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 11.33%/yr vs -17.81%/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 40.36% return, which is significantly higher than TMF's -10.00% return. Over the past 10 years, MIDU has outperformed TMF with an annualized return of 11.33%, while TMF has yielded a comparatively lower -17.81% annualized return.
MIDU
- 1D
- 1.21%
- 1M
- -1.12%
- 6M
- 17.14%
- YTD
- 40.36%
- 1Y
- 54.07%
- 3Y*
- 19.03%
- 5Y*
- 5.78%
- 10Y*
- 11.33%
TMF
- 1D
- -0.03%
- 1M
- -6.57%
- 6M
- -13.01%
- YTD
- -10.00%
- 1Y
- -2.84%
- 3Y*
- -21.08%
- 5Y*
- -33.44%
- 10Y*
- -17.81%
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 | 40.36% | -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 | -10.00% | -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 | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
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 | +1.26 | ||
| Sortino ratioReturn per unit of downside risk | +1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.01 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | -0.11 | +2.21 |
| Martin ratioReturn relative to average drawdown | 6.92 | -0.22 | +7.14 |
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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% | -55.14% | -5.27% |
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 | -5.13% | -92.55% | +87.42% |
Average DrawdownAverage peak-to-trough decline | -22.31% | -43.94% | +21.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.83% | 13.06% | -5.23% |
Volatility
MIDU vs. TMF - Volatility Comparison
Direxion Daily Mid Cap Bull 3X Shares (MIDU) has a higher volatility of 10.57% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.49%. 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 | 10.57% | 7.49% | +3.08% |
Volatility (6M)Calculated over the trailing 6-month period | 34.75% | 19.82% | +14.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.01% | 27.47% | +19.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.39% | 46.49% | +12.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.43% | 43.70% | +19.73% |
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 0.50%, less than TMF's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MIDU Direxion Daily Mid Cap Bull 3X Shares | 0.50% | 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 | 4.39% | 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 (10.57%) compared to TMF (7.49%). In terms of maximum drawdown, MIDU dropped -86.26% vs TMF's -92.89%.
On 10-year performance, MIDU leads with 11.33% vs -17.81% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.49%. 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 11.33% return vs -17.81%. 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 4.39%, compared with 0.50% 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 (1.16 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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