DFIVX vs. TMF

Last updated Jun 16, 2026

DFIVX (DFA International Value Portfolio Institutional Class) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both funds - DFIVX is a Foreign Large Cap Equities fund actively managed by Dimensional, while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). DFIVX is actively managed, while TMF is passively managed. Over the past 10 years, DFIVX returned 12.41%/yr vs -16.93%/yr for TMF. At a correlation of -0.25, they often move in opposite directions. DFIVX charges 0.28%/yr vs 1.01%/yr for TMF.

Performance

DFIVX vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA International Value Portfolio Institutional Class (DFIVX) 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, DFIVX achieves a 12.49% return, which is significantly higher than TMF's -5.18% return. Over the past 10 years, DFIVX has outperformed TMF with an annualized return of 12.41%, while TMF has yielded a comparatively lower -16.93% annualized return.

DFIVX

• 1D: 0.82%
• 1M: 1.65%
• YTD: 12.49%
• 6M: 13.52%
• 1Y: 35.31%
• 3Y*: 23.46%
• 5Y*: 14.18%
• 10Y*: 12.41%

TMF

• 1D: 0.00%
• 1M: 7.62%
• YTD: -5.18%
• 6M: -5.24%
• 1Y: -1.79%
• 3Y*: -20.85%
• 5Y*: -30.62%
• 10Y*: -16.93%

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

DFIVX vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFIVX DFA International Value Portfolio Institutional Class	12.49%	45.24%	6.87%	17.83%	-3.51%	18.57%	-2.13%	15.68%	-17.49%	26.08%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-5.18%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	22.72%

Correlation

The correlation between DFIVX and TMF is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009	-0.25

The correlation between DFIVX and TMF shifts across timeframes, from -0.25 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DFIVX vs. TMF — Risk / Return Rank

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

DFIVX

DFIVX Risk / Return Rank: 82
DFIVX Sharpe Ratio Rank: 84
DFIVX Sortino Ratio Rank: 79
DFIVX Omega Ratio Rank: 77
DFIVX Calmar Ratio Rank: 85
DFIVX Martin Ratio Rank: 86

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 9
TMF Omega Ratio Rank: 9
TMF Calmar Ratio Rank: 9
TMF Martin Ratio Rank: 8

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.

DFIVX vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA International Value Portfolio Institutional Class (DFIVX) 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.

	DFIVX	TMF	Difference
Sharpe ratio: Return per unit of total volatility	2.41	-0.06	+2.47
Sortino ratio: Return per unit of downside risk	3.25	0.11	+3.14
Omega ratio: Gain probability vs. loss probability	1.43	1.01	+0.41
Calmar ratio: Return relative to maximum drawdown	3.58	-0.07	+3.65
Martin ratio: Return relative to average drawdown	13.95	-0.15	+14.09

DFIVX vs. TMF - Sharpe Ratio Comparison

The current DFIVX Sharpe Ratio is 2.41, which is higher than the TMF Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of DFIVX 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

DFIVX vs. TMF - Drawdown Comparison

The maximum DFIVX drawdown since its inception was -66.61%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for DFIVX and TMF.

Drawdown Indicators

	DFIVX	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-66.61%	-92.89%	+26.28%
Max Drawdown (1Y) Largest decline over 1 year	-9.58%	-26.51%	+16.93%
Max Drawdown (3Y) Largest decline over 3 years	-14.39%	-56.31%	+41.92%
Max Drawdown (5Y) Largest decline over 5 years	-25.29%	-88.81%	+63.52%
Max Drawdown (10Y) Largest decline over 10 years	-48.11%	-92.89%	+44.78%
Current Drawdown Current decline from peak	-0.74%	-92.15%	+91.41%
Average Drawdown Average peak-to-trough decline	-12.23%	-43.71%	+31.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	12.01%	-9.55%

Volatility

DFIVX vs. TMF - Volatility Comparison

The current volatility for DFA International Value Portfolio Institutional Class (DFIVX) is 4.52%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 8.43%. This indicates that DFIVX experiences smaller price fluctuations and is considered to be less risky than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFIVX	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	8.43%	-3.91%
Volatility (6M) Calculated over the trailing 6-month period	11.41%	19.46%	-8.05%
Volatility (1Y) Calculated over the trailing 1-year period	14.27%	28.14%	-13.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.36%	46.73%	-30.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	43.93%	-25.93%

DFIVX vs. TMF - Expense Ratio Comparison

DFIVX has a 0.28% expense ratio, which is lower than TMF's 1.01% expense ratio.

Dividends

DFIVX vs. TMF - Dividend Comparison

DFIVX's dividend yield for the trailing twelve months is around 3.74%, less than TMF's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFIVX DFA International Value Portfolio Institutional Class	3.74%	4.21%	3.94%	4.40%	3.78%	4.37%	2.42%	3.70%	6.60%	2.85%	3.36%	3.45%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	4.11%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFIVX and TMF in my portfolio?

DFIVX and TMF have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFIVX or TMF?

TMF has higher volatility (8.43%) compared to DFIVX (4.52%). In terms of maximum drawdown, DFIVX dropped -66.61% vs TMF's -92.89%.

Which has better risk-adjusted returns?

DFIVX currently has the higher Sharpe Ratio (2.41 vs -0.06), 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.