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 Energy Equities fund tracking the Energy Select Sector Index (200%), 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 -9.50%/yr vs -18.10%/yr for TMF. Their -0.31 correlation means they have often moved in opposite directions in the past. ERX charges 0.91%/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 58.73% return, which is significantly higher than TMF's -13.43% return. Over the past 10 years, ERX has outperformed TMF with an annualized return of -9.50%, while TMF has yielded a comparatively lower -18.10% annualized return.
ERX
- 1D
- -3.72%
- 1M
- 15.60%
- 6M
- 14.96%
- YTD
- 58.73%
- 1Y
- 73.31%
- 3Y*
- 14.98%
- 5Y*
- 33.57%
- 10Y*
- -9.50%
- ALL TIME*
- -7.37%
TMF
- 1D
- 0.70%
- 1M
- -8.20%
- 6M
- -11.46%
- YTD
- -13.43%
- 1Y
- -16.55%
- 3Y*
- -18.06%
- 5Y*
- -33.81%
- 10Y*
- -18.10%
- ALL TIME*
- -6.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.06M | $23.66M | $27.73M | |
| $174.56M | $137.48M | $128.85M |
ERX vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 58.73% | 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 | -13.43% | -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 -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.23 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.31 |
The correlation between ERX and TMF shifts across timeframes, from -0.31 (all time) to -0.10 (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 | +2.35 | ||
| Sortino ratioReturn per unit of downside risk | +2.93 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.92 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | -0.58 | +3.04 |
| Martin ratioReturn relative to average drawdown | 6.18 | -1.16 | +7.34 |
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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 -93.10%. 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% | -93.10% | -6.44% |
Max Drawdown (1Y)Largest decline over 1 year | -29.97% | -28.69% | -1.28% |
Max Drawdown (3Y)Largest decline over 3 years | -42.34% | -50.64% | +8.30% |
Max Drawdown (5Y)Largest decline over 5 years | -46.90% | -89.14% | +42.24% |
Max Drawdown (10Y)Largest decline over 10 years | -98.59% | -93.10% | -5.49% |
Current DrawdownCurrent decline from peak | -91.99% | -92.83% | +0.84% |
Average DrawdownAverage peak-to-trough decline | -67.26% | -44.10% | -23.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.90% | 14.40% | -2.50% |
Volatility
ERX vs. TMF - Volatility Comparison
Direxion Daily Energy Bull 2X Shares (ERX) has a higher volatility of 12.41% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.36%. 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 | 12.41% | 7.36% | +5.05% |
Volatility (6M)Calculated over the trailing 6-month period | 33.24% | 20.07% | +13.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.40% | 27.13% | +15.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.46% | 46.38% | +5.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.84% | 43.69% | +25.15% |
ERX vs. TMF - Expense Ratio Comparison
ERX has a 0.91% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
ERX vs. TMF - Dividend Comparison
ERX's dividend yield for the trailing twelve months is around 1.61%, less than TMF's 4.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.61% | 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 | 4.56% | 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 -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERX has higher volatility (12.41%) compared to TMF (7.36%). In terms of maximum drawdown, ERX dropped -99.54% vs TMF's -93.10%.
On 10-year performance, ERX leads with -9.50% vs -18.10% for TMF. On fees, ERX is cheaper at 0.91% per year. On volatility, TMF has been the lower-risk option at 7.36%. 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 -9.50% return vs -18.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ERX is cheaper with a 0.91% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.56%, compared with 1.61% for ERX.
ERX is categorized as Energy Equities, while TMF is Leveraged Bonds. ERX tracks Energy Select Sector Index (200%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 0.91% for ERX and 1.01% for TMF.
ERX currently has the higher Sharpe Ratio (1.74 vs -0.61), 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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