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 11.77%/yr vs -30.25%/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
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Returns By Period
In the year-to-date period, MEXX achieves a 9.13% return, which is significantly higher than TMF's 0.08% return.
MEXX
- 1D
- -3.64%
- 1M
- -12.34%
- YTD
- 9.13%
- 6M
- 1.88%
- 1Y
- 68.55%
- 3Y*
- 0.16%
- 5Y*
- 11.77%
- 10Y*
- —
TMF
- 1D
- 3.90%
- 1M
- 10.18%
- YTD
- 0.08%
- 6M
- -2.86%
- 1Y
- -0.04%
- 3Y*
- -19.78%
- 5Y*
- -30.25%
- 10Y*
- -16.47%
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 | 9.13% | 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 | 0.08% | -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 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
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 3, 2017 | -0.02 |
The correlation between MEXX and TMF shifts across timeframes, from -0.02 (all time) to 0.20 (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 | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.02 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | -0.00 | +1.78 |
| Martin ratioReturn relative to average drawdown | 5.02 | -0.00 | +5.02 |
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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 -92.89%. 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% | -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% | -56.09% | -18.83% |
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 DrawdownCurrent decline from peak | -60.30% | -91.71% | +31.41% |
Average DrawdownAverage peak-to-trough decline | -65.46% | -43.78% | -21.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.71% | 12.28% | +1.43% |
Volatility
MEXX vs. TMF - Volatility Comparison
Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) has a higher volatility of 19.46% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.26%. 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 | 19.46% | 7.26% | +12.20% |
Volatility (6M)Calculated over the trailing 6-month period | 54.25% | 19.68% | +34.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 64.68% | 28.15% | +36.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.07% | 46.63% | +20.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 74.42% | 43.87% | +30.55% |
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 1.54%, less than TMF's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MEXX Direxion Daily MSCI Mexico Bull 3X Shares | 1.54% | 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 | 3.95% | 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 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MEXX has higher volatility (19.46%) compared to TMF (7.26%). In terms of maximum drawdown, MEXX dropped -95.58% vs TMF's -92.89%.
On 5-year performance, MEXX leads with 11.77% vs -30.25% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.26%. 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 11.77% return vs -30.25%. 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 3.95%, compared with 1.54% 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 (1.07 vs -0.00), 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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