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 11.88%/yr vs -31.33%/yr for TMF. At a correlation of -0.06, they often move in opposite directions. 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 83.10% return, which is significantly higher than TMF's -4.67% return.
HIBL
- 1D
- -12.27%
- 1M
- 13.78%
- YTD
- 83.10%
- 6M
- 71.60%
- 1Y
- 227.44%
- 3Y*
- 55.36%
- 5Y*
- 11.88%
- 10Y*
- —
TMF
- 1D
- -0.62%
- 1M
- 4.96%
- YTD
- -4.67%
- 6M
- -5.95%
- 1Y
- -2.80%
- 3Y*
- -21.07%
- 5Y*
- -31.33%
- 10Y*
- -16.87%
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 | 83.10% | 60.38% | -0.40% | 81.02% | -68.24% | 129.14% | -24.96% | 19.23% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -4.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | -5.89% |
Correlation
The correlation between HIBL and TMF is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
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 0.19 (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 | +3.23 | ||
| Sortino ratioReturn per unit of downside risk | +2.90 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.01 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 7.29 | -0.11 | +7.40 |
| Martin ratioReturn relative to average drawdown | 25.38 | -0.23 | +25.60 |
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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.
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Drawdown Indicators
| HIBL | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest 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% | -56.09% | -13.57% |
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 DrawdownCurrent decline from peak | -12.27% | -92.11% | +79.84% |
Average DrawdownAverage peak-to-trough decline | -43.91% | -43.76% | -0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.01% | 12.26% | -3.25% |
Volatility
HIBL vs. TMF - Volatility Comparison
Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) has a higher volatility of 36.89% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 6.50%. 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 | 36.89% | 6.50% | +30.39% |
Volatility (6M)Calculated over the trailing 6-month period | 59.56% | 19.35% | +40.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.15% | 27.91% | +45.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.29% | 46.59% | +36.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.43% | 43.86% | +48.57% |
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 1.26%, less than TMF's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares | 1.26% | 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 | 4.09% | 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 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBL has higher volatility (36.89%) compared to TMF (6.50%). In terms of maximum drawdown, HIBL dropped -88.27% vs TMF's -92.89%.
On 5-year performance, HIBL leads with 11.88% vs -31.33% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 6.50%. 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 11.88% return vs -31.33%. 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 4.09%, compared with 1.26% 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 (3.13 vs -0.10), 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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