DUSL vs. TMF
DUSL (Direxion Daily Industrials Bull 3X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - DUSL is a Leveraged Equities fund tracking the Industrials Select Sector 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 5 years, DUSL returned 22.16%/yr vs -33.44%/yr for TMF. At a correlation of -0.10, they often move in opposite directions. Both charge a 1.01% expense ratio.
Performance
DUSL vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, DUSL achieves a 42.11% return, which is significantly higher than TMF's -10.00% return.
DUSL
- 1D
- 0.39%
- 1M
- -0.78%
- 6M
- 17.52%
- YTD
- 42.11%
- 1Y
- 49.24%
- 3Y*
- 41.91%
- 5Y*
- 22.16%
- 10Y*
- —
TMF
- 1D
- -0.03%
- 1M
- -6.57%
- 6M
- -13.01%
- YTD
- -10.00%
- 1Y
- -2.84%
- 3Y*
- -21.08%
- 5Y*
- -33.44%
- 10Y*
- -17.81%
DUSL vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DUSL Direxion Daily Industrials Bull 3X Shares | 42.11% | 37.50% | 34.75% | 37.23% | -31.17% | 60.72% | -19.77% | 90.70% | -46.28% | 47.58% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -10.00% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 14.73% |
Correlation
The correlation between DUSL and TMF is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since May 3, 2017 | -0.10 |
The correlation between DUSL and TMF shifts across timeframes, from -0.10 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DUSL vs. TMF — Risk / Return Rank
DUSL
TMF
DUSL vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Industrials Bull 3X Shares (DUSL) 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.
| DUSL | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.01 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.47 | -0.11 | +1.58 |
| Martin ratioReturn relative to average drawdown | 4.77 | -0.22 | +4.99 |
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Drawdowns
DUSL vs. TMF - Drawdown Comparison
The maximum DUSL drawdown since its inception was -85.74%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for DUSL and TMF.
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Drawdown Indicators
| DUSL | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.74% | -92.89% | +7.15% |
Max Drawdown (1Y)Largest decline over 1 year | -33.68% | -26.51% | -7.17% |
Max Drawdown (3Y)Largest decline over 3 years | -50.86% | -55.14% | +4.28% |
Max Drawdown (5Y)Largest decline over 5 years | -58.43% | -88.81% | +30.38% |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.89% | — |
Current DrawdownCurrent decline from peak | -8.85% | -92.55% | +83.70% |
Average DrawdownAverage peak-to-trough decline | -21.80% | -43.94% | +22.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.34% | 13.06% | -2.72% |
Volatility
DUSL vs. TMF - Volatility Comparison
Direxion Daily Industrials Bull 3X Shares (DUSL) has a higher volatility of 15.46% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.49%. This indicates that DUSL'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
| DUSL | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.46% | 7.49% | +7.97% |
Volatility (6M)Calculated over the trailing 6-month period | 41.98% | 19.82% | +22.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.68% | 27.47% | +23.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.05% | 46.49% | +6.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.57% | 43.70% | +17.87% |
DUSL vs. TMF - Expense Ratio Comparison
Both DUSL and TMF have an expense ratio of 1.01%.
Dividends
DUSL vs. TMF - Dividend Comparison
DUSL's dividend yield for the trailing twelve months is around 7.95%, more than TMF's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DUSL Direxion Daily Industrials Bull 3X Shares | 7.95% | 11.39% | 6.61% | 1.28% | 0.66% | 0.07% | 0.48% | 1.01% | 1.46% | 0.57% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.39% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
DUSL 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.
DUSL has higher volatility (15.46%) compared to TMF (7.49%). In terms of maximum drawdown, DUSL dropped -85.74% vs TMF's -92.89%.
On 5-year performance, DUSL leads with 22.16% vs -33.44% for TMF. Both ETFs have the same 1.01% expense ratio. On volatility, TMF has been the lower-risk option at 7.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DUSL has performed better with a 22.16% return vs -33.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DUSL and TMF have the same expense ratio: 1.01% per year.
DUSL has the higher dividend yield at 7.95%, compared with 4.39% for TMF.
DUSL is categorized as Leveraged Equities, while TMF is Leveraged Bonds. DUSL tracks Industrials Select Sector Index (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%).
DUSL currently has the higher Sharpe Ratio (0.98 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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