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 33.44%/yr vs -34.74%/yr for TMF. Their -0.11 correlation means they have often moved in opposite directions in the past. 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 18.12% return, which is significantly higher than TMF's -16.67% return.
DFEN
- 1D
- 2.21%
- 1M
- -12.11%
- 6M
- -5.05%
- YTD
- 18.12%
- 1Y
- 45.63%
- 3Y*
- 65.26%
- 5Y*
- 33.44%
- 10Y*
- —
- ALL TIME*
- 16.64%
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.59M | $13.06M | $15.26M | |
| $161.82M | $130.43M | $127.82M |
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 | 18.12% | 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 | -16.67% | -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 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (3Y) Balances recent behavior with more history. | 0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
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 0.22 (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 | +1.20 | ||
| Sortino ratioReturn per unit of downside risk | +1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.93 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | -0.53 | +1.57 |
| Martin ratioReturn relative to average drawdown | 2.21 | -1.07 | +3.27 |
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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 -93.10%. 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% | -93.10% | +1.74% |
Max Drawdown (1Y)Largest decline over 1 year | -41.75% | -28.69% | -13.06% |
Max Drawdown (3Y)Largest decline over 3 years | -43.13% | -50.64% | +7.51% |
Max Drawdown (5Y)Largest decline over 5 years | -51.96% | -89.14% | +37.18% |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.10% | — |
Current DrawdownCurrent decline from peak | -22.59% | -93.10% | +70.51% |
Average DrawdownAverage peak-to-trough decline | -44.87% | -44.07% | -0.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.77% | 14.10% | +5.67% |
Volatility
DFEN vs. TMF - Volatility Comparison
Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 21.99% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.21%. 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 | 21.99% | 7.21% | +14.78% |
Volatility (6M)Calculated over the trailing 6-month period | 55.26% | 19.98% | +35.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.94% | 27.35% | +40.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.84% | 46.36% | +14.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.57% | 43.70% | +27.87% |
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 7.51%, more than TMF's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares | 7.51% | 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 | 4.74% | 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 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFEN has higher volatility (21.99%) compared to TMF (7.21%). In terms of maximum drawdown, DFEN dropped -91.36% vs TMF's -93.10%.
On 5-year performance, DFEN leads with 33.44% vs -34.74% for TMF. On fees, DFEN is cheaper at 0.96% per year. On volatility, TMF has been the lower-risk option at 7.21%. 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 33.44% return vs -34.74%. 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 7.51%, compared with 4.74% 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 (0.64 vs -0.55), 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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