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 12.26%/yr vs -33.16%/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 62.78% return, which is significantly higher than TMF's -10.63% return.
HIBL
- 1D
- -7.56%
- 1M
- -9.73%
- 6M
- 41.34%
- YTD
- 62.78%
- 1Y
- 128.52%
- 3Y*
- 39.19%
- 5Y*
- 12.26%
- 10Y*
- —
TMF
- 1D
- -1.85%
- 1M
- -5.74%
- 6M
- -11.74%
- YTD
- -10.63%
- 1Y
- -5.83%
- 3Y*
- -21.26%
- 5Y*
- -33.16%
- 10Y*
- -17.90%
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 | 62.78% | 60.38% | -0.40% | 81.02% | -68.24% | 129.14% | -24.96% | 19.23% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -10.63% | -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 | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
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 | +1.92 | ||
| Sortino ratioReturn per unit of downside risk | +2.26 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.99 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 4.12 | -0.22 | +4.34 |
| Martin ratioReturn relative to average drawdown | 13.41 | -0.46 | +13.86 |
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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% | -55.14% | -14.52% |
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 | -22.01% | -92.60% | +70.59% |
Average DrawdownAverage peak-to-trough decline | -43.67% | -43.91% | +0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.62% | 12.82% | -3.20% |
Volatility
HIBL vs. TMF - Volatility Comparison
Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) has a higher volatility of 34.48% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.51%. 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 | 34.48% | 8.51% | +25.97% |
Volatility (6M)Calculated over the trailing 6-month period | 62.65% | 19.94% | +42.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 76.01% | 27.62% | +48.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.63% | 46.54% | +37.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.50% | 43.72% | +48.78% |
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 1.39%, less than TMF's 4.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares | 1.39% | 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 | 4.42% | 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 (34.48%) compared to TMF (8.51%). In terms of maximum drawdown, HIBL dropped -88.27% vs TMF's -92.89%.
On 5-year performance, HIBL leads with 12.26% vs -33.16% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 8.51%. 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 12.26% return vs -33.16%. 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 4.42%, compared with 1.39% 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 (1.70 vs -0.21), 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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