ELIL vs. TMF

Last updated Jun 4, 2026

ELIL (Direxion Daily LLY Bull 2X Shares) and TMF (Direxion Daily 20-Year Treasury Bull 3X) are both exchange-traded funds - ELIL is a Leveraged Equities fund actively managed by Direxion, while TMF is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (300%). ELIL is actively managed, while TMF is passively managed. Over the past year, ELIL returned 63.78% vs 0.90% for TMF. At a 0.13 correlation, their price movements are largely independent. ELIL charges 0.97%/yr vs 1.09%/yr for TMF.

Performance

ELIL vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily LLY Bull 2X Shares (ELIL) 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, ELIL achieves a -8.59% return, which is significantly lower than TMF's -6.13% return.

ELIL

• 1D: 3.14%
• 1M: 23.31%
• YTD: -8.59%
• 6M: -1.88%
• 1Y: 63.78%
• 3Y*: —
• 5Y*: —
• 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)

ELIL vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025
ELIL Direxion Daily LLY Bull 2X Shares	-8.59%	36.32%
TMF Direxion Daily 20-Year Treasury Bull 3X	-6.13%	-7.33%

Correlation

The correlation between ELIL and TMF is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	0.13

ELIL vs. TMF - Sectors Allocation Comparison

Sectors	ELIL	TMF
Healthcare	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	18.7%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

ELIL vs. TMF — Risk / Return Rank

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

ELIL

ELIL Risk / Return Rank: 28
ELIL Sharpe Ratio Rank: 25
ELIL Sortino Ratio Rank: 29
ELIL Omega Ratio Rank: 32
ELIL Calmar Ratio Rank: 29
ELIL Martin Ratio Rank: 24

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.

ELIL vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily LLY Bull 2X Shares (ELIL) 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.

	ELIL	TMF	Difference
Sharpe ratio: Return per unit of total volatility	0.85	0.03	+0.82
Sortino ratio: Return per unit of downside risk	1.55	0.25	+1.30
Omega ratio: Gain probability vs. loss probability	1.21	1.03	+0.18
Calmar ratio: Return relative to maximum drawdown	1.39	0.03	+1.35
Martin ratio: Return relative to average drawdown	2.99	0.08	+2.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ELIL vs. TMF - Sharpe Ratio Comparison

The current ELIL Sharpe Ratio is 0.85, which is higher than the TMF Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of ELIL 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

	ELIL	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	0.03	+0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	-0.14	+0.38

Drawdowns

ELIL vs. TMF - Drawdown Comparison

The maximum ELIL drawdown since its inception was -56.03%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for ELIL and TMF.

Drawdown Indicators

	ELIL	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-56.03%	-92.89%	+36.86%
Max Drawdown (1Y) Largest decline over 1 year	-46.28%	-26.51%	-19.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.31%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-88.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.89%	—
Current Drawdown Current decline from peak	-15.45%	-92.23%	+76.78%
Average Drawdown Average peak-to-trough decline	-24.34%	-43.63%	+19.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.41%	11.49%	+9.92%

Volatility

ELIL vs. TMF - Volatility Comparison

Direxion Daily LLY Bull 2X Shares (ELIL) has a higher volatility of 17.71% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 8.09%. This indicates that ELIL'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

	ELIL	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.71%	8.09%	+9.62%
Volatility (6M) Calculated over the trailing 6-month period	53.09%	19.01%	+34.08%
Volatility (1Y) Calculated over the trailing 1-year period	75.36%	28.76%	+46.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.27%	46.75%	+36.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.27%	43.92%	+39.35%

ELIL vs. TMF - Expense Ratio Comparison

ELIL has a 0.97% expense ratio, which is lower than TMF's 1.09% expense ratio.

Dividends

ELIL vs. TMF - Dividend Comparison

ELIL's dividend yield for the trailing twelve months is around 12.18%, more than TMF's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ELIL Direxion Daily LLY Bull 2X Shares	12.18%	10.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both ELIL and TMF in my portfolio?

ELIL and TMF have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ELIL or TMF?

ELIL has higher volatility (17.71%) compared to TMF (8.09%). In terms of maximum drawdown, ELIL dropped -56.03% vs TMF's -92.89%.

Which ETF is better, ELIL or TMF?

On 1-year performance, ELIL leads with 63.78% vs 0.90% for TMF. On fees, ELIL is cheaper at 0.97% 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, ELIL or TMF?

Over the 1-year period, ELIL has performed better with a 63.78% return vs 0.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ELIL or TMF?

ELIL is cheaper with a 0.97% expense ratio, compared with 1.09% for TMF.

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

ELIL has the higher dividend yield at 12.18%, compared with 4.15% for TMF.

What is the main difference between ELIL and TMF?

ELIL is categorized as Leveraged Equities, while TMF is Leveraged Bonds. Their fees differ too: 0.97% for ELIL and 1.09% for TMF.

Which has better risk-adjusted returns?

ELIL currently has the higher Sharpe Ratio (0.85 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.