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 30.03%/yr vs -31.33%/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 15.64% return, which is significantly higher than TMF's -4.67% return.
DFEN
- 1D
- 0.49%
- 1M
- 11.93%
- YTD
- 15.64%
- 6M
- 7.44%
- 1Y
- 71.10%
- 3Y*
- 68.88%
- 5Y*
- 30.03%
- 10Y*
- —
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%
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 | 15.64% | 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 | -4.67% | -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 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
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 0.16 (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 | +1.18 | ||
| Sortino ratioReturn per unit of downside risk | +1.71 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.01 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | -0.11 | +1.82 |
| Martin ratioReturn relative to average drawdown | 3.90 | -0.23 | +4.13 |
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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% | -56.09% | +12.96% |
Max Drawdown (5Y)Largest decline over 5 years | -55.30% | -88.81% | +33.51% |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.89% | — |
Current DrawdownCurrent decline from peak | -24.22% | -92.11% | +67.89% |
Average DrawdownAverage peak-to-trough decline | -45.13% | -43.76% | -1.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.29% | 12.26% | +6.03% |
Volatility
DFEN vs. TMF - Volatility Comparison
Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 25.03% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 6.50%. 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 | 25.03% | 6.50% | +18.53% |
Volatility (6M)Calculated over the trailing 6-month period | 55.87% | 19.35% | +36.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.30% | 27.91% | +38.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.78% | 46.59% | +14.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.63% | 43.86% | +27.77% |
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 7.72%, more than TMF's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares | 7.72% | 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 | 4.09% | 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 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFEN has higher volatility (25.03%) compared to TMF (6.50%). In terms of maximum drawdown, DFEN dropped -91.36% vs TMF's -92.89%.
On 5-year performance, DFEN leads with 30.03% vs -31.33% for TMF. On fees, DFEN is cheaper at 0.96% 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 5-year period, DFEN has performed better with a 30.03% return vs -31.33%. 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 7.72%, compared with 4.09% 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 (1.08 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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