MOON vs. TMF

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Moonshot Innovators ETF (MOON) and Direxion Daily 20-Year Treasury Bull 3X (TMF).

MOON and TMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MOON is a passively managed fund by Direxion that tracks the performance of the S&P Kensho Moonshots Index. It was launched on Nov 12, 2020. TMF is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (300%). It was launched on Apr 16, 2009. Both MOON and TMF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

MOON vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Moonshot Innovators ETF (MOON) and Direxion Daily 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

MOON vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MOON Direxion Moonshot Innovators ETF	0.00%	0.00%	-8.56%	9.85%	-61.07%	-13.78%	24.70%
TMF Direxion Daily 20-Year Treasury Bull 3X	-2.78%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	-1.32%

Returns By Period

MOON

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMF

• 1D: -0.19%
• 1M: -13.14%
• YTD: -2.78%
• 6M: -8.60%
• 1Y: -14.86%
• 3Y*: -23.40%
• 5Y*: -29.30%
• 10Y*: -15.78%

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

MOON vs. TMF - Expense Ratio Comparison

MOON has a 0.65% expense ratio, which is lower than TMF's 1.09% expense ratio.

TMF

Direxion Daily 20-Year Treasury Bull 3X

MOON

Direxion Moonshot Innovators ETF

Return for Risk

MOON vs. TMF — Risk / Return Rank

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

TMF

TMF Risk / Return Rank: 5
TMF Sharpe Ratio Rank: 5
TMF Sortino Ratio Rank: 5
TMF Omega Ratio Rank: 5
TMF Calmar Ratio Rank: 5
TMF Martin Ratio Rank: 7

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.

MOON vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Moonshot Innovators ETF (MOON) and Direxion Daily 20-Year Treasury Bull 3X (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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MOON	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.44	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.63	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.13	—

Correlation

The correlation between MOON and TMF is 0.06, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MOON vs. TMF - Dividend Comparison

MOON has not paid dividends to shareholders, while TMF's dividend yield for the trailing twelve months is around 4.01%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MOON Direxion Moonshot Innovators ETF	0.00%	0.00%	0.62%	1.41%	0.00%	1.64%	0.00%	0.00%	0.00%	0.00%
TMF Direxion Daily 20-Year Treasury Bull 3X	4.01%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Drawdowns

Drawdown Indicators

	MOON	TMF	Difference
Max Drawdown Largest peak-to-trough decline	—	-92.61%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-27.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-88.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.61%	—
Current Drawdown Current decline from peak	—	-91.95%	—
Average Drawdown Average peak-to-trough decline	—	-43.13%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	16.93%	—

Volatility

Volatility by Period

	MOON	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	33.89%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	46.85%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	44.00%	—