ISRG vs. TMF

Last updated Jul 21, 2026

ISRG (Intuitive Surgical, Inc.) is a stock, while TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) is Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Over the past 10 years, ISRG returned 16.51%/yr vs -17.99%/yr for TMF. At a correlation of -0.12, they often move in opposite directions.

Performance

ISRG vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Intuitive Surgical, Inc. (ISRG) 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, ISRG achieves a -37.64% return, which is significantly lower than TMF's -11.04% return. Over the past 10 years, ISRG has outperformed TMF with an annualized return of 16.51%, while TMF has yielded a comparatively lower -17.99% annualized return.

ISRG

• 1D: 2.24%
• 1M: -13.18%
• 6M: -33.99%
• YTD: -37.64%
• 1Y: -31.90%
• 3Y*: 1.61%
• 5Y*: 2.32%
• 10Y*: 16.51%
• ALL TIME*: 21.90%

TMF

• 1D: -2.07%
• 1M: -9.25%
• 6M: -12.35%
• YTD: -11.04%
• 1Y: -4.28%
• 3Y*: -21.59%
• 5Y*: -33.52%
• 10Y*: -17.99%
• ALL TIME*: -6.34%

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

ISRG vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISRG Intuitive Surgical, Inc.	-37.64%	8.51%	54.72%	27.14%	-26.15%	31.76%	38.39%	23.43%	31.23%	72.64%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-11.04%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	22.72%

Correlation

The correlation between ISRG and TMF is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009	-0.12

The correlation between ISRG and TMF shifts across timeframes, from -0.12 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ISRG vs. TMF — Risk / Return Rank

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

ISRG

ISRG Risk / Return Rank: 9
ISRG Sharpe Ratio Rank: 7
ISRG Sortino Ratio Rank: 10
ISRG Omega Ratio Rank: 10
ISRG Calmar Ratio Rank: 15
ISRG Martin Ratio Rank: 2

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 8
TMF Sortino Ratio Rank: 9
TMF Omega Ratio Rank: 9
TMF Calmar Ratio Rank: 8
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.

ISRG vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Intuitive Surgical, Inc. (ISRG) 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.

	ISRG	TMF	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	-0.16	-0.75
Sortino ratio: Return per unit of downside risk	-1.24	-0.03	-1.21
Omega ratio: Gain probability vs. loss probability	0.84	1.00	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.77	-0.16	-0.60
Martin ratio: Return relative to average drawdown	-1.77	-0.32	-1.45

ISRG vs. TMF - Sharpe Ratio Comparison

The current ISRG Sharpe Ratio is -0.91, which is lower than the TMF Sharpe Ratio of -0.16. The chart below compares the historical Sharpe Ratios of ISRG and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ISRG vs. TMF - Drawdown Comparison

The maximum ISRG drawdown since its inception was -82.26%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for ISRG and TMF.

Drawdown Indicators

	ISRG	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-82.26%	-92.89%	+10.63%
Max Drawdown (1Y) Largest decline over 1 year	-41.74%	-26.51%	-15.23%
Max Drawdown (3Y) Largest decline over 3 years	-43.42%	-53.47%	+10.05%
Max Drawdown (5Y) Largest decline over 5 years	-49.90%	-88.81%	+38.91%
Max Drawdown (10Y) Largest decline over 10 years	-49.90%	-92.89%	+42.99%
Current Drawdown Current decline from peak	-42.15%	-92.64%	+50.49%
Average Drawdown Average peak-to-trough decline	-21.33%	-43.97%	+22.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.06%	13.22%	+4.84%

Volatility

ISRG vs. TMF - Volatility Comparison

Intuitive Surgical, Inc. (ISRG) has a higher volatility of 19.26% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.53%. This indicates that ISRG'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.

Volatility by Period

	ISRG	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.26%	7.53%	+11.73%
Volatility (6M) Calculated over the trailing 6-month period	27.17%	19.87%	+7.30%
Volatility (1Y) Calculated over the trailing 1-year period	35.38%	27.62%	+7.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.17%	46.39%	-12.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.87%	43.72%	-10.85%

Dividends

ISRG vs. TMF - Dividend Comparison

ISRG has not paid dividends to shareholders, while TMF's dividend yield for the trailing twelve months is around 4.44%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISRG Intuitive Surgical, Inc.	0.00%	0.00%	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	4.44%	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 ISRG and TMF in my portfolio?

ISRG and TMF have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISRG or TMF?

ISRG has higher volatility (19.26%) compared to TMF (7.53%). In terms of maximum drawdown, ISRG dropped -82.26% vs TMF's -92.89%.

Which has better risk-adjusted returns?

TMF currently has the higher Sharpe Ratio (-0.16 vs -0.91), 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.