MEXX vs. TMF

Last updated Jun 4, 2026

MEXX (Direxion Daily MSCI Mexico Bull 3X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - MEXX is a Leveraged Equities fund tracking the MSCI Mexico IMI 25-50 Net Total Return USD 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 5 years, MEXX returned 15.32%/yr vs -30.52%/yr for TMF. At a correlation of -0.02, they often move in opposite directions. MEXX charges 1.21%/yr vs 1.01%/yr for TMF.

Performance

MEXX vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) 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, MEXX achieves a 25.36% return, which is significantly higher than TMF's -6.13% return.

MEXX

• 1D: -3.80%
• 1M: 7.60%
• YTD: 25.36%
• 6M: 36.34%
• 1Y: 90.76%
• 3Y*: 7.01%
• 5Y*: 15.32%
• 10Y*: —

TMF

• 1D: -1.14%
• 1M: 1.22%
• YTD: -6.13%
• 6M: -11.63%
• 1Y: 0.90%
• 3Y*: -20.78%
• 5Y*: -30.52%
• 10Y*: -16.56%

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

MEXX vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	25.36%	181.49%	-73.13%	115.60%	-12.96%	52.75%	-53.63%	21.41%	-51.95%	-13.81%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-6.13%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	14.50%

Correlation

The correlation between MEXX and TMF is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since May 4, 2017	-0.02

The correlation between MEXX and TMF shifts across timeframes, from -0.02 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

MEXX vs. TMF - Sectors Allocation Comparison

Sectors	MEXX	TMF
Consumer Defensive	24.6%	-
Basic Materials	23.8%	-
Financial Services	18.2%	18.7%
Industrials	13.2%	-
Communication Services	10.4%	-
Real Estate	7.8%	-
Consumer Cyclical	1.4%	-
Healthcare	0.5%	-
Energy	-	-
Technology	-	-
Utilities	-	-

Return for Risk

MEXX vs. TMF — Risk / Return Rank

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

MEXX

MEXX Risk / Return Rank: 42
MEXX Sharpe Ratio Rank: 41
MEXX Sortino Ratio Rank: 39
MEXX Omega Ratio Rank: 39
MEXX Calmar Ratio Rank: 47
MEXX Martin Ratio Rank: 44

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.

MEXX vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) 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.

	MEXX	TMF	Difference
Sharpe ratio: Return per unit of total volatility	1.45	0.03	+1.42
Sortino ratio: Return per unit of downside risk	2.02	0.25	+1.76
Omega ratio: Gain probability vs. loss probability	1.26	1.03	+0.23
Calmar ratio: Return relative to maximum drawdown	2.35	0.03	+2.32
Martin ratio: Return relative to average drawdown	7.26	0.08	+7.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MEXX vs. TMF - Sharpe Ratio Comparison

The current MEXX Sharpe Ratio is 1.45, which is higher than the TMF Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of MEXX 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.

Sharpe Ratios by Period

	MEXX	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	0.03	+1.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	-0.66	+0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	-0.14	+0.07

Drawdowns

MEXX vs. TMF - Drawdown Comparison

The maximum MEXX drawdown since its inception was -95.58%, roughly equal to the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for MEXX and TMF.

Drawdown Indicators

	MEXX	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-95.58%	-92.89%	-2.69%
Max Drawdown (1Y) Largest decline over 1 year	-38.77%	-26.51%	-12.26%
Max Drawdown (3Y) Largest decline over 3 years	-74.92%	-56.31%	-18.61%
Max Drawdown (5Y) Largest decline over 5 years	-74.92%	-88.81%	+13.89%
Max Drawdown (10Y) Largest decline over 10 years	—	-92.89%	—
Current Drawdown Current decline from peak	-54.40%	-92.23%	+37.83%
Average Drawdown Average peak-to-trough decline	-65.53%	-43.63%	-21.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.55%	11.49%	+1.06%

Volatility

MEXX vs. TMF - Volatility Comparison

Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) has a higher volatility of 16.78% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.09%. This indicates that MEXX'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

	MEXX	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.78%	8.09%	+8.69%
Volatility (6M) Calculated over the trailing 6-month period	52.51%	19.01%	+33.50%
Volatility (1Y) Calculated over the trailing 1-year period	62.78%	28.76%	+34.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.88%	46.75%	+20.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.43%	43.92%	+30.51%

MEXX vs. TMF - Expense Ratio Comparison

MEXX has a 1.21% expense ratio, which is higher than TMF's 1.01% expense ratio.

Dividends

MEXX vs. TMF - Dividend Comparison

MEXX's dividend yield for the trailing twelve months is around 1.27%, less than TMF's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	1.27%	1.60%	5.81%	1.66%	1.33%	0.63%	0.12%	1.60%	5.61%	0.27%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	4.15%	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 MEXX and TMF in my portfolio?

MEXX and TMF have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEXX or TMF?

MEXX has higher volatility (16.78%) compared to TMF (8.09%). In terms of maximum drawdown, MEXX dropped -95.58% vs TMF's -92.89%.

Which ETF is better, MEXX or TMF?

On 5-year performance, MEXX leads with 15.32% vs -30.52% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 8.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEXX or TMF?

Over the 5-year period, MEXX has performed better with a 15.32% return vs -30.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEXX or TMF?

TMF is cheaper with a 1.01% expense ratio, compared with 1.21% for MEXX.

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

TMF has the higher dividend yield at 4.15%, compared with 1.27% for MEXX.

What is the main difference between MEXX and TMF?

MEXX is categorized as Leveraged Equities, while TMF is Leveraged Bonds. MEXX tracks MSCI Mexico IMI 25-50 Net Total Return USD Index (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.21% for MEXX and 1.01% for TMF.

Which has better risk-adjusted returns?

MEXX currently has the higher Sharpe Ratio (1.45 vs 0.03), 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.