EVMU vs. TMF

Last updated Jun 30, 2026

EVMU (Direxion Daily Ether Bull 2X ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - EVMU is a Leveraged Cryptocurrency fund actively managed by Direxion, while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). EVMU is actively managed, while TMF is passively managed. At a correlation of -0.18, they often move in opposite directions.

Performance

EVMU vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Ether Bull 2X ETF (EVMU) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

EVMU

• 1D: 6.26%
• 1M: -38.86%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMF

• 1D: 0.27%
• 1M: 6.27%
• YTD: 0.10%
• 6M: -2.84%
• 1Y: 0.22%
• 3Y*: -19.40%
• 5Y*: -30.88%
• 10Y*: -17.37%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EVMU vs. TMF - Yearly Performance Comparison

	2026 (YTD)
EVMU Direxion Daily Ether Bull 2X ETF	-42.24%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	8.54%

Correlation

The correlation between EVMU and TMF is -0.18, 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 (All Time) Calculated using the full available price history since May 27, 2026	-0.18

Return for Risk

EVMU vs. TMF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EVMU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 9
TMF Omega Ratio Rank: 9
TMF Calmar Ratio Rank: 9
TMF Martin Ratio Rank: 9

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EVMU vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Ether Bull 2X ETF (EVMU) 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.

	EVMU	TMF	Difference
Sharpe ratio: Return per unit of total volatility	—	0.01	—
Sortino ratio: Return per unit of downside risk	—	0.21	—
Omega ratio: Gain probability vs. loss probability	—	1.02	—
Calmar ratio: Return relative to maximum drawdown	—	0.01	—
Martin ratio: Return relative to average drawdown	—	0.02	—

Drawdowns

EVMU vs. TMF - Drawdown Comparison

The maximum EVMU drawdown since its inception was -46.73%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for EVMU and TMF.

Drawdown Indicators

	EVMU	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-46.73%	-92.89%	+46.16%
Max Drawdown (1Y) Largest decline over 1 year	—	-26.51%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-55.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-88.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.89%	—
Current Drawdown Current decline from peak	-42.24%	-91.71%	+49.47%
Average Drawdown Average peak-to-trough decline	-30.29%	-43.81%	+13.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.38%	—

Volatility

Volatility by Period

	EVMU	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.11%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.60%	—
Volatility (1Y) Calculated over the trailing 1-year period	132.73%	28.04%	+104.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	132.73%	46.59%	+86.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	132.73%	43.80%	+88.93%

Dividends

EVMU vs. TMF - Dividend Comparison

EVMU's dividend yield for the trailing twelve months is around 0.31%, less than TMF's 3.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EVMU Direxion Daily Ether Bull 2X ETF	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	3.94%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

Can I hold both EVMU and TMF in my portfolio?

EVMU and TMF have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF pays a higher dividend yield, EVMU or TMF?

TMF has the higher dividend yield at 3.94%, compared with 0.31% for EVMU.

What is the main difference between EVMU and TMF?

EVMU is categorized as Leveraged Cryptocurrency, while TMF is Leveraged Bonds.