FNGG vs. TMF

Last updated Jun 23, 2026

FNGG (Direxion Daily NYSE FANG+ Bull 2X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - FNGG is a Leveraged Equities fund tracking the NYSE FANG+ Index (2x Leveraged), 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, FNGG returned 50.53%/yr vs -20.90%/yr for TMF. At a 0.07 correlation, their price movements are largely independent. FNGG charges 0.97%/yr vs 1.01%/yr for TMF.

Performance

FNGG vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG) 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, FNGG achieves a 11.08% return, which is significantly higher than TMF's -4.08% return.

FNGG

• 1D: -5.43%
• 1M: -2.38%
• YTD: 11.08%
• 6M: 9.63%
• 1Y: 34.32%
• 3Y*: 50.53%
• 5Y*: —
• 10Y*: —

TMF

• 1D: -2.15%
• 1M: 5.61%
• YTD: -4.08%
• 6M: -4.92%
• 1Y: -1.09%
• 3Y*: -20.90%
• 5Y*: -31.19%
• 10Y*: -16.82%

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

FNGG vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FNGG Direxion Daily NYSE FANG+ Bull 2X Shares	11.08%	27.21%	98.76%	204.23%	-87.15%	-4.05%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-4.08%	-2.94%	-35.95%	-13.01%	-72.60%	6.88%

Correlation

The correlation between FNGG and TMF is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.07

Return for Risk

FNGG vs. TMF — Risk / Return Rank

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

FNGG

FNGG Risk / Return Rank: 21
FNGG Sharpe Ratio Rank: 23
FNGG Sortino Ratio Rank: 24
FNGG Omega Ratio Rank: 23
FNGG Calmar Ratio Rank: 19
FNGG Martin Ratio Rank: 18

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.

FNGG vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG) 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.

	FNGG	TMF	Difference
Sharpe ratio: Return per unit of total volatility	0.79	-0.04	+0.83
Sortino ratio: Return per unit of downside risk	1.29	0.14	+1.15
Omega ratio: Gain probability vs. loss probability	1.16	1.02	+0.14
Calmar ratio: Return relative to maximum drawdown	0.80	-0.04	+0.84
Martin ratio: Return relative to average drawdown	2.07	-0.09	+2.16

FNGG vs. TMF - Sharpe Ratio Comparison

The current FNGG Sharpe Ratio is 0.79, which is higher than the TMF Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of FNGG 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

FNGG vs. TMF - Drawdown Comparison

The maximum FNGG drawdown since its inception was -91.33%, roughly equal to the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for FNGG and TMF.

Drawdown Indicators

	FNGG	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-91.33%	-92.89%	+1.56%
Max Drawdown (1Y) Largest decline over 1 year	-43.01%	-26.51%	-16.50%
Max Drawdown (3Y) Largest decline over 3 years	-47.03%	-56.09%	+9.06%
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	-17.85%	-92.06%	+74.21%
Average Drawdown Average peak-to-trough decline	-55.59%	-43.75%	-11.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.60%	12.20%	+4.40%

Volatility

FNGG vs. TMF - Volatility Comparison

Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG) has a higher volatility of 20.62% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 6.48%. This indicates that FNGG'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

	FNGG	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.62%	6.48%	+14.14%
Volatility (6M) Calculated over the trailing 6-month period	34.72%	19.39%	+15.33%
Volatility (1Y) Calculated over the trailing 1-year period	43.47%	27.96%	+15.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.79%	46.59%	+21.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.79%	43.92%	+23.87%

FNGG vs. TMF - Expense Ratio Comparison

FNGG has a 0.97% expense ratio, which is lower than TMF's 1.01% expense ratio.

Dividends

FNGG vs. TMF - Dividend Comparison

FNGG's dividend yield for the trailing twelve months is around 10.67%, more than TMF's 4.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNGG Direxion Daily NYSE FANG+ Bull 2X Shares	10.67%	11.89%	0.79%	0.88%	0.00%	4.99%	0.00%	0.00%	0.00%	0.00%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	4.06%	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 FNGG and TMF in my portfolio?

FNGG 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.

Which is riskier, FNGG or TMF?

FNGG has higher volatility (20.62%) compared to TMF (6.48%). In terms of maximum drawdown, FNGG dropped -91.33% vs TMF's -92.89%.

Which ETF is better, FNGG or TMF?

On 3-year performance, FNGG leads with 50.53% vs -20.90% for TMF. On fees, FNGG is cheaper at 0.97% per year. On volatility, TMF has been the lower-risk option at 6.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGG or TMF?

Over the 3-year period, FNGG has performed better with a 50.53% return vs -20.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGG or TMF?

FNGG is cheaper with a 0.97% expense ratio, compared with 1.01% for TMF.

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

FNGG has the higher dividend yield at 10.67%, compared with 4.06% for TMF.

What is the main difference between FNGG and TMF?

FNGG is categorized as Leveraged Equities, while TMF is Leveraged Bonds. FNGG tracks NYSE FANG+ Index (2x Leveraged), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 0.97% for FNGG and 1.01% for TMF.

Which has better risk-adjusted returns?

FNGG currently has the higher Sharpe Ratio (0.79 vs -0.04), 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.