DUST vs. TMF

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily Gold Miners Bear 2X Shares (DUST) and Direxion Daily 20-Year Treasury Bull 3X (TMF).

DUST and TMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DUST is a passively managed fund by Direxion that tracks the performance of the NYSE Arca Gold Miners Index (-300%). It was launched on Apr 1, 2020. TMF is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (300%). It was launched on Apr 16, 2009. Both DUST and TMF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DUST vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Miners Bear 2X Shares (DUST) and Direxion Daily 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

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	-30.64%	-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	-2.78%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	22.72%

Returns By Period

In the year-to-date period, DUST achieves a -30.64% return, which is significantly lower than TMF's -2.78% return. Over the past 10 years, DUST has underperformed TMF with an annualized return of -58.51%, while TMF has yielded a comparatively higher -15.78% annualized return.

DUST

• 1D: -13.77%
• 1M: 45.77%
• YTD: -30.64%
• 6M: -52.34%
• 1Y: -85.24%
• 3Y*: -62.31%
• 5Y*: -51.05%
• 10Y*: -58.51%

TMF

• 1D: -0.19%
• 1M: -13.14%
• YTD: -2.78%
• 6M: -8.60%
• 1Y: -14.86%
• 3Y*: -23.40%
• 5Y*: -29.30%
• 10Y*: -15.78%

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

DUST vs. TMF - Expense Ratio Comparison

DUST has a 1.07% expense ratio, which is lower than TMF's 1.09% expense ratio.

TMF

Direxion Daily 20-Year Treasury Bull 3X

DUST

Direxion Daily Gold Miners Bear 2X Shares

Return for Risk

DUST vs. TMF — Risk / Return Rank

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

DUST

DUST Risk / Return Rank: 1
DUST Sharpe Ratio Rank: 1
DUST Sortino Ratio Rank: 0
DUST Omega Ratio Rank: 0
DUST Calmar Ratio Rank: 0
DUST Martin Ratio Rank: 3

TMF

TMF Risk / Return Rank: 5
TMF Sharpe Ratio Rank: 5
TMF Sortino Ratio Rank: 5
TMF Omega Ratio Rank: 5
TMF Calmar Ratio Rank: 5
TMF Martin Ratio Rank: 7

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.

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 (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.

	DUST	TMF	Difference
Sharpe ratio Return per unit of total volatility	-0.93	-0.44	-0.49
Sortino ratio Return per unit of downside risk	-2.36	-0.41	-1.95
Omega ratio Gain probability vs. loss probability	0.75	0.95	-0.20
Calmar ratio Return relative to maximum drawdown	-0.93	-0.46	-0.47
Martin ratio Return relative to average drawdown	-1.28	-0.74	-0.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DUST vs. TMF - Sharpe Ratio Comparison

The current DUST Sharpe Ratio is -0.93, which is lower than the TMF Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of DUST and TMF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DUST	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.93	-0.44	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.72	-0.63	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.66	-0.36	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	-0.13	-0.38

Correlation

The correlation between DUST and TMF is -0.14. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

DUST vs. TMF - Dividend Comparison

DUST's dividend yield for the trailing twelve months is around 9.40%, more than TMF's 4.01% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUST Direxion Daily Gold Miners Bear 2X Shares	9.40%	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	4.01%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

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 -92.61%. Use the drawdown chart below to compare losses from any high point for DUST and TMF.

Drawdown Indicators

	DUST	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-92.61%	-7.39%
Max Drawdown (1Y) Largest decline over 1 year	-91.57%	-27.13%	-64.44%
Max Drawdown (5Y) Largest decline over 5 years	-98.68%	-88.37%	-10.31%
Max Drawdown (10Y) Largest decline over 10 years	-99.99%	-92.61%	-7.38%
Current Drawdown Current decline from peak	-100.00%	-91.95%	-8.05%
Average Drawdown Average peak-to-trough decline	-83.16%	-43.13%	-40.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	67.00%	16.93%	+50.07%

Volatility

DUST vs. TMF - Volatility Comparison

Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 35.65% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 10.85%. 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.

Volatility by Period

	DUST	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.65%	10.85%	+24.80%
Volatility (6M) Calculated over the trailing 6-month period	73.40%	19.51%	+53.89%
Volatility (1Y) Calculated over the trailing 1-year period	91.64%	33.89%	+57.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.84%	46.85%	+23.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.14%	44.00%	+45.14%