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 23.61%/yr vs -30.26%/yr for TMF. At a correlation of -0.11, 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 53.24% return, which is significantly higher than TMF's -0.03% return.
DUSL
- 1D
- 6.82%
- 1M
- 16.12%
- YTD
- 53.24%
- 6M
- 45.94%
- 1Y
- 83.22%
- 3Y*
- 51.98%
- 5Y*
- 23.61%
- 10Y*
- —
TMF
- 1D
- -0.11%
- 1M
- 8.39%
- YTD
- -0.03%
- 6M
- -2.97%
- 1Y
- -0.36%
- 3Y*
- -19.98%
- 5Y*
- -30.26%
- 10Y*
- -17.10%
DUSL vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DUSL Direxion Daily Industrials Bull 3X Shares | 53.24% | 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 | -0.03% | -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 | -0.11 |
The correlation between DUSL 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
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 | +1.69 | ||
| Sortino ratioReturn per unit of downside risk | +2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.02 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | -0.01 | +2.50 |
| Martin ratioReturn relative to average drawdown | 8.16 | -0.03 | +8.18 |
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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% | -56.09% | +5.23% |
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 | 0.00% | -91.72% | +91.72% |
Average DrawdownAverage peak-to-trough decline | -21.90% | -43.79% | +21.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.24% | 12.32% | -2.08% |
Volatility
DUSL vs. TMF - Volatility Comparison
Direxion Daily Industrials Bull 3X Shares (DUSL) has a higher volatility of 19.73% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.19%. 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 | 19.73% | 7.19% | +12.54% |
Volatility (6M)Calculated over the trailing 6-month period | 41.92% | 19.68% | +22.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.00% | 28.08% | +21.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.00% | 46.61% | +6.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.66% | 43.86% | +17.80% |
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 7.37%, more than TMF's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DUSL Direxion Daily Industrials Bull 3X Shares | 7.37% | 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 | 3.95% | 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 (19.73%) compared to TMF (7.19%). In terms of maximum drawdown, DUSL dropped -85.74% vs TMF's -92.89%.
On 5-year performance, DUSL leads with 23.61% vs -30.26% for TMF. Both ETFs have the same 1.01% expense ratio. On volatility, TMF has been the lower-risk option at 7.19%. 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 23.61% return vs -30.26%. 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 7.37%, compared with 3.95% 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 (1.68 vs -0.01), 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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