HIBL vs. TMF

Last updated Jun 4, 2026

HIBL (Direxion Daily S&P 500 High Beta Bull 3X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - HIBL is a Leveraged Equities fund tracking the S&P 500 High Beta Index (300%), 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, HIBL returned 11.57%/yr vs -30.52%/yr for TMF. At a correlation of -0.07, they often move in opposite directions. HIBL charges 1.12%/yr vs 1.01%/yr for TMF.

Performance

HIBL vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) 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, HIBL achieves a 96.27% return, which is significantly higher than TMF's -6.13% return.

HIBL

• 1D: -2.25%
• 1M: 38.56%
• YTD: 96.27%
• 6M: 98.56%
• 1Y: 279.13%
• 3Y*: 62.03%
• 5Y*: 11.57%
• 10Y*: —

TMF

• 1D: -1.14%
• 1M: 1.22%
• YTD: -6.13%
• 6M: -11.63%
• 1Y: 0.90%
• 3Y*: -20.78%
• 5Y*: -30.52%
• 10Y*: -16.56%

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

HIBL vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares	96.27%	60.38%	-0.40%	81.02%	-68.24%	129.14%	-24.96%	21.45%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-6.13%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	-0.50%

Correlation

The correlation between HIBL and TMF is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019	-0.07

The correlation between HIBL and TMF shifts across timeframes, from -0.07 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

HIBL vs. TMF - Sectors Allocation Comparison

Sectors	HIBL	TMF
Technology	45.8%	-
Consumer Cyclical	12.9%	-
Financial Services	12.5%	18.7%
Industrials	11.7%	-
Basic Materials	4.6%	-
Communication Services	3.7%	-
Utilities	3.2%	-
Healthcare	2.9%	-
Energy	2.2%	-
Consumer Defensive	0.6%	-
Real Estate	-	-

Return for Risk

HIBL vs. TMF — Risk / Return Rank

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

HIBL

HIBL Risk / Return Rank: 89
HIBL Sharpe Ratio Rank: 96
HIBL Sortino Ratio Rank: 80
HIBL Omega Ratio Rank: 77
HIBL Calmar Ratio Rank: 96
HIBL Martin Ratio Rank: 95

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 9
TMF Omega Ratio Rank: 9
TMF Calmar Ratio Rank: 9
TMF Martin Ratio Rank: 9

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.

HIBL vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) 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.

	HIBL	TMF	Difference
Sharpe ratio: Return per unit of total volatility	4.26	0.03	+4.23
Sortino ratio: Return per unit of downside risk	3.61	0.25	+3.35
Omega ratio: Gain probability vs. loss probability	1.47	1.03	+0.44
Calmar ratio: Return relative to maximum drawdown	8.96	0.03	+8.92
Martin ratio: Return relative to average drawdown	32.84	0.08	+32.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIBL vs. TMF - Sharpe Ratio Comparison

The current HIBL Sharpe Ratio is 4.26, which is higher than the TMF Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of HIBL 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.

Sharpe Ratios by Period

	HIBL	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.26	0.03	+4.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	-0.66	+0.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	-0.14	+0.38

Drawdowns

HIBL vs. TMF - Drawdown Comparison

The maximum HIBL drawdown since its inception was -88.27%, roughly equal to the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for HIBL and TMF.

Drawdown Indicators

	HIBL	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-88.27%	-92.89%	+4.62%
Max Drawdown (1Y) Largest decline over 1 year	-31.39%	-26.51%	-4.88%
Max Drawdown (3Y) Largest decline over 3 years	-69.66%	-56.31%	-13.35%
Max Drawdown (5Y) Largest decline over 5 years	-81.58%	-88.81%	+7.23%
Max Drawdown (10Y) Largest decline over 10 years	—	-92.89%	—
Current Drawdown Current decline from peak	-2.25%	-92.23%	+89.98%
Average Drawdown Average peak-to-trough decline	-44.20%	-43.63%	-0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.55%	11.49%	-2.94%

Volatility

HIBL vs. TMF - Volatility Comparison

Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) has a higher volatility of 21.25% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.09%. This indicates that HIBL'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

	HIBL	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.25%	8.09%	+13.16%
Volatility (6M) Calculated over the trailing 6-month period	50.46%	19.01%	+31.45%
Volatility (1Y) Calculated over the trailing 1-year period	66.16%	28.76%	+37.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.16%	46.75%	+35.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.89%	43.92%	+47.97%

HIBL vs. TMF - Expense Ratio Comparison

HIBL has a 1.12% expense ratio, which is higher than TMF's 1.01% expense ratio.

Dividends

HIBL vs. TMF - Dividend Comparison

HIBL's dividend yield for the trailing twelve months is around 1.18%, less than TMF's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares	1.18%	2.43%	0.82%	0.69%	0.00%	0.06%	0.19%	0.19%	0.00%	0.00%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	4.15%	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 HIBL and TMF in my portfolio?

HIBL 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.

Which is riskier, HIBL or TMF?

HIBL has higher volatility (21.25%) compared to TMF (8.09%). In terms of maximum drawdown, HIBL dropped -88.27% vs TMF's -92.89%.

Which ETF is better, HIBL or TMF?

On 5-year performance, HIBL leads with 11.57% vs -30.52% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 8.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIBL or TMF?

Over the 5-year period, HIBL has performed better with a 11.57% return vs -30.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIBL or TMF?

TMF is cheaper with a 1.01% expense ratio, compared with 1.12% for HIBL.

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

TMF has the higher dividend yield at 4.15%, compared with 1.18% for HIBL.

What is the main difference between HIBL and TMF?

HIBL is categorized as Leveraged Equities, while TMF is Leveraged Bonds. HIBL tracks S&P 500 High Beta Index (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.12% for HIBL and 1.01% for TMF.

Which has better risk-adjusted returns?

HIBL currently has the higher Sharpe Ratio (4.26 vs 0.03), 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.