FAS vs. TMF

Last updated Jun 3, 2026

FAS (Direxion Daily Financial Bull 3X Shares) and TMF (Direxion Daily 20-Year Treasury Bull 3X) are both exchange-traded funds - FAS is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (300%), while TMF is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (300%). Both are passively managed. Over the past 10 years, FAS returned 18.78%/yr vs -16.47%/yr for TMF. At a correlation of -0.30, they often move in opposite directions. FAS charges 1.00%/yr vs 1.09%/yr for TMF.

Performance

FAS vs. TMF - Performance Comparison

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

Returns By Period

In the year-to-date period, FAS achieves a -21.74% return, which is significantly lower than TMF's -5.05% return. Over the past 10 years, FAS has outperformed TMF with an annualized return of 18.78%, while TMF has yielded a comparatively lower -16.47% annualized return.

FAS

• 1D: 0.24%
• 1M: -3.63%
• YTD: -21.74%
• 6M: -12.79%
• 1Y: -8.69%
• 3Y*: 35.72%
• 5Y*: 3.84%
• 10Y*: 18.78%

TMF

• 1D: 0.63%
• 1M: 0.26%
• YTD: -5.05%
• 6M: -10.01%
• 1Y: 1.66%
• 3Y*: -20.47%
• 5Y*: -29.85%
• 10Y*: -16.47%

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

FAS vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAS Direxion Daily Financial Bull 3X Shares	-21.74%	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	-5.05%	-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 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	-0.00
Correlation (10Y) Calculated over the trailing 10-year period	-0.19
Correlation (All Time) Calculated using the full available price history since Apr 17, 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.

FAS vs. TMF - Sectors Allocation Comparison

Sectors	FAS	TMF
Financial Services	98.0%	18.7%
Technology	1.7%	-
Industrials	0.2%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FAS vs. TMF — Risk / Return Rank

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

FAS

FAS Risk / Return Rank: 7
FAS Sharpe Ratio Rank: 7
FAS Sortino Ratio Rank: 8
FAS Omega Ratio Rank: 8
FAS Calmar Ratio Rank: 7
FAS Martin Ratio Rank: 6

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 10
TMF Omega Ratio Rank: 10
TMF Calmar Ratio Rank: 8
TMF Martin Ratio Rank: 8

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.

FAS vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X Shares (FAS) 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.

	FAS	TMF	Difference
Sharpe ratio Return per unit of total volatility	-0.20	0.06	-0.26
Sortino ratio Return per unit of downside risk	0.00	0.29	-0.29
Omega ratio Gain probability vs. loss probability	1.00	1.03	-0.03
Calmar ratio Return relative to maximum drawdown	-0.20	-0.04	-0.17
Martin ratio Return relative to average drawdown	-0.47	-0.08	-0.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAS vs. TMF - Sharpe Ratio Comparison

The current FAS Sharpe Ratio is -0.20, which is lower than the TMF Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of FAS and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FAS	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.20	0.06	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	-0.64	+0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	-0.38	+0.68
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	-0.13	+0.33

Drawdowns

FAS vs. TMF - Drawdown Comparison

The maximum FAS drawdown since its inception was -91.61%, roughly equal to the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for FAS and TMF.

Drawdown Indicators

	FAS	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-91.61%	-92.89%	+1.28%
Max Drawdown (1Y) Largest decline over 1 year	-40.88%	-26.51%	-14.37%
Max Drawdown (3Y) Largest decline over 3 years	-43.10%	-56.31%	+13.21%
Max Drawdown (5Y) Largest decline over 5 years	-66.88%	-88.81%	+21.93%
Max Drawdown (10Y) Largest decline over 10 years	-85.99%	-92.89%	+6.90%
Current Drawdown Current decline from peak	-28.19%	-92.14%	+63.95%
Average Drawdown Average peak-to-trough decline	-31.11%	-43.62%	+12.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.40%	11.42%	+5.98%

Volatility

FAS vs. TMF - Volatility Comparison

Direxion Daily Financial Bull 3X Shares (FAS) has a higher volatility of 9.05% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 8.30%. 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.

Volatility by Period

	FAS	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.05%	8.30%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	32.42%	19.33%	+13.09%
Volatility (1Y) Calculated over the trailing 1-year period	42.62%	28.86%	+13.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.46%	46.75%	+8.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.30%	43.92%	+17.38%

FAS vs. TMF - Expense Ratio Comparison

FAS has a 1.00% expense ratio, which is lower than TMF's 1.09% expense ratio.

Dividends

FAS vs. TMF - Dividend Comparison

FAS's dividend yield for the trailing twelve months is around 10.66%, more than TMF's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAS Direxion Daily Financial Bull 3X Shares	10.66%	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	4.11%	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 FAS and TMF in my portfolio?

FAS and TMF have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAS or TMF?

FAS has higher volatility (9.05%) compared to TMF (8.30%). In terms of maximum drawdown, FAS dropped -91.61% vs TMF's -92.89%.

Which ETF is better, FAS or TMF?

On 10-year performance, FAS leads with 18.78% vs -16.47% for TMF. On fees, FAS is cheaper at 1.00% per year. On volatility, TMF has been the lower-risk option at 8.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FAS or TMF?

Over the 10-year period, FAS has performed better with a 18.78% return vs -16.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FAS or TMF?

FAS is cheaper with a 1.00% expense ratio, compared with 1.09% for TMF.

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

FAS has the higher dividend yield at 10.66%, compared with 4.11% for TMF.

What is the main difference between FAS and TMF?

FAS is categorized as Leveraged Equities, while TMF is Leveraged Bonds. FAS tracks Russell 1000 Financial Services Index (300%), while TMF tracks NYSE 20 Year Plus Treasury Bond Index (300%). Their fees differ too: 1.00% for FAS and 1.09% for TMF.

Which has better risk-adjusted returns?

TMF currently has the higher Sharpe Ratio (0.06 vs -0.20), 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.