GGLS vs. TMF
GGLS (Direxion Daily GOOGL Bear 1X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - GGLS is a Inverse Equities fund tracking the Alphabet Inc. Class A (--100%), 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, GGLS returned -31.32%/yr vs -21.17%/yr for TMF. At a correlation of -0.07, they often move in opposite directions. GGLS charges 1.09%/yr vs 1.01%/yr for TMF.
Performance
GGLS vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, GGLS achieves a -14.98% return, which is significantly lower than TMF's -10.33% return.
GGLS
- 1D
- -2.08%
- 1M
- -0.32%
- 6M
- -8.79%
- YTD
- -14.98%
- 1Y
- -51.51%
- 3Y*
- -31.32%
- 5Y*
- —
- 10Y*
- —
TMF
- 1D
- 0.34%
- 1M
- -5.43%
- 6M
- -11.84%
- YTD
- -10.33%
- 1Y
- -5.12%
- 3Y*
- -21.17%
- 5Y*
- -33.53%
- 10Y*
- -17.87%
GGLS vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GGLS Direxion Daily GOOGL Bear 1X Shares | -14.98% | -42.64% | -26.50% | -37.72% | 19.63% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -10.33% | -2.94% | -35.95% | -13.01% | -24.04% |
Correlation
The correlation between GGLS and TMF is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022 | -0.07 |
The correlation between GGLS and TMF shifts across timeframes, from -0.17 (1 year) to -0.07 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GGLS vs. TMF — Risk / Return Rank
GGLS
TMF
GGLS vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily GOOGL Bear 1X Shares (GGLS) 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.
| GGLS | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.60 | ||
| Omega ratioGain probability vs. loss probability | 0.67 | 0.99 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.19 | -0.72 |
| Martin ratioReturn relative to average drawdown | -1.29 | -0.40 | -0.89 |
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Drawdowns
GGLS vs. TMF - Drawdown Comparison
The maximum GGLS drawdown since its inception was -81.24%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for GGLS and TMF.
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Drawdown Indicators
| GGLS | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.24% | -92.89% | +11.65% |
Max Drawdown (1Y)Largest decline over 1 year | -56.40% | -26.51% | -29.89% |
Max Drawdown (3Y)Largest decline over 3 years | -72.36% | -55.14% | -17.22% |
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 | -79.11% | -92.58% | +13.47% |
Average DrawdownAverage peak-to-trough decline | -47.71% | -43.92% | -3.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.03% | 12.91% | +27.12% |
Volatility
GGLS vs. TMF - Volatility Comparison
Direxion Daily GOOGL Bear 1X Shares (GGLS) has a higher volatility of 9.67% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.49%. This indicates that GGLS'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
| GGLS | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.67% | 7.49% | +2.18% |
Volatility (6M)Calculated over the trailing 6-month period | 22.75% | 19.84% | +2.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.95% | 27.57% | +2.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.28% | 46.51% | -15.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.28% | 43.72% | -12.44% |
GGLS vs. TMF - Expense Ratio Comparison
GGLS has a 1.09% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
GGLS vs. TMF - Dividend Comparison
GGLS's dividend yield for the trailing twelve months is around 3.00%, less than TMF's 4.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GGLS Direxion Daily GOOGL Bear 1X Shares | 3.00% | 4.87% | 4.31% | 5.80% | 0.20% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.40% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
GGLS and TMF have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GGLS has higher volatility (9.67%) compared to TMF (7.49%). In terms of maximum drawdown, GGLS dropped -81.24% vs TMF's -92.89%.
On 3-year performance, TMF leads with -21.17% vs -31.32% for GGLS. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TMF has performed better with a -21.17% return vs -31.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.09% for GGLS.
TMF has the higher dividend yield at 4.40%, compared with 3.00% for GGLS.
GGLS is categorized as Inverse Equities, while TMF is Leveraged Bonds. GGLS tracks Alphabet Inc. Class A (--100%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.09% for GGLS and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (-0.19 vs -1.72), 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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