MIDU vs. TMF
MIDU (Direxion Daily Mid Cap Bull 3X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - MIDU is a Leveraged Equities fund tracking the S&P MidCap 400 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, MIDU returned 12.98%/yr vs -16.87%/yr for TMF. At a correlation of -0.24, they often move in opposite directions. MIDU charges 1.06%/yr vs 1.01%/yr for TMF.
Performance
MIDU vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, MIDU achieves a 37.67% return, which is significantly higher than TMF's -4.67% return. Over the past 10 years, MIDU has outperformed TMF with an annualized return of 12.98%, while TMF has yielded a comparatively lower -16.87% annualized return.
MIDU
- 1D
- -3.21%
- 1M
- 6.62%
- YTD
- 37.67%
- 6M
- 30.01%
- 1Y
- 63.47%
- 3Y*
- 26.25%
- 5Y*
- 3.28%
- 10Y*
- 12.98%
TMF
- 1D
- -0.62%
- 1M
- 4.96%
- YTD
- -4.67%
- 6M
- -5.95%
- 1Y
- -2.80%
- 3Y*
- -21.07%
- 5Y*
- -31.33%
- 10Y*
- -16.87%
MIDU vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MIDU Direxion Daily Mid Cap Bull 3X Shares | 37.67% | -2.75% | 20.32% | 27.79% | -49.27% | 72.89% | -18.31% | 77.38% | -39.21% | 46.86% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -4.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between MIDU and TMF is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.24 |
The correlation between MIDU and TMF shifts across timeframes, from -0.24 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MIDU vs. TMF — Risk / Return Rank
MIDU
TMF
MIDU vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Mid Cap Bull 3X Shares (MIDU) 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.
| MIDU | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.45 | ||
| Sortino ratioReturn per unit of downside risk | +1.91 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.01 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | -0.11 | +2.58 |
| Martin ratioReturn relative to average drawdown | 8.20 | -0.23 | +8.42 |
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Drawdowns
MIDU vs. TMF - Drawdown Comparison
The maximum MIDU drawdown since its inception was -86.26%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for MIDU and TMF.
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Drawdown Indicators
| MIDU | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.26% | -92.89% | +6.63% |
Max Drawdown (1Y)Largest decline over 1 year | -25.80% | -26.51% | +0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -60.41% | -56.09% | -4.32% |
Max Drawdown (5Y)Largest decline over 5 years | -64.14% | -88.81% | +24.67% |
Max Drawdown (10Y)Largest decline over 10 years | -86.26% | -92.89% | +6.63% |
Current DrawdownCurrent decline from peak | -4.17% | -92.11% | +87.94% |
Average DrawdownAverage peak-to-trough decline | -22.38% | -43.76% | +21.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.77% | 12.26% | -4.49% |
Volatility
MIDU vs. TMF - Volatility Comparison
Direxion Daily Mid Cap Bull 3X Shares (MIDU) has a higher volatility of 13.97% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 6.50%. This indicates that MIDU'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
| MIDU | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.97% | 6.50% | +7.47% |
Volatility (6M)Calculated over the trailing 6-month period | 34.92% | 19.35% | +15.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.39% | 27.91% | +19.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.50% | 46.59% | +12.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.57% | 43.86% | +19.71% |
MIDU vs. TMF - Expense Ratio Comparison
MIDU has a 1.06% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
MIDU vs. TMF - Dividend Comparison
MIDU's dividend yield for the trailing twelve months is around 0.65%, less than TMF's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MIDU Direxion Daily Mid Cap Bull 3X Shares | 0.65% | 1.04% | 1.10% | 1.43% | 0.11% | 0.00% | 0.06% | 0.71% | 0.70% | 2.67% | 1.89% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.09% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% |
Frequently Asked Questions
MIDU and TMF have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MIDU has higher volatility (13.97%) compared to TMF (6.50%). In terms of maximum drawdown, MIDU dropped -86.26% vs TMF's -92.89%.
On 10-year performance, MIDU leads with 12.98% vs -16.87% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 6.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MIDU has performed better with a 12.98% return vs -16.87%. 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 1.06% for MIDU.
TMF has the higher dividend yield at 4.09%, compared with 0.65% for MIDU.
MIDU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. MIDU tracks S&P MidCap 400 Index (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.06% for MIDU and 1.01% for TMF.
MIDU currently has the higher Sharpe Ratio (1.35 vs -0.10), 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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