DUSL vs. TMF

Last updated Jun 4, 2026

DUSL (Direxion Daily Industrials Bull 3X Shares) and TMF (Direxion Daily 20-Year Treasury Bull 3X) 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 NYSE 20 Year Plus Treasury Bond Index (300%). Both are passively managed. Over the past 5 years, DUSL returned 17.84%/yr vs -30.52%/yr for TMF. At a correlation of -0.11, they often move in opposite directions. DUSL charges 1.01%/yr vs 1.09%/yr for TMF.

Performance

DUSL vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Industrials Bull 3X Shares (DUSL) and Direxion Daily 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DUSL achieves a 31.08% return, which is significantly higher than TMF's -6.13% return.

DUSL

• 1D: 0.10%
• 1M: 4.49%
• YTD: 31.08%
• 6M: 34.15%
• 1Y: 56.97%
• 3Y*: 48.85%
• 5Y*: 17.84%
• 10Y*: —

TMF

• 1D: -1.14%
• 1M: 1.22%
• YTD: -6.13%
• 6M: -11.63%
• 1Y: 0.90%
• 3Y*: -20.78%
• 5Y*: -30.52%
• 10Y*: -16.56%

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

DUSL vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUSL Direxion Daily Industrials Bull 3X Shares	31.08%	37.50%	34.75%	37.23%	-31.17%	60.72%	-19.77%	90.70%	-46.28%	48.29%
TMF Direxion Daily 20-Year Treasury Bull 3X	-6.13%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	14.50%

Correlation

The correlation between DUSL and TMF is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (All Time) Calculated using the full available price history since May 4, 2017	-0.11

The correlation between DUSL and TMF shifts across timeframes, from -0.11 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

DUSL vs. TMF - Sectors Allocation Comparison

Sectors	DUSL	TMF
Industrials	20.1%	-
Utilities	1.2%	-
Technology	0.8%	-
Consumer Cyclical	0.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	18.7%
Healthcare	-	-
Real Estate	-	-

Return for Risk

DUSL vs. TMF — Risk / Return Rank

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

DUSL

DUSL Risk / Return Rank: 34
DUSL Sharpe Ratio Rank: 33
DUSL Sortino Ratio Rank: 34
DUSL Omega Ratio Rank: 31
DUSL Calmar Ratio Rank: 34
DUSL Martin Ratio Rank: 36

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: 9

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.

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 (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.

	DUSL	TMF	Difference
Sharpe ratio: Return per unit of total volatility	1.22	0.03	+1.19
Sortino ratio: Return per unit of downside risk	1.82	0.25	+1.57
Omega ratio: Gain probability vs. loss probability	1.21	1.03	+0.19
Calmar ratio: Return relative to maximum drawdown	1.70	0.03	+1.67
Martin ratio: Return relative to average drawdown	5.71	0.08	+5.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DUSL vs. TMF - Sharpe Ratio Comparison

The current DUSL Sharpe Ratio is 1.22, which is higher than the TMF Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of DUSL 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.

Sharpe Ratios by Period

	DUSL	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	0.03	+1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	-0.66	+1.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	-0.14	+0.43

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.

Drawdown Indicators

	DUSL	TMF	Difference
Max Drawdown Largest 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%	-56.31%	+5.45%
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 Drawdown Current decline from peak	-12.12%	-92.23%	+80.11%
Average Drawdown Average peak-to-trough decline	-22.00%	-43.63%	+21.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.01%	11.49%	-1.48%

Volatility

DUSL vs. TMF - Volatility Comparison

Direxion Daily Industrials Bull 3X Shares (DUSL) has a higher volatility of 14.46% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 8.09%. 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.

Volatility by Period

	DUSL	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.46%	8.09%	+6.37%
Volatility (6M) Calculated over the trailing 6-month period	38.89%	19.01%	+19.88%
Volatility (1Y) Calculated over the trailing 1-year period	46.89%	28.76%	+18.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.51%	46.75%	+5.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.55%	43.92%	+17.63%

DUSL vs. TMF - Expense Ratio Comparison

DUSL has a 1.01% expense ratio, which is lower than TMF's 1.09% expense ratio.

Dividends

DUSL vs. TMF - Dividend Comparison

DUSL's dividend yield for the trailing twelve months is around 8.74%, more than TMF's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUSL Direxion Daily Industrials Bull 3X Shares	8.74%	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	4.15%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

Can I hold both DUSL and TMF in my portfolio?

DUSL and TMF have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DUSL or TMF?

DUSL has higher volatility (14.46%) compared to TMF (8.09%). In terms of maximum drawdown, DUSL dropped -85.74% vs TMF's -92.89%.

Which ETF is better, DUSL or TMF?

On 5-year performance, DUSL leads with 17.84% vs -30.52% for TMF. On fees, DUSL is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 8.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUSL or TMF?

Over the 5-year period, DUSL has performed better with a 17.84% return vs -30.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUSL or TMF?

DUSL is cheaper with a 1.01% expense ratio, compared with 1.09% for TMF.

Which ETF pays a higher dividend yield, DUSL or TMF?

DUSL has the higher dividend yield at 8.74%, compared with 4.15% for TMF.

What is the main difference between DUSL and TMF?

DUSL is categorized as Leveraged Equities, while TMF is Leveraged Bonds. DUSL tracks Industrials Select Sector Index (300%), while TMF tracks NYSE 20 Year Plus Treasury Bond Index (300%). Their fees differ too: 1.01% for DUSL and 1.09% for TMF.

Which has better risk-adjusted returns?

DUSL currently has the higher Sharpe Ratio (1.22 vs 0.03), 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.