ELIS vs. TMF

Last updated Jun 5, 2026

ELIS (Direxion Daily LLY Bear 1X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - ELIS is a Inverse Equities fund actively managed by Direxion, while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). ELIS is actively managed, while TMF is passively managed. At a correlation of -0.13, they often move in opposite directions. ELIS charges 0.97%/yr vs 1.01%/yr for TMF.

Performance

ELIS vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily LLY Bear 1X Shares (ELIS) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ELIS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMF

• 1D: 0.57%
• 1M: 0.40%
• YTD: -5.59%
• 6M: -9.73%
• 1Y: -3.14%
• 3Y*: -20.49%
• 5Y*: -30.44%
• 10Y*: -16.34%

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

ELIS vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025
ELIS Direxion Daily LLY Bear 1X Shares	11.37%	-29.46%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-5.59%	-7.33%

Correlation

The correlation between ELIS and TMF is -0.10, 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	-0.10
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.13

ELIS vs. TMF - Sectors Allocation Comparison

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

Return for Risk

ELIS vs. TMF — Risk / Return Rank

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

TMF

TMF Risk / Return Rank: 8
TMF Sharpe Ratio Rank: 8
TMF Sortino Ratio Rank: 8
TMF Omega Ratio Rank: 8
TMF Calmar Ratio Rank: 8
TMF Martin Ratio Rank: 8

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.

ELIS vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily LLY Bear 1X Shares (ELIS) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ELIS	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.11	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.65	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.13	—

Drawdowns

Drawdown Indicators

	ELIS	TMF	Difference
Max Drawdown Largest peak-to-trough decline	—	-92.89%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-26.51%	—
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	—	-92.18%	—
Average Drawdown Average peak-to-trough decline	—	-43.64%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.55%	—

Volatility

Volatility by Period

	ELIS	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.99%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	28.76%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	46.72%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	43.91%	—

ELIS vs. TMF - Expense Ratio Comparison

ELIS has a 0.97% expense ratio, which is lower than TMF's 1.01% expense ratio.

Dividends

ELIS vs. TMF - Dividend Comparison

ELIS's dividend yield for the trailing twelve months is around 5.26%, more than TMF's 4.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ELIS Direxion Daily LLY Bear 1X Shares	5.26%	5.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	4.13%	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 ELIS and TMF in my portfolio?

ELIS and TMF have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ELIS or TMF?

On fees, ELIS is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ELIS or TMF?

ELIS is cheaper with a 0.97% expense ratio, compared with 1.01% for TMF.

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

ELIS has the higher dividend yield at 5.26%, compared with 4.13% for TMF.

What is the main difference between ELIS and TMF?

ELIS is categorized as Inverse Equities, while TMF is Leveraged Bonds. Their fees differ too: 0.97% for ELIS and 1.01% for TMF.