MEXX vs. TMF
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 13.32%/yr vs -34.57%/yr for TMF. Their -0.02 correlation means they have often moved in opposite directions in the past. MEXX charges 1.21%/yr vs 1.01%/yr for TMF.
Performance
MEXX vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, MEXX achieves a 20.88% return, which is significantly higher than TMF's -14.03% return.
MEXX
- 1D
- 1.77%
- 1M
- 4.39%
- 6M
- -14.98%
- YTD
- 20.88%
- 1Y
- 90.68%
- 3Y*
- 2.34%
- 5Y*
- 13.32%
- 10Y*
- —
- ALL TIME*
- -5.35%
TMF
- 1D
- 2.20%
- 1M
- -9.26%
- 6M
- -12.77%
- YTD
- -14.03%
- 1Y
- -16.31%
- 3Y*
- -18.25%
- 5Y*
- -34.57%
- 10Y*
- -18.16%
- ALL TIME*
- -6.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $356.64K | $322.08K | $550.62K | |
| $176.74M | $135.76M | $128.72M |
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 | 20.88% | 181.49% | -73.13% | 115.60% | -12.96% | 52.75% | -53.63% | 21.41% | -51.95% | -15.26% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -14.03% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 14.73% |
Correlation
The correlation between MEXX and TMF is 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (All Time) Calculated using the full available price history since May 3, 2017 | -0.02 |
The correlation between MEXX and TMF shifts across timeframes, from -0.02 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MEXX vs. TMF — Risk / Return Rank
MEXX
TMF
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.
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.
| MEXX | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.01 | ||
| Sortino ratioReturn per unit of downside risk | +2.69 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.92 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | -0.57 | +2.92 |
| Martin ratioReturn relative to average drawdown | 5.72 | -1.14 | +6.87 |
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Drawdowns
MEXX vs. TMF - Drawdown Comparison
The maximum MEXX drawdown since its inception was -95.58%, roughly equal to the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for MEXX and TMF.
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Drawdown Indicators
| MEXX | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.58% | -93.10% | -2.48% |
Max Drawdown (1Y)Largest decline over 1 year | -38.77% | -28.69% | -10.08% |
Max Drawdown (3Y)Largest decline over 3 years | -74.92% | -50.64% | -24.28% |
Max Drawdown (5Y)Largest decline over 5 years | -74.92% | -89.14% | +14.22% |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.10% | — |
Current DrawdownCurrent decline from peak | -56.03% | -92.88% | +36.85% |
Average DrawdownAverage peak-to-trough decline | -65.37% | -44.09% | -21.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.90% | 14.30% | +1.60% |
Volatility
MEXX vs. TMF - Volatility Comparison
Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) has a higher volatility of 14.88% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.86%. 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.
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Volatility by Period
| MEXX | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.88% | 7.86% | +7.02% |
Volatility (6M)Calculated over the trailing 6-month period | 53.04% | 20.07% | +32.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 64.99% | 27.12% | +37.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 66.99% | 46.38% | +20.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 74.18% | 43.70% | +30.48% |
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 1.39%, less than TMF's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MEXX Direxion Daily MSCI Mexico Bull 3X Shares | 1.39% | 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 | 4.59% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
MEXX and TMF have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MEXX has higher volatility (14.88%) compared to TMF (7.86%). In terms of maximum drawdown, MEXX dropped -95.58% vs TMF's -93.10%.
On 5-year performance, MEXX leads with 13.32% vs -34.57% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MEXX has performed better with a 13.32% return vs -34.57%. 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 1.21% for MEXX.
TMF has the higher dividend yield at 4.59%, compared with 1.39% for MEXX.
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.
MEXX currently has the higher Sharpe Ratio (1.40 vs -0.60), 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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