GDXU vs. TMF
GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners 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 5 years, GDXU returned -11.66%/yr vs -34.00%/yr for TMF. At a 0.18 correlation, their price movements are largely independent. GDXU charges 0.95%/yr vs 1.01%/yr for TMF.
Performance
GDXU vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, GDXU achieves a -68.01% return, which is significantly lower than TMF's -11.93% return.
GDXU
- 1D
- 15.40%
- 1M
- -31.80%
- 6M
- -80.76%
- YTD
- -68.01%
- 1Y
- 4.23%
- 3Y*
- 23.50%
- 5Y*
- -11.66%
- 10Y*
- —
- ALL TIME*
- -18.29%
TMF
- 1D
- -1.01%
- 1M
- -10.16%
- 6M
- -9.78%
- YTD
- -11.93%
- 1Y
- -7.67%
- 3Y*
- -21.85%
- 5Y*
- -34.00%
- 10Y*
- -18.08%
- ALL TIME*
- -6.40%
GDXU vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | -68.01% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.32% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -11.93% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 2.93% |
Correlation
The correlation between GDXU and TMF is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.18 |
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Return for Risk
GDXU vs. TMF — Risk / Return Rank
GDXU
TMF
GDXU vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) 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.
| GDXU | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 0.98 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | -0.29 | +0.34 |
| Martin ratioReturn relative to average drawdown | 0.09 | -0.58 | +0.67 |
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Drawdowns
GDXU vs. TMF - Drawdown Comparison
The maximum GDXU drawdown since its inception was -94.39%, roughly equal to the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for GDXU and TMF.
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Drawdown Indicators
| GDXU | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.39% | -92.89% | -1.50% |
Max Drawdown (1Y)Largest decline over 1 year | -87.14% | -26.51% | -60.63% |
Max Drawdown (3Y)Largest decline over 3 years | -87.14% | -53.47% | -33.67% |
Max Drawdown (5Y)Largest decline over 5 years | -91.30% | -88.81% | -2.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.89% | — |
Current DrawdownCurrent decline from peak | -85.15% | -92.71% | +7.56% |
Average DrawdownAverage peak-to-trough decline | -70.00% | -43.98% | -26.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.28% | 13.32% | +32.96% |
Volatility
GDXU vs. TMF - Volatility Comparison
MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 38.61% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.32%. This indicates that GDXU'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
| GDXU | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 38.61% | 7.32% | +31.29% |
Volatility (6M)Calculated over the trailing 6-month period | 127.15% | 19.81% | +107.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 146.85% | 27.58% | +119.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 113.16% | 46.37% | +66.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 111.49% | 43.72% | +67.77% |
GDXU vs. TMF - Expense Ratio Comparison
GDXU has a 0.95% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
GDXU vs. TMF - Dividend Comparison
GDXU has not paid dividends to shareholders, while TMF's dividend yield for the trailing twelve months is around 4.48%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | 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 | 4.48% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
GDXU and TMF have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXU has higher volatility (38.61%) compared to TMF (7.32%). In terms of maximum drawdown, GDXU dropped -94.39% vs TMF's -92.89%.
On 5-year performance, GDXU leads with -11.66% vs -34.00% for TMF. On fees, GDXU is cheaper at 0.95% per year. On volatility, TMF has been the lower-risk option at 7.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GDXU has performed better with a -11.66% return vs -34.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXU is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.48%, compared with 0.00% for GDXU.
GDXU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. GDXU tracks S-Network MicroSectors Gold Miners Index, while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for GDXU and 1.01% for TMF.
GDXU currently has the higher Sharpe Ratio (0.03 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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