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 -10.48%/yr vs -17.84%/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
Loading charts...
Returns By Period
In the year-to-date period, ERX achieves a 54.81% return, which is significantly higher than TMF's -9.97% return. Over the past 10 years, ERX has outperformed TMF with an annualized return of -10.48%, while TMF has yielded a comparatively lower -17.84% annualized return.
ERX
- 1D
- -1.55%
- 1M
- 4.27%
- 6M
- 34.74%
- YTD
- 54.81%
- 1Y
- 62.96%
- 3Y*
- 18.90%
- 5Y*
- 33.63%
- 10Y*
- -10.48%
TMF
- 1D
- 0.39%
- 1M
- -5.05%
- 6M
- -13.00%
- YTD
- -9.97%
- 1Y
- -2.56%
- 3Y*
- -21.07%
- 5Y*
- -33.43%
- 10Y*
- -17.84%
ERX vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 54.81% | 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 | -9.97% | -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 -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
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 -0.09 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +1.60 | ||
| Sortino ratioReturn per unit of downside risk | +1.93 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.01 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | -0.10 | +2.21 |
| Martin ratioReturn relative to average drawdown | 5.49 | -0.20 | +5.68 |
Loading charts...
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.
Loading charts...
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 | -29.97% | -26.51% | -3.46% |
Max Drawdown (3Y)Largest decline over 3 years | -42.34% | -55.14% | +12.80% |
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 | -92.19% | -92.55% | +0.36% |
Average DrawdownAverage peak-to-trough decline | -67.18% | -43.93% | -23.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.52% | 12.98% | -1.46% |
Volatility
ERX vs. TMF - Volatility Comparison
Direxion Daily Energy Bull 2X Shares (ERX) has a higher volatility of 14.42% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.49%. 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.
Loading charts...
Volatility by Period
| ERX | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.42% | 7.49% | +6.93% |
Volatility (6M)Calculated over the trailing 6-month period | 33.71% | 19.83% | +13.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.19% | 27.57% | +14.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.77% | 46.49% | +5.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.93% | 43.71% | +25.22% |
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 1.65%, less than TMF's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.65% | 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 | 4.39% | 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 -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERX has higher volatility (14.42%) compared to TMF (7.49%). In terms of maximum drawdown, ERX dropped -99.54% vs TMF's -92.89%.
On 10-year performance, ERX leads with -10.48% vs -17.84% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.49%. 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 -10.48% return vs -17.84%. 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 4.39%, compared with 1.65% 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 (1.50 vs -0.09), 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.
Find the right allocation for ERX and TMF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer