ERX vs. TMF
Compare and contrast key facts about Direxion Daily Energy Bull 2X Shares (ERX) and Direxion Daily 20-Year Treasury Bull 3X (TMF).
ERX and TMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ERX is a passively managed fund by Direxion that tracks the performance of the Energy Select Sector Index (300%). It was launched on Apr 1, 2020. TMF is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (300%). It was launched on Apr 16, 2009. Both ERX and TMF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ERX vs. TMF - Performance Comparison
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ERX vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 85.42% | 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 | -2.78% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Returns By Period
In the year-to-date period, ERX achieves a 85.42% return, which is significantly higher than TMF's -2.78% return. Over the past 10 years, ERX has outperformed TMF with an annualized return of -5.60%, while TMF has yielded a comparatively lower -15.78% annualized return.
ERX
- 1D
- -2.61%
- 1M
- 20.58%
- YTD
- 85.42%
- 6M
- 84.60%
- 1Y
- 61.51%
- 3Y*
- 24.14%
- 5Y*
- 36.55%
- 10Y*
- -5.60%
TMF
- 1D
- -0.19%
- 1M
- -13.14%
- YTD
- -2.78%
- 6M
- -8.60%
- 1Y
- -14.86%
- 3Y*
- -23.40%
- 5Y*
- -29.30%
- 10Y*
- -15.78%
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ERX vs. TMF - Expense Ratio Comparison
Both ERX and TMF have an expense ratio of 1.09%.
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 (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.
| ERX | TMF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.25 | -0.44 | +1.69 |
Sortino ratioReturn per unit of downside risk | 1.68 | -0.41 | +2.08 |
Omega ratioGain probability vs. loss probability | 1.25 | 0.95 | +0.29 |
Calmar ratioReturn relative to maximum drawdown | 1.86 | -0.46 | +2.32 |
Martin ratioReturn relative to average drawdown | 3.79 | -0.74 | +4.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ERX | TMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.25 | -0.44 | +1.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | -0.63 | +1.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.08 | -0.36 | +0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.08 | -0.13 | +0.05 |
Correlation
The correlation between ERX and TMF is -0.30. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
ERX vs. TMF - Dividend Comparison
ERX's dividend yield for the trailing twelve months is around 1.45%, less than TMF's 4.01% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.45% | 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 | 4.01% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
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 -92.61%. 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% | -92.61% | -6.93% |
Max Drawdown (1Y)Largest decline over 1 year | -35.17% | -27.13% | -8.04% |
Max Drawdown (5Y)Largest decline over 5 years | -46.90% | -88.37% | +41.47% |
Max Drawdown (10Y)Largest decline over 10 years | -98.59% | -92.61% | -5.98% |
Current DrawdownCurrent decline from peak | -90.64% | -91.95% | +1.31% |
Average DrawdownAverage peak-to-trough decline | -66.77% | -43.13% | -23.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.25% | 16.93% | +0.32% |
Volatility
ERX vs. TMF - Volatility Comparison
The current volatility for Direxion Daily Energy Bull 2X Shares (ERX) is 10.19%, while Direxion Daily 20-Year Treasury Bull 3X (TMF) has a volatility of 10.85%. This indicates that ERX experiences smaller price fluctuations and is considered to be less risky 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 | 10.19% | 10.85% | -0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 28.10% | 19.51% | +8.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.61% | 33.89% | +15.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.12% | 46.85% | +5.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.23% | 44.00% | +25.23% |