.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.84% | 12.82% | +6.02% |
Volatility
DFEN vs. TMF - Volatility Comparison
Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 22.07% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.51%. This indicates that DFEN'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
| DFEN | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.07% | 8.51% | +13.56% |
Volatility (6M)Calculated over the trailing 6-month period | 54.69% | 19.94% | +34.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.79% | 27.62% | +39.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.87% | 46.54% | +14.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.56% | 43.72% | +27.84% |
DFEN vs. TMF - Expense Ratio Comparison
DFEN has a 0.96% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
DFEN vs. TMF - Dividend Comparison
DFEN's dividend yield for the trailing twelve months is around 7.85%, more than TMF's 4.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares | 7.85% | 8.89% | 14.12% | 1.13% | 0.46% | 1.89% | 0.48% | 0.50% | 1.07% | 1.50% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.42% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
DFEN and TMF have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFEN has higher volatility (22.07%) compared to TMF (8.51%). In terms of maximum drawdown, DFEN dropped -91.36% vs TMF's -92.89%.
On 5-year performance, DFEN leads with 33.03% vs -33.16% for TMF. On fees, DFEN is cheaper at 0.96% per year. On volatility, TMF has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DFEN has performed better with a 33.03% return vs -33.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFEN is cheaper with a 0.96% expense ratio, compared with 1.01% for TMF.
DFEN has the higher dividend yield at 7.85%, compared with 4.42% for TMF.
DFEN is categorized as Leveraged Equities, while TMF is Leveraged Bonds. DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 0.96% for DFEN and 1.01% for TMF.
DFEN currently has the higher Sharpe Ratio (0.77 vs -0.21), 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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