DUST vs. TMF
DUST (Direxion Daily Gold Miners Bear 2X Shares) and TMF (Direxion Daily 20-Year Treasury Bull 3X) 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 NYSE 20 Year Plus Treasury Bond Index (300%). Both are passively managed. Over the past 10 years, DUST returned -53.65%/yr vs -16.56%/yr for TMF. At a correlation of -0.15, they often move in opposite directions. DUST charges 1.07%/yr vs 1.09%/yr for TMF.
Performance
DUST vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, DUST achieves a -26.71% return, which is significantly lower than TMF's -6.13% return. Over the past 10 years, DUST has underperformed TMF with an annualized return of -53.65%, while TMF has yielded a comparatively higher -16.56% annualized return.
DUST
- 1D
- 6.82%
- 1M
- -4.38%
- YTD
- -26.71%
- 6M
- -36.80%
- 1Y
- -76.81%
- 3Y*
- -62.09%
- 5Y*
- -47.20%
- 10Y*
- -53.65%
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%
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 | -26.71% | -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 | -6.13% | -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 | -0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.23 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010 | -0.15 |
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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 (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 ratioReturn per unit of total volatility | -0.85 | 0.03 | -0.88 |
Sortino ratioReturn per unit of downside risk | -1.73 | 0.25 | -1.98 |
Omega ratioGain probability vs. loss probability | 0.82 | 1.03 | -0.21 |
Calmar ratioReturn relative to maximum drawdown | -0.89 | 0.03 | -0.93 |
Martin ratioReturn relative to average drawdown | -1.22 | 0.08 | -1.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DUST | TMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.85 | 0.03 | -0.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | -0.66 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.62 | -0.38 | -0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | -0.14 | -0.37 |
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.
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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% | -56.31% | -41.24% |
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% | -92.23% | -7.77% |
Average DrawdownAverage peak-to-trough decline | -83.35% | -43.63% | -39.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 62.85% | 11.49% | +51.36% |
Volatility
DUST vs. TMF - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 30.34% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 8.09%. 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.
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Volatility by Period
| DUST | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.34% | 8.09% | +22.25% |
Volatility (6M)Calculated over the trailing 6-month period | 72.12% | 19.01% | +53.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 90.34% | 28.76% | +61.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.13% | 46.75% | +25.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.19% | 43.92% | +43.27% |
DUST vs. TMF - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is lower than TMF's 1.09% expense ratio.
Dividends
DUST vs. TMF - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 8.90%, more than TMF's 4.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 8.90% | 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 | 4.15% | 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 (30.34%) compared to TMF (8.09%). In terms of maximum drawdown, DUST dropped -100.00% vs TMF's -92.89%.
On 10-year performance, TMF leads with -16.56% vs -53.65% for DUST. On fees, DUST is cheaper at 1.07% 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.
Over the 10-year period, TMF has performed better with a -16.56% return vs -53.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DUST is cheaper with a 1.07% expense ratio, compared with 1.09% for TMF.
DUST has the higher dividend yield at 8.90%, compared with 4.15% for TMF.
DUST is categorized as Leveraged Equities, while TMF is Leveraged Bonds. DUST tracks NYSE Arca Gold Miners Index (-300%), while TMF tracks NYSE 20 Year Plus Treasury Bond Index (300%). Their fees differ too: 1.07% for DUST and 1.09% for TMF.
TMF currently has the higher Sharpe Ratio (0.03 vs -0.85), 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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