FAS vs. TMF
FAS (Direxion Daily Financial Bull 3X ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - FAS is a Leveraged Equities fund tracking the Financial Select Sector Index, 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, FAS returned 22.40%/yr vs -18.47%/yr for TMF. Their -0.30 correlation means they have often moved in opposite directions in the past. FAS charges 0.88%/yr vs 1.01%/yr for TMF.
Performance
FAS vs. TMF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FAS achieves a 4.28% return, which is significantly higher than TMF's -16.67% return. Over the past 10 years, FAS has outperformed TMF with an annualized return of 22.40%, while TMF has yielded a comparatively lower -18.47% annualized return.
FAS
- 1D
- -0.26%
- 1M
- 6.21%
- 6M
- 13.95%
- YTD
- 4.28%
- 1Y
- 20.90%
- 3Y*
- 39.15%
- 5Y*
- 13.37%
- 10Y*
- 22.40%
- ALL TIME*
- 14.10%
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $68.48M | $83.31M | $86.79M | |
| $161.82M | $130.43M | $127.82M |
FAS vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X ETF | 4.28% | 21.48% | 84.47% | 14.92% | -43.19% | 116.59% | -34.97% | 113.04% | -33.84% | 67.37% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -16.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between FAS and TMF is 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.18 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.30 |
The correlation between FAS and TMF shifts across timeframes, from -0.30 (all time) to 0.14 (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
FAS vs. TMF — Risk / Return Rank
FAS
TMF
FAS vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X ETF (FAS) 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.
| FAS | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.88 | ||
| Sortino ratioReturn per unit of downside risk | +1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.93 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | -0.53 | +0.88 |
| Martin ratioReturn relative to average drawdown | 0.78 | -1.07 | +1.84 |
Loading charts...
Drawdowns
FAS vs. TMF - Drawdown Comparison
The maximum FAS drawdown since its inception was -91.61%, roughly equal to the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for FAS and TMF.
Loading charts...
Drawdown Indicators
| FAS | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.61% | -93.10% | +1.49% |
Max Drawdown (1Y)Largest decline over 1 year | -40.88% | -28.69% | -12.19% |
Max Drawdown (3Y)Largest decline over 3 years | -43.10% | -50.64% | +7.54% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | -89.14% | +22.26% |
Max Drawdown (10Y)Largest decline over 10 years | -85.99% | -93.10% | +7.11% |
Current DrawdownCurrent decline from peak | -4.32% | -93.10% | +88.78% |
Average DrawdownAverage peak-to-trough decline | -30.97% | -44.07% | +13.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.40% | 14.10% | +4.30% |
Volatility
FAS vs. TMF - Volatility Comparison
Direxion Daily Financial Bull 3X ETF (FAS) has a higher volatility of 11.99% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.21%. This indicates that FAS'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
| FAS | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.99% | 7.21% | +4.78% |
Volatility (6M)Calculated over the trailing 6-month period | 32.90% | 19.98% | +12.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.83% | 27.35% | +16.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.99% | 46.36% | +8.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.11% | 43.70% | +17.41% |
FAS vs. TMF - Expense Ratio Comparison
FAS has a 0.88% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
FAS vs. TMF - Dividend Comparison
FAS's dividend yield for the trailing twelve months is around 8.05%, more than TMF's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X ETF | 8.05% | 8.21% | 0.76% | 1.77% | 0.91% | 0.60% | 0.47% | 0.62% | 1.43% | 0.11% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.74% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
FAS and TMF have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAS has higher volatility (11.99%) compared to TMF (7.21%). In terms of maximum drawdown, FAS dropped -91.61% vs TMF's -93.10%.
On 10-year performance, FAS leads with 22.40% vs -18.47% for TMF. On fees, FAS is cheaper at 0.88% per year. On volatility, TMF has been the lower-risk option at 7.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FAS has performed better with a 22.40% return vs -18.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FAS is cheaper with a 0.88% expense ratio, compared with 1.01% for TMF.
FAS has the higher dividend yield at 8.05%, compared with 4.74% for TMF.
FAS is categorized as Leveraged Equities, while TMF is Leveraged Bonds. FAS tracks Financial Select Sector Index, while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 0.88% for FAS and 1.01% for TMF.
FAS currently has the higher Sharpe Ratio (0.33 vs -0.55), 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 FAS 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