LABU vs. TMF
LABU (Direxion Daily S&P Biotech Bull 3x Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - LABU is a Leveraged Equities fund tracking the S&P Biotechnology Select Industry 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, LABU returned -8.25%/yr vs -17.90%/yr for TMF. At a correlation of -0.04, they often move in opposite directions. LABU charges 0.96%/yr vs 1.01%/yr for TMF.
Performance
LABU vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, LABU achieves a 71.18% return, which is significantly higher than TMF's -10.63% return. Over the past 10 years, LABU has outperformed TMF with an annualized return of -8.25%, while TMF has yielded a comparatively lower -17.90% annualized return.
LABU
- 1D
- -7.15%
- 1M
- 52.75%
- 6M
- 65.05%
- YTD
- 71.18%
- 1Y
- 322.17%
- 3Y*
- 31.36%
- 5Y*
- -25.04%
- 10Y*
- -8.25%
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%
LABU vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LABU Direxion Daily S&P Biotech Bull 3x Shares | 71.18% | 79.17% | -26.02% | -13.41% | -80.36% | -64.15% | 74.66% | 75.50% | -57.61% | 149.12% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -10.63% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between LABU and TMF is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since May 28, 2015 | -0.04 |
The correlation between LABU and TMF shifts across timeframes, from -0.04 (all time) to 0.23 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
LABU vs. TMF — Risk / Return Rank
LABU
TMF
LABU vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Biotech Bull 3x Shares (LABU) 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.
| LABU | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.30 | ||
| Sortino ratioReturn per unit of downside risk | +3.71 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 0.99 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 10.57 | -0.22 | +10.79 |
| Martin ratioReturn relative to average drawdown | 29.65 | -0.46 | +30.11 |
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Drawdowns
LABU vs. TMF - Drawdown Comparison
The maximum LABU drawdown since its inception was -99.18%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for LABU and TMF.
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Drawdown Indicators
| LABU | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.18% | -92.89% | -6.29% |
Max Drawdown (1Y)Largest decline over 1 year | -30.70% | -26.51% | -4.19% |
Max Drawdown (3Y)Largest decline over 3 years | -78.30% | -55.14% | -23.16% |
Max Drawdown (5Y)Largest decline over 5 years | -97.36% | -88.81% | -8.55% |
Max Drawdown (10Y)Largest decline over 10 years | -98.96% | -92.89% | -6.07% |
Current DrawdownCurrent decline from peak | -93.97% | -92.60% | -1.37% |
Average DrawdownAverage peak-to-trough decline | -81.77% | -43.91% | -37.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.92% | 12.82% | -1.90% |
Volatility
LABU vs. TMF - Volatility Comparison
Direxion Daily S&P Biotech Bull 3x Shares (LABU) has a higher volatility of 24.02% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.51%. This indicates that LABU'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
| LABU | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.02% | 8.51% | +15.51% |
Volatility (6M)Calculated over the trailing 6-month period | 63.24% | 19.94% | +43.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 79.59% | 27.62% | +51.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.05% | 46.54% | +49.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.24% | 43.72% | +51.52% |
LABU vs. TMF - Expense Ratio Comparison
LABU has a 0.96% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
LABU vs. TMF - Dividend Comparison
LABU's dividend yield for the trailing twelve months is around 0.37%, less than TMF's 4.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
LABU Direxion Daily S&P Biotech Bull 3x Shares | 0.37% | 0.84% | 0.35% | 0.35% | 0.00% | 0.00% | 0.00% | 0.28% | 0.64% | 0.17% |
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
LABU and TMF have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABU has higher volatility (24.02%) compared to TMF (8.51%). In terms of maximum drawdown, LABU dropped -99.18% vs TMF's -92.89%.
On 10-year performance, LABU leads with -8.25% vs -17.90% for TMF. On fees, LABU is cheaper at 0.96% 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 10-year period, LABU has performed better with a -8.25% return vs -17.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LABU is cheaper with a 0.96% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.42%, compared with 0.37% for LABU.
LABU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. LABU tracks S&P Biotechnology Select Industry Index (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 0.96% for LABU and 1.01% for TMF.
LABU currently has the higher Sharpe Ratio (4.09 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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