FLYU vs. TMF

Last updated Jun 13, 2026

FLYU (MicroSectors Travel 3X Leveraged ETNs) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - FLYU is a Leveraged Equities fund tracking the MerQube MicroSectors U.S. Travel 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 3 years, FLYU returned 4.85%/yr vs -19.82%/yr for TMF. At a 0.10 correlation, their price movements are largely independent. FLYU charges 0.95%/yr vs 1.01%/yr for TMF.

Performance

FLYU vs. TMF - Performance Comparison

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

Returns By Period

In the year-to-date period, FLYU achieves a -18.15% return, which is significantly lower than TMF's -5.18% return.

FLYU

• 1D: 2.56%
• 1M: 19.09%
• YTD: -18.15%
• 6M: -16.93%
• 1Y: 1.53%
• 3Y*: 4.85%
• 5Y*: —
• 10Y*: —

TMF

• 1D: -0.93%
• 1M: 3.29%
• YTD: -5.18%
• 6M: -5.04%
• 1Y: -4.90%
• 3Y*: -19.82%
• 5Y*: -31.10%
• 10Y*: -16.87%

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

FLYU vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FLYU MicroSectors Travel 3X Leveraged ETNs	-18.15%	-2.29%	33.00%	111.16%	-19.09%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-5.18%	-2.94%	-35.95%	-13.01%	-30.71%

Correlation

The correlation between FLYU and TMF is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022	0.10

The correlation between FLYU and TMF shifts across timeframes, from 0.10 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

FLYU vs. TMF - Sectors Allocation Comparison

Sectors	FLYU	TMF
Consumer Cyclical	52.6%	-
Industrials	17.7%	-
Technology	16.4%	-
Communication Services	13.2%	-
Real Estate	0.1%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	18.4%
Healthcare	-	-
Utilities	-	-

Return for Risk

FLYU vs. TMF — Risk / Return Rank

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

FLYU

FLYU Risk / Return Rank: 11
FLYU Sharpe Ratio Rank: 10
FLYU Sortino Ratio Rank: 14
FLYU Omega Ratio Rank: 14
FLYU Calmar Ratio Rank: 10
FLYU Martin Ratio Rank: 10

TMF

TMF Risk / Return Rank: 8
TMF Sharpe Ratio Rank: 8
TMF Sortino Ratio Rank: 8
TMF Omega Ratio Rank: 8
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.

FLYU vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel 3X Leveraged ETNs (FLYU) 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.

	FLYU	TMF	Difference
Sharpe ratio: Return per unit of total volatility	0.02	-0.17	+0.19
Sortino ratio: Return per unit of downside risk	0.59	-0.05	+0.64
Omega ratio: Gain probability vs. loss probability	1.07	0.99	+0.07
Calmar ratio: Return relative to maximum drawdown	0.03	-0.19	+0.22
Martin ratio: Return relative to average drawdown	0.06	-0.41	+0.47

FLYU vs. TMF - Sharpe Ratio Comparison

The current FLYU Sharpe Ratio is 0.02, which is higher than the TMF Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of FLYU 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.

Drawdowns

FLYU vs. TMF - Drawdown Comparison

The maximum FLYU drawdown since its inception was -69.00%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for FLYU and TMF.

Drawdown Indicators

	FLYU	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-69.00%	-92.89%	+23.89%
Max Drawdown (1Y) Largest decline over 1 year	-52.33%	-26.51%	-25.82%
Max Drawdown (3Y) Largest decline over 3 years	-69.00%	-56.31%	-12.69%
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	-35.07%	-92.15%	+57.08%
Average Drawdown Average peak-to-trough decline	-26.53%	-43.70%	+17.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.05%	11.96%	+13.09%

Volatility

FLYU vs. TMF - Volatility Comparison

MicroSectors Travel 3X Leveraged ETNs (FLYU) has a higher volatility of 23.60% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.43%. This indicates that FLYU'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

	FLYU	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.60%	8.43%	+15.17%
Volatility (6M) Calculated over the trailing 6-month period	59.07%	19.46%	+39.61%
Volatility (1Y) Calculated over the trailing 1-year period	75.07%	28.49%	+46.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.21%	46.72%	+36.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.21%	43.92%	+39.29%

FLYU vs. TMF - Expense Ratio Comparison

FLYU has a 0.95% expense ratio, which is lower than TMF's 1.01% expense ratio.

Dividends

FLYU vs. TMF - Dividend Comparison

FLYU has not paid dividends to shareholders, while TMF's dividend yield for the trailing twelve months is around 4.11%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLYU MicroSectors Travel 3X Leveraged ETNs	0.00%	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	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 FLYU and TMF in my portfolio?

FLYU and TMF have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLYU or TMF?

FLYU has higher volatility (23.60%) compared to TMF (8.43%). In terms of maximum drawdown, FLYU dropped -69.00% vs TMF's -92.89%.

Which ETF is better, FLYU or TMF?

On 3-year performance, FLYU leads with 4.85% vs -19.82% for TMF. On fees, FLYU is cheaper at 0.95% per year. On volatility, TMF has been the lower-risk option at 8.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLYU or TMF?

Over the 3-year period, FLYU has performed better with a 4.85% return vs -19.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLYU or TMF?

FLYU is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.

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

TMF has the higher dividend yield at 4.11%, compared with 0.00% for FLYU.

What is the main difference between FLYU and TMF?

FLYU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. FLYU tracks MerQube MicroSectors U.S. Travel Index, while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). They also come from different issuers: REX and Direxion. Their fees differ too: 0.95% for FLYU and 1.01% for TMF.

Which has better risk-adjusted returns?

FLYU currently has the higher Sharpe Ratio (0.02 vs -0.17), 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.