HODU vs. TMF

Last updated Jun 25, 2026

HODU (Direxion Daily HOOD Bull 2X ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - HODU is a Leveraged Equities fund actively managed by Direxion, while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). HODU is actively managed, while TMF is passively managed. At a 0.29 correlation, their price movements are largely independent. HODU charges 0.97%/yr vs 1.01%/yr for TMF.

Performance

HODU vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily HOOD Bull 2X ETF (HODU) 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, HODU achieves a -47.69% return, which is significantly lower than TMF's 0.08% return.

HODU

• 1D: -11.70%
• 1M: 62.34%
• YTD: -47.69%
• 6M: -54.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMF

• 1D: 3.90%
• 1M: 10.18%
• YTD: 0.08%
• 6M: -2.86%
• 1Y: -0.04%
• 3Y*: -19.78%
• 5Y*: -30.25%
• 10Y*: -16.47%

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

HODU vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025
HODU Direxion Daily HOOD Bull 2X ETF	-47.69%	-9.99%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	0.08%	-5.37%

Correlation

The correlation between HODU and TMF is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025	0.29

Return for Risk

HODU vs. TMF — Risk / Return Rank

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

HODU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

HODU vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily HOOD Bull 2X ETF (HODU) 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.

	HODU	TMF	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.00	—
Sortino ratio: Return per unit of downside risk	—	0.20	—
Omega ratio: Gain probability vs. loss probability	—	1.02	—
Calmar ratio: Return relative to maximum drawdown	—	-0.00	—
Martin ratio: Return relative to average drawdown	—	-0.00	—

Drawdowns

HODU vs. TMF - Drawdown Comparison

The maximum HODU drawdown since its inception was -81.62%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for HODU and TMF.

Drawdown Indicators

	HODU	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-81.62%	-92.89%	+11.27%
Max Drawdown (1Y) Largest decline over 1 year	—	-26.51%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-56.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-88.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.89%	—
Current Drawdown Current decline from peak	-65.53%	-91.71%	+26.18%
Average Drawdown Average peak-to-trough decline	-56.89%	-43.78%	-13.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.28%	—

Volatility

Volatility by Period

	HODU	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.26%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.68%	—
Volatility (1Y) Calculated over the trailing 1-year period	146.53%	28.15%	+118.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	146.53%	46.63%	+99.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	146.53%	43.87%	+102.66%

HODU vs. TMF - Expense Ratio Comparison

HODU has a 0.97% expense ratio, which is lower than TMF's 1.01% expense ratio.

Dividends

HODU vs. TMF - Dividend Comparison

HODU's dividend yield for the trailing twelve months is around 1.69%, less than TMF's 3.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HODU Direxion Daily HOOD Bull 2X ETF	1.69%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	3.95%	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 HODU and TMF in my portfolio?

HODU and TMF have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HODU or TMF?

On fees, HODU is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HODU or TMF?

HODU is cheaper with a 0.97% expense ratio, compared with 1.01% for TMF.

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

TMF has the higher dividend yield at 3.95%, compared with 1.69% for HODU.

What is the main difference between HODU and TMF?

HODU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. Their fees differ too: 0.97% for HODU and 1.01% for TMF.