FLYU vs. TMF
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 1.34%/yr vs -21.26%/yr for TMF. At a 0.11 correlation, their price movements are largely independent. FLYU charges 0.95%/yr vs 1.01%/yr for TMF.
Performance
FLYU vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, FLYU achieves a -15.58% return, which is significantly lower than TMF's -10.63% return.
FLYU
- 1D
- -4.41%
- 1M
- 3.14%
- 6M
- -21.69%
- YTD
- -15.58%
- 1Y
- -20.87%
- 3Y*
- 1.34%
- 5Y*
- —
- 10Y*
- —
TMF
- 1D
- -1.85%
- 1M
- -5.74%
- 6M
- -11.74%
- YTD
- -10.63%
- 1Y
- -5.83%
- 3Y*
- -21.26%
- 5Y*
- -33.16%
- 10Y*
- -17.90%
FLYU vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLYU MicroSectors Travel 3X Leveraged ETNs | -15.58% | -2.29% | 33.00% | 111.16% | -19.09% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -10.63% | -2.94% | -35.95% | -13.01% | -30.71% |
Correlation
The correlation between FLYU and TMF is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022 | 0.11 |
The correlation between FLYU and TMF shifts across timeframes, from 0.11 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FLYU vs. TMF — Risk / Return Rank
FLYU
TMF
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 ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.99 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | -0.22 | -0.18 |
| Martin ratioReturn relative to average drawdown | -0.82 | -0.46 | -0.36 |
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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.
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Drawdown Indicators
| FLYU | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest 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% | -55.14% | -13.86% |
Max Drawdown (5Y)Largest decline over 5 years | — | -88.81% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.89% | — |
Current DrawdownCurrent decline from peak | -33.03% | -92.60% | +59.57% |
Average DrawdownAverage peak-to-trough decline | -26.55% | -43.91% | +17.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.61% | 12.82% | +12.79% |
Volatility
FLYU vs. TMF - Volatility Comparison
MicroSectors Travel 3X Leveraged ETNs (FLYU) has a higher volatility of 23.31% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.51%. 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.
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Volatility by Period
| FLYU | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.31% | 8.51% | +14.80% |
Volatility (6M)Calculated over the trailing 6-month period | 61.10% | 19.94% | +41.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.61% | 27.62% | +46.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.06% | 46.54% | +36.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 83.06% | 43.72% | +39.34% |
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 4.42%.
| 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 | 4.42% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
FLYU and TMF have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLYU has higher volatility (23.31%) compared to TMF (8.51%). In terms of maximum drawdown, FLYU dropped -69.00% vs TMF's -92.89%.
On 3-year performance, FLYU leads with 1.34% vs -21.26% for TMF. On fees, FLYU is cheaper at 0.95% per year. On volatility, TMF has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FLYU has performed better with a 1.34% return vs -21.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLYU is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.42%, compared with 0.00% for FLYU.
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.
TMF currently has the higher Sharpe Ratio (-0.21 vs -0.28), 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.
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