FAS vs. TMF

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily Financial Bull 3X Shares (FAS) and Direxion Daily 20-Year Treasury Bull 3X (TMF).

FAS and TMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FAS is a passively managed fund by Direxion that tracks the performance of the Russell 1000 Financial Services Index (300%). It was launched on Nov 6, 2008. 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 FAS 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

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.

FAS vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAS Direxion Daily Financial Bull 3X Shares	-29.25%	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	-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, FAS achieves a -29.25% return, which is significantly lower than TMF's -2.78% return. Over the past 10 years, FAS has outperformed TMF with an annualized return of 18.68%, while TMF has yielded a comparatively lower -15.78% annualized return.

FAS

• 1D: 6.35%
• 1M: -11.64%
• YTD: -29.25%
• 6M: -27.65%
• 1Y: -18.17%
• 3Y*: 32.31%
• 5Y*: 7.69%
• 10Y*: 18.68%

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%

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

FAS vs. TMF - Expense Ratio Comparison

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

TMF

Direxion Daily 20-Year Treasury Bull 3X

FAS

Direxion Daily Financial Bull 3X Shares

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: 9
FAS Omega Ratio Rank: 9
FAS Calmar Ratio Rank: 6
FAS Martin Ratio Rank: 4

TMF

TMF Risk / Return Rank: 5
TMF Sharpe Ratio Rank: 5
TMF Sortino Ratio Rank: 5
TMF Omega Ratio Rank: 5
TMF Calmar Ratio Rank: 5
TMF Martin Ratio Rank: 7

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	-0.32	-0.44	+0.12
Sortino ratio Return per unit of downside risk	-0.08	-0.41	+0.33
Omega ratio Gain probability vs. loss probability	0.99	0.95	+0.04
Calmar ratio Return relative to maximum drawdown	-0.37	-0.46	+0.09
Martin ratio Return relative to average drawdown	-1.01	-0.74	-0.28
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 -0.32, which is comparable to the TMF Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of FAS and TMF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FAS	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.32	-0.44	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	-0.63	+0.77
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	-0.36	+0.67
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	-0.13	+0.32

Correlation

The correlation between FAS and TMF is -0.31. 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

FAS vs. TMF - Dividend Comparison

FAS's dividend yield for the trailing twelve months is around 11.79%, more than TMF's 4.01% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAS Direxion Daily Financial Bull 3X Shares	11.79%	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	4.01%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Drawdowns

FAS vs. TMF - Drawdown Comparison

The maximum FAS drawdown since its inception was -91.61%, roughly equal to the maximum TMF drawdown of -92.61%. 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%	-92.61%	+1.00%
Max Drawdown (1Y) Largest decline over 1 year	-40.88%	-27.13%	-13.75%
Max Drawdown (5Y) Largest decline over 5 years	-66.88%	-88.37%	+21.49%
Max Drawdown (10Y) Largest decline over 10 years	-85.99%	-92.61%	+6.62%
Current Drawdown Current decline from peak	-35.08%	-91.95%	+56.87%
Average Drawdown Average peak-to-trough decline	-31.15%	-43.13%	+11.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.87%	16.93%	-2.06%

Volatility

FAS vs. TMF - Volatility Comparison

Direxion Daily Financial Bull 3X Shares (FAS) has a higher volatility of 14.32% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 10.85%. 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	14.32%	10.85%	+3.47%
Volatility (6M) Calculated over the trailing 6-month period	34.33%	19.51%	+14.82%
Volatility (1Y) Calculated over the trailing 1-year period	57.51%	33.89%	+23.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.69%	46.85%	+8.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.35%	44.00%	+17.35%