HCMT vs. TMF
HCMT (Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - HCMT is a Large Cap Blend Equities fund actively managed by Direxion, while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). HCMT is actively managed, while TMF is passively managed. Over the past 3 years, HCMT returned 14.07%/yr vs -20.63%/yr for TMF. Their 0.12 correlation means their historical movements had little consistent relationship. HCMT charges 1.17%/yr vs 1.01%/yr for TMF.
Performance
HCMT vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, HCMT achieves a 1.23% return, which is significantly higher than TMF's -16.67% return.
HCMT
- 1D
- 1.39%
- 1M
- -2.68%
- 6M
- -0.37%
- YTD
- 1.23%
- 1Y
- 19.31%
- 3Y*
- 14.07%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 16.57%
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.31M | $1.90M | $1.82M | |
| $161.82M | $130.43M | $127.82M |
HCMT vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF | 1.23% | 7.39% | 39.14% | 6.45% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -16.67% | -2.94% | -35.95% | -18.16% |
Correlation
The correlation between HCMT and TMF is 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | 0.12 |
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Return for Risk
HCMT vs. TMF — Risk / Return Rank
HCMT
TMF
HCMT vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) 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.
| HCMT | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.09 | ||
| Sortino ratioReturn per unit of downside risk | +1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.93 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | -0.53 | +1.51 |
| Martin ratioReturn relative to average drawdown | 2.28 | -1.07 | +3.35 |
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Drawdowns
HCMT vs. TMF - Drawdown Comparison
The maximum HCMT drawdown since its inception was -36.26%, smaller than the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for HCMT and TMF.
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Drawdown Indicators
| HCMT | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.26% | -93.10% | +56.84% |
Max Drawdown (1Y)Largest decline over 1 year | -15.58% | -28.69% | +13.11% |
Max Drawdown (3Y)Largest decline over 3 years | -36.26% | -50.64% | +14.38% |
Max Drawdown (5Y)Largest decline over 5 years | — | -89.14% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.10% | — |
Current DrawdownCurrent decline from peak | -9.75% | -93.10% | +83.35% |
Average DrawdownAverage peak-to-trough decline | -8.16% | -44.07% | +35.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.71% | 14.10% | -7.39% |
Volatility
HCMT vs. TMF - Volatility Comparison
Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) has a higher volatility of 10.49% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.21%. This indicates that HCMT'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
| HCMT | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.49% | 7.21% | +3.28% |
Volatility (6M)Calculated over the trailing 6-month period | 21.76% | 19.98% | +1.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.43% | 27.35% | +1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.28% | 46.36% | -17.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.28% | 43.70% | -14.42% |
HCMT vs. TMF - Expense Ratio Comparison
HCMT has a 1.17% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
HCMT vs. TMF - Dividend Comparison
HCMT's dividend yield for the trailing twelve months is around 0.61%, less than TMF's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF | 0.61% | 0.43% | 2.75% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.74% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
HCMT 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.
HCMT has higher volatility (10.49%) compared to TMF (7.21%). In terms of maximum drawdown, HCMT dropped -36.26% vs TMF's -93.10%.
On 3-year performance, HCMT leads with 14.07% vs -20.63% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HCMT has performed better with a 14.07% return vs -20.63%. 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 1.17% for HCMT.
TMF has the higher dividend yield at 4.74%, compared with 0.61% for HCMT.
HCMT is categorized as Large Cap Blend Equities, while TMF is Leveraged Bonds. Their fees differ too: 1.17% for HCMT and 1.01% for TMF.
HCMT currently has the higher Sharpe Ratio (0.54 vs -0.55), 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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