ERX vs. TMF
ERX (Direxion Daily Energy Bull 2X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - ERX is a Leveraged Equities fund tracking the Energy Select Sector 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, ERX returned -9.47%/yr vs -17.10%/yr for TMF. At a correlation of -0.30, they often move in opposite directions. ERX charges 1.09%/yr vs 1.01%/yr for TMF.
Performance
ERX vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, ERX achieves a 42.50% return, which is significantly higher than TMF's -0.03% return. Over the past 10 years, ERX has outperformed TMF with an annualized return of -9.47%, while TMF has yielded a comparatively lower -17.10% annualized return.
ERX
- 1D
- 1.86%
- 1M
- -12.34%
- YTD
- 42.50%
- 6M
- 44.57%
- 1Y
- 57.63%
- 3Y*
- 18.03%
- 5Y*
- 24.74%
- 10Y*
- -9.47%
TMF
- 1D
- -0.11%
- 1M
- 8.39%
- YTD
- -0.03%
- 6M
- -2.97%
- 1Y
- -0.36%
- 3Y*
- -19.98%
- 5Y*
- -30.26%
- 10Y*
- -17.10%
ERX vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 42.50% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -0.03% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between ERX and TMF is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.23 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.30 |
The correlation between ERX and TMF shifts across timeframes, from -0.30 (all time) to -0.08 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ERX vs. TMF — Risk / Return Rank
ERX
TMF
ERX vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bull 2X Shares (ERX) 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.
| ERX | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +1.68 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.02 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | -0.01 | +2.05 |
| Martin ratioReturn relative to average drawdown | 5.74 | -0.03 | +5.77 |
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Drawdowns
ERX vs. TMF - Drawdown Comparison
The maximum ERX drawdown since its inception was -99.54%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for ERX and TMF.
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Drawdown Indicators
| ERX | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.54% | -92.89% | -6.65% |
Max Drawdown (1Y)Largest decline over 1 year | -28.49% | -26.51% | -1.98% |
Max Drawdown (3Y)Largest decline over 3 years | -42.34% | -56.09% | +13.75% |
Max Drawdown (5Y)Largest decline over 5 years | -46.90% | -88.81% | +41.91% |
Max Drawdown (10Y)Largest decline over 10 years | -98.59% | -92.89% | -5.70% |
Current DrawdownCurrent decline from peak | -92.81% | -91.72% | -1.09% |
Average DrawdownAverage peak-to-trough decline | -67.10% | -43.79% | -23.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.06% | 12.32% | -2.26% |
Volatility
ERX vs. TMF - Volatility Comparison
Direxion Daily Energy Bull 2X Shares (ERX) has a higher volatility of 13.95% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.19%. This indicates that ERX'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
| ERX | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.95% | 7.19% | +6.76% |
Volatility (6M)Calculated over the trailing 6-month period | 34.17% | 19.68% | +14.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.76% | 28.08% | +13.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.94% | 46.61% | +5.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.06% | 43.86% | +25.20% |
ERX vs. TMF - Expense Ratio Comparison
ERX has a 1.09% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
ERX vs. TMF - Dividend Comparison
ERX's dividend yield for the trailing twelve months is around 1.79%, less than TMF's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.79% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 3.95% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
ERX and TMF have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERX has higher volatility (13.95%) compared to TMF (7.19%). In terms of maximum drawdown, ERX dropped -99.54% vs TMF's -92.89%.
On 10-year performance, ERX leads with -9.47% vs -17.10% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERX has performed better with a -9.47% return vs -17.10%. 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 1.09% for ERX.
TMF has the higher dividend yield at 3.95%, compared with 1.79% for ERX.
ERX is categorized as Leveraged Equities, while TMF is Leveraged Bonds. ERX tracks Energy Select Sector Index (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.09% for ERX and 1.01% for TMF.
ERX currently has the higher Sharpe Ratio (1.39 vs -0.01), 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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