ERY vs. TMF
ERY (Direxion Daily Energy Bear 2X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - ERY 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, ERY returned -33.88%/yr vs -16.34%/yr for TMF. At a 0.30 correlation, their price movements are largely independent. ERY charges 1.07%/yr vs 1.01%/yr for TMF.
Performance
ERY vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, ERY achieves a -44.59% return, which is significantly lower than TMF's -5.59% return. Over the past 10 years, ERY has underperformed TMF with an annualized return of -33.88%, while TMF has yielded a comparatively higher -16.34% annualized return.
ERY
- 1D
- -0.18%
- 1M
- 1.11%
- YTD
- -44.59%
- 6M
- -42.08%
- 1Y
- -55.06%
- 3Y*
- -28.20%
- 5Y*
- -38.05%
- 10Y*
- -33.88%
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%
ERY vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -44.59% | -18.54% | -5.58% | -0.35% | -73.61% | -68.00% | -11.94% | -38.67% | 45.61% | -5.67% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -5.59% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between ERY and TMF is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
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 17, 2009 | 0.30 |
The correlation between ERY and TMF shifts across timeframes, from 0.07 (3 years) to 0.30 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ERY vs. TMF — Risk / Return Rank
ERY
TMF
ERY vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bear 2X Shares (ERY) 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.
| ERY | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.25 | ||
| Sortino ratioReturn per unit of downside risk | -2.44 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.00 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.12 | -0.80 |
| Martin ratioReturn relative to average drawdown | -1.65 | -0.27 | -1.37 |
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
| ERY | TMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.36 | -0.11 | -1.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.74 | -0.65 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | -0.37 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | -0.13 | -0.41 |
Drawdowns
ERY vs. TMF - Drawdown Comparison
The maximum ERY drawdown since its inception was -99.99%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for ERY and TMF.
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Drawdown Indicators
| ERY | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -92.89% | -7.10% |
Max Drawdown (1Y)Largest decline over 1 year | -59.79% | -26.51% | -33.28% |
Max Drawdown (3Y)Largest decline over 3 years | -67.94% | -56.31% | -11.63% |
Max Drawdown (5Y)Largest decline over 5 years | -94.04% | -88.81% | -5.23% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -92.89% | -6.77% |
Current DrawdownCurrent decline from peak | -99.99% | -92.18% | -7.81% |
Average DrawdownAverage peak-to-trough decline | -96.93% | -43.64% | -53.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.47% | 11.55% | +21.92% |
Volatility
ERY vs. TMF - Volatility Comparison
Direxion Daily Energy Bear 2X Shares (ERY) has a higher volatility of 16.11% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.99%. This indicates that ERY'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
| ERY | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.11% | 7.99% | +8.12% |
Volatility (6M)Calculated over the trailing 6-month period | 32.64% | 19.02% | +13.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.81% | 28.76% | +12.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.89% | 46.72% | +5.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.62% | 43.91% | +26.71% |
ERY vs. TMF - Expense Ratio Comparison
ERY has a 1.07% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
ERY vs. TMF - Dividend Comparison
ERY's dividend yield for the trailing twelve months is around 3.75%, less than TMF's 4.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | 3.75% | 3.48% | 4.13% | 4.14% | 0.32% | 0.00% | 0.43% | 1.50% | 0.56% | 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
ERY and TMF have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERY has higher volatility (16.11%) compared to TMF (7.99%). In terms of maximum drawdown, ERY dropped -99.99% vs TMF's -92.89%.
On 10-year performance, TMF leads with -16.34% vs -33.88% for ERY. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMF has performed better with a -16.34% return vs -33.88%. 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 1.07% for ERY.
TMF has the higher dividend yield at 4.13%, compared with 3.75% for ERY.
ERY is categorized as Leveraged Equities, while TMF is Leveraged Bonds. ERY tracks Energy Select Sector Index (-300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.07% for ERY and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (-0.11 vs -1.36), 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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