IBTL.L vs. TMF

Last updated Apr 1, 2026

Compare and contrast key facts about iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) and Direxion Daily 20-Year Treasury Bull 3X (TMF).

IBTL.L and TMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IBTL.L is a passively managed fund by iShares that tracks the performance of the Bloomberg US Government TR USD. It was launched on Jan 20, 2015. TMF is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (300%). It was launched on Apr 16, 2009. Both IBTL.L and TMF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IBTL.L vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) and Direxion Daily 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

IBTL.L vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist)	1.16%	-2.80%	-5.50%	-3.62%	-22.17%	-3.32%	13.07%	12.05%	3.06%	-0.04%
TMF Direxion Daily 20-Year Treasury Bull 3X	-0.94%	-9.86%	-34.83%	-17.36%	-69.34%	-19.04%	34.93%	29.62%	-5.73%	12.11%

Different Trading Currencies

IBTL.L is traded in GBp, while TMF is traded in USD. To make them comparable, the TMF values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IBTL.L achieves a 1.16% return, which is significantly higher than TMF's -0.94% return. Over the past 10 years, IBTL.L has outperformed TMF with an annualized return of -0.62%, while TMF has yielded a comparatively lower -15.16% annualized return.

IBTL.L

• 1D: -0.22%
• 1M: -2.34%
• YTD: 1.16%
• 6M: 0.69%
• 1Y: -2.32%
• 3Y*: -4.49%
• 5Y*: -4.82%
• 10Y*: -0.62%

TMF

• 1D: -0.49%
• 1M: -11.43%
• YTD: -0.94%
• 6M: -7.04%
• 1Y: -16.82%
• 3Y*: -25.16%
• 5Y*: -28.66%
• 10Y*: -15.16%

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

IBTL.L vs. TMF - Expense Ratio Comparison

IBTL.L has a 0.07% expense ratio, which is lower than TMF's 1.09% expense ratio.

TMF

Direxion Daily 20-Year Treasury Bull 3X

IBTL.L

iShares USD Treasury Bond 20+yr UCITS ETF (Dist)

Return for Risk

IBTL.L vs. TMF — Risk / Return Rank

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

IBTL.L

IBTL.L Risk / Return Rank: 8
IBTL.L Sharpe Ratio Rank: 8
IBTL.L Sortino Ratio Rank: 7
IBTL.L Omega Ratio Rank: 7
IBTL.L Calmar Ratio Rank: 8
IBTL.L Martin Ratio Rank: 9

TMF

TMF Risk / Return Rank: 5
TMF Sharpe Ratio Rank: 5
TMF Sortino Ratio Rank: 5
TMF Omega Ratio Rank: 5
TMF Calmar Ratio Rank: 5
TMF Martin Ratio Rank: 7

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.

IBTL.L vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) and Direxion Daily 20-Year Treasury Bull 3X (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.

	IBTL.L	TMF	Difference
Sharpe ratio Return per unit of total volatility	-0.19	-0.51	+0.32
Sortino ratio Return per unit of downside risk	-0.17	-0.51	+0.34
Omega ratio Gain probability vs. loss probability	0.98	0.94	+0.04
Calmar ratio Return relative to maximum drawdown	-0.26	-0.48	+0.23
Martin ratio Return relative to average drawdown	-0.43	-0.72	+0.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBTL.L vs. TMF - Sharpe Ratio Comparison

The current IBTL.L Sharpe Ratio is -0.19, which is higher than the TMF Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of IBTL.L and TMF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IBTL.L	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.19	-0.51	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.31	-0.63	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.04	-0.34	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	-0.11	+0.10

Correlation

The correlation between IBTL.L and TMF is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

IBTL.L vs. TMF - Dividend Comparison

IBTL.L's dividend yield for the trailing twelve months is around 4.27%, more than TMF's 4.01% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBTL.L iShares USD Treasury Bond 20+yr UCITS ETF (Dist)	4.27%	4.32%	4.59%	3.78%	2.96%	1.72%	1.86%	2.54%	2.75%	2.66%	2.44%	2.07%
TMF Direxion Daily 20-Year Treasury Bull 3X	4.01%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%	0.00%	0.00%

Drawdowns

IBTL.L vs. TMF - Drawdown Comparison

The maximum IBTL.L drawdown since its inception was -48.85%, smaller than the maximum TMF drawdown of -92.79%. Use the drawdown chart below to compare losses from any high point for IBTL.L and TMF.

Drawdown Indicators

	IBTL.L	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-48.85%	-92.61%	+43.76%
Max Drawdown (1Y) Largest decline over 1 year	-13.31%	-27.13%	+13.82%
Max Drawdown (5Y) Largest decline over 5 years	-39.35%	-88.37%	+49.02%
Max Drawdown (10Y) Largest decline over 10 years	-48.85%	-92.61%	+43.76%
Current Drawdown Current decline from peak	-44.26%	-91.95%	+47.69%
Average Drawdown Average peak-to-trough decline	-23.39%	-43.13%	+19.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.99%	16.93%	-8.94%

Volatility

IBTL.L vs. TMF - Volatility Comparison

The current volatility for iShares USD Treasury Bond 20+yr UCITS ETF (Dist) (IBTL.L) is 3.10%, while Direxion Daily 20-Year Treasury Bull 3X (TMF) has a volatility of 10.05%. This indicates that IBTL.L experiences smaller price fluctuations and is considered to be less risky than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTL.L	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	10.05%	-6.95%
Volatility (6M) Calculated over the trailing 6-month period	6.87%	19.28%	-12.41%
Volatility (1Y) Calculated over the trailing 1-year period	12.43%	33.41%	-20.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.58%	45.93%	-30.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	44.31%	-27.68%