DUST vs. TMF
DUST (Direxion Daily Gold Miners Bear 2X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners 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, DUST returned -52.03%/yr vs -16.87%/yr for TMF. At a correlation of -0.15, they often move in opposite directions. DUST charges 1.07%/yr vs 1.01%/yr for TMF.
Performance
DUST vs. TMF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DUST achieves a -17.98% return, which is significantly lower than TMF's -4.67% return. Over the past 10 years, DUST has underperformed TMF with an annualized return of -52.03%, while TMF has yielded a comparatively higher -16.87% annualized return.
DUST
- 1D
- 8.73%
- 1M
- 10.22%
- YTD
- -17.98%
- 6M
- -9.99%
- 1Y
- -73.95%
- 3Y*
- -62.05%
- 5Y*
- -48.30%
- 10Y*
- -52.03%
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%
DUST vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -17.98% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
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 DUST and TMF is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.23 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | -0.15 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DUST vs. TMF — Risk / Return Rank
DUST
TMF
DUST vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) 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.
| DUST | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -1.48 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.01 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.11 | -0.75 |
| Martin ratioReturn relative to average drawdown | -1.13 | -0.23 | -0.90 |
Loading charts...
Drawdowns
DUST vs. TMF - Drawdown Comparison
The maximum DUST drawdown since its inception was -100.00%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for DUST and TMF.
Loading charts...
Drawdown Indicators
| DUST | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -92.89% | -7.11% |
Max Drawdown (1Y)Largest decline over 1 year | -86.15% | -26.51% | -59.64% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -56.09% | -41.46% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -88.81% | -9.87% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -92.89% | -7.09% |
Current DrawdownCurrent decline from peak | -100.00% | -92.11% | -7.89% |
Average DrawdownAverage peak-to-trough decline | -83.38% | -43.76% | -39.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 65.24% | 12.26% | +52.98% |
Volatility
DUST vs. TMF - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 34.13% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 6.50%. This indicates that DUST'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.
Loading charts...
Volatility by Period
| DUST | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.13% | 6.50% | +27.63% |
Volatility (6M)Calculated over the trailing 6-month period | 77.03% | 19.35% | +57.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 94.59% | 27.91% | +66.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.10% | 46.59% | +26.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.25% | 43.86% | +43.39% |
DUST vs. TMF - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
DUST vs. TMF - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 7.95%, more than TMF's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 7.95% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% | 0.00% |
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
DUST and TMF have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (34.13%) compared to TMF (6.50%). In terms of maximum drawdown, DUST dropped -100.00% vs TMF's -92.89%.
On 10-year performance, TMF leads with -16.87% vs -52.03% for DUST. On fees, TMF is cheaper at 1.01% 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, TMF has performed better with a -16.87% return vs -52.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 7.95%, compared with 4.09% for TMF.
DUST is categorized as Leveraged Equities, while TMF is Leveraged Bonds. DUST tracks NYSE Arca Gold Miners Index (-300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.07% for DUST and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (-0.10 vs -0.78), 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.
Find the right allocation for DUST and TMF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer