HIBL vs. TMF
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 11.69%/yr vs -35.05%/yr for TMF. Their -0.06 correlation means they have often moved in opposite directions in the past. HIBL charges 1.12%/yr vs 1.01%/yr for TMF.
Performance
HIBL vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, HIBL achieves a 51.75% return, which is significantly higher than TMF's -15.88% return.
HIBL
- 1D
- 7.65%
- 1M
- -11.68%
- 6M
- 34.09%
- YTD
- 51.75%
- 1Y
- 117.87%
- 3Y*
- 40.02%
- 5Y*
- 11.69%
- 10Y*
- —
- ALL TIME*
- 16.86%
TMF
- 1D
- 0.95%
- 1M
- -11.21%
- 6M
- -14.16%
- YTD
- -15.88%
- 1Y
- -17.67%
- 3Y*
- -18.84%
- 5Y*
- -35.05%
- 10Y*
- -18.33%
- ALL TIME*
- -6.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.60M | $5.92M | $6.50M | |
| $168.22M | $133.63M | $127.70M |
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 | 51.75% | 60.38% | -0.40% | 81.02% | -68.24% | 129.14% | -24.96% | 19.23% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -15.88% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | -5.89% |
Correlation
The correlation between HIBL and TMF is 0.21, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.21 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | -0.06 |
The correlation between HIBL and TMF shifts across timeframes, from -0.06 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HIBL vs. TMF — Risk / Return Rank
HIBL
TMF
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.
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.
| HIBL | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.16 | ||
| Sortino ratioReturn per unit of downside risk | +2.83 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.91 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 2.95 | -0.62 | +3.57 |
| Martin ratioReturn relative to average drawdown | 10.01 | -1.25 | +11.25 |
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Drawdowns
HIBL vs. TMF - Drawdown Comparison
The maximum HIBL drawdown since its inception was -88.27%, smaller than the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for HIBL and TMF.
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Drawdown Indicators
| HIBL | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.27% | -93.10% | +4.83% |
Max Drawdown (1Y)Largest decline over 1 year | -40.14% | -28.69% | -11.45% |
Max Drawdown (3Y)Largest decline over 3 years | -69.66% | -50.64% | -19.02% |
Max Drawdown (5Y)Largest decline over 5 years | -81.58% | -89.14% | +7.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.10% | — |
Current DrawdownCurrent decline from peak | -27.29% | -93.04% | +65.75% |
Average DrawdownAverage peak-to-trough decline | -43.54% | -44.08% | +0.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.82% | 14.21% | -2.39% |
Volatility
HIBL vs. TMF - Volatility Comparison
Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) has a higher volatility of 29.17% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.36%. 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.
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Volatility by Period
| HIBL | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.17% | 7.36% | +21.81% |
Volatility (6M)Calculated over the trailing 6-month period | 65.64% | 19.96% | +45.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 79.06% | 27.08% | +51.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.80% | 46.37% | +37.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.56% | 43.71% | +48.85% |
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 1.49%, less than TMF's 4.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares | 1.49% | 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 | 4.69% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
HIBL and TMF have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBL has higher volatility (29.17%) compared to TMF (7.36%). In terms of maximum drawdown, HIBL dropped -88.27% vs TMF's -93.10%.
On 5-year performance, HIBL leads with 11.69% vs -35.05% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HIBL has performed better with a 11.69% return vs -35.05%. 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 1.12% for HIBL.
TMF has the higher dividend yield at 4.69%, compared with 1.49% for HIBL.
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.
HIBL currently has the higher Sharpe Ratio (1.50 vs -0.66), 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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