DRN vs. TMF
DRN (Direxion Daily Real Estate Bull 3x Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - DRN is a REIT fund tracking the MSCI US REIT Index (300%), 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 10 years, DRN returned -4.65%/yr vs -16.87%/yr for TMF. At a correlation of -0.01, they often move in opposite directions. DRN charges 0.99%/yr vs 1.01%/yr for TMF.
Performance
DRN vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, DRN achieves a 29.87% return, which is significantly higher than TMF's -4.67% return. Over the past 10 years, DRN has outperformed TMF with an annualized return of -4.65%, while TMF has yielded a comparatively lower -16.87% annualized return.
DRN
- 1D
- 3.48%
- 1M
- 0.92%
- YTD
- 29.87%
- 6M
- 31.25%
- 1Y
- 12.29%
- 3Y*
- 12.52%
- 5Y*
- -10.17%
- 10Y*
- -4.65%
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%
DRN vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DRN Direxion Daily Real Estate Bull 3x Shares | 29.87% | -11.24% | -5.29% | 12.03% | -67.26% | 152.94% | -55.37% | 81.86% | -25.11% | 7.50% |
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% | 22.72% |
Correlation
The correlation between DRN and TMF is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2009 | -0.01 |
The correlation between DRN and TMF shifts across timeframes, from -0.01 (all time) to 0.38 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
DRN vs. TMF — Risk / Return Rank
DRN
TMF
DRN vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Real Estate Bull 3x Shares (DRN) 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.
| DRN | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.01 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.51 | -0.11 | +0.61 |
| Martin ratioReturn relative to average drawdown | 1.12 | -0.23 | +1.35 |
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Drawdowns
DRN vs. TMF - Drawdown Comparison
The maximum DRN drawdown since its inception was -86.32%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for DRN and TMF.
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Drawdown Indicators
| DRN | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -92.89% | +6.57% |
Max Drawdown (1Y)Largest decline over 1 year | -24.28% | -26.51% | +2.23% |
Max Drawdown (3Y)Largest decline over 3 years | -48.26% | -56.09% | +7.83% |
Max Drawdown (5Y)Largest decline over 5 years | -80.58% | -88.81% | +8.23% |
Max Drawdown (10Y)Largest decline over 10 years | -86.32% | -92.89% | +6.57% |
Current DrawdownCurrent decline from peak | -62.97% | -92.11% | +29.14% |
Average DrawdownAverage peak-to-trough decline | -35.15% | -43.76% | +8.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.95% | 12.26% | -1.31% |
Volatility
DRN vs. TMF - Volatility Comparison
Direxion Daily Real Estate Bull 3x Shares (DRN) has a higher volatility of 15.77% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 6.50%. This indicates that DRN'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
| DRN | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.77% | 6.50% | +9.27% |
Volatility (6M)Calculated over the trailing 6-month period | 31.71% | 19.35% | +12.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.14% | 27.91% | +14.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.85% | 46.59% | +10.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.77% | 43.86% | +16.91% |
DRN vs. TMF - Expense Ratio Comparison
DRN has a 0.99% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
DRN vs. TMF - Dividend Comparison
DRN's dividend yield for the trailing twelve months is around 2.05%, less than TMF's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DRN Direxion Daily Real Estate Bull 3x Shares | 2.05% | 2.81% | 2.24% | 2.84% | 2.70% | 4.21% | 1.90% | 2.59% | 3.11% | 0.91% |
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
DRN and TMF have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRN has higher volatility (15.77%) compared to TMF (6.50%). In terms of maximum drawdown, DRN dropped -86.32% vs TMF's -92.89%.
On 10-year performance, DRN leads with -4.65% vs -16.87% for TMF. On fees, DRN is cheaper at 0.99% 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 10-year period, DRN has performed better with a -4.65% return vs -16.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DRN is cheaper with a 0.99% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.09%, compared with 2.05% for DRN.
DRN is categorized as REIT, while TMF is Leveraged Bonds. DRN tracks MSCI US REIT Index (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 0.99% for DRN and 1.01% for TMF.
DRN currently has the higher Sharpe Ratio (0.29 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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