INDL vs. TMF
INDL (Direxion Daily India Bull 3x Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - INDL is a Leveraged Equities fund tracking the Indus India 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 10 years, INDL returned 1.28%/yr vs -17.10%/yr for TMF. At a correlation of -0.16, they often move in opposite directions. INDL charges 1.33%/yr vs 1.01%/yr for TMF.
Performance
INDL vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, INDL achieves a -19.90% return, which is significantly lower than TMF's -0.03% return. Over the past 10 years, INDL has outperformed TMF with an annualized return of 1.28%, while TMF has yielded a comparatively lower -17.10% annualized return.
INDL
- 1D
- -0.70%
- 1M
- 3.03%
- YTD
- -19.90%
- 6M
- -19.82%
- 1Y
- -25.58%
- 3Y*
- 1.33%
- 5Y*
- -0.93%
- 10Y*
- 1.28%
TMF
- 1D
- -0.11%
- 1M
- 8.39%
- YTD
- -0.03%
- 6M
- -2.97%
- 1Y
- -0.36%
- 3Y*
- -19.98%
- 5Y*
- -30.26%
- 10Y*
- -17.10%
INDL vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDL Direxion Daily India Bull 3x Shares | -19.90% | -3.21% | 7.56% | 26.06% | -22.88% | 40.26% | -36.43% | 3.15% | -34.29% | 127.98% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -0.03% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between INDL and TMF is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | -0.16 |
The correlation between INDL and TMF shifts across timeframes, from -0.16 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
INDL vs. TMF — Risk / Return Rank
INDL
TMF
INDL vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily India Bull 3x Shares (INDL) 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.
| INDL | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.37 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.02 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | -0.01 | -0.66 |
| Martin ratioReturn relative to average drawdown | -1.35 | -0.03 | -1.32 |
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Drawdowns
INDL vs. TMF - Drawdown Comparison
The maximum INDL drawdown since its inception was -95.67%, roughly equal to the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for INDL and TMF.
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Drawdown Indicators
| INDL | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.67% | -92.89% | -2.78% |
Max Drawdown (1Y)Largest decline over 1 year | -37.82% | -26.51% | -11.31% |
Max Drawdown (3Y)Largest decline over 3 years | -47.64% | -56.09% | +8.45% |
Max Drawdown (5Y)Largest decline over 5 years | -47.64% | -88.81% | +41.17% |
Max Drawdown (10Y)Largest decline over 10 years | -91.96% | -92.89% | +0.93% |
Current DrawdownCurrent decline from peak | -77.45% | -91.72% | +14.27% |
Average DrawdownAverage peak-to-trough decline | -66.38% | -43.79% | -22.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.00% | 12.32% | +6.68% |
Volatility
INDL vs. TMF - Volatility Comparison
Direxion Daily India Bull 3x Shares (INDL) has a higher volatility of 9.33% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.19%. This indicates that INDL'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
| INDL | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.33% | 7.19% | +2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 26.12% | 19.68% | +6.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.01% | 28.08% | +1.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.73% | 46.61% | -15.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.50% | 43.86% | +8.64% |
INDL vs. TMF - Expense Ratio Comparison
INDL has a 1.33% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
INDL vs. TMF - Dividend Comparison
INDL's dividend yield for the trailing twelve months is around 1.40%, less than TMF's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
INDL Direxion Daily India Bull 3x Shares | 1.40% | 1.42% | 2.79% | 1.65% | 0.09% | 2.35% | 0.00% | 0.68% | 0.18% | 0.31% |
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
INDL and TMF have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
INDL has higher volatility (9.33%) compared to TMF (7.19%). In terms of maximum drawdown, INDL dropped -95.67% vs TMF's -92.89%.
On 10-year performance, INDL leads with 1.28% vs -17.10% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, INDL has performed better with a 1.28% return vs -17.10%. 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 1.33% for INDL.
TMF has the higher dividend yield at 3.95%, compared with 1.40% for INDL.
INDL is categorized as Leveraged Equities, while TMF is Leveraged Bonds. INDL tracks Indus India Index (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.33% for INDL and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (-0.01 vs -0.86), 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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