MUU vs. TMF

Last updated Jun 24, 2026

MUU (Direxion Daily MU Bull 2X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. At a 0.00 correlation, their price movements are largely independent. Both charge a 1.01% expense ratio.

Performance

MUU vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MU Bull 2X Shares (MUU) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MUU

• 1D: -26.28%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

MUU vs. TMF - Yearly Performance Comparison

	2026 (YTD)
MUU Direxion Daily MU Bull 2X Shares	-12.11%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	0.54%

Correlation

The correlation between MUU and TMF is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 16, 2026	0.00

Return for Risk

MUU vs. TMF — Risk / Return Rank

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

MUU

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

TMF

TMF Risk / Return Rank: 8
TMF Sharpe Ratio Rank: 8
TMF Sortino Ratio Rank: 8
TMF Omega Ratio Rank: 8
TMF Calmar Ratio Rank: 8
TMF Martin Ratio Rank: 8

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.

MUU vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MU Bull 2X Shares (MUU) 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.

	MUU	TMF	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.10	—
Sortino ratio: Return per unit of downside risk	—	0.05	—
Omega ratio: Gain probability vs. loss probability	—	1.01	—
Calmar ratio: Return relative to maximum drawdown	—	-0.11	—
Martin ratio: Return relative to average drawdown	—	-0.23	—

Drawdowns

MUU vs. TMF - Drawdown Comparison

The maximum MUU drawdown since its inception was -26.28%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for MUU and TMF.

Drawdown Indicators

	MUU	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-26.28%	-92.89%	+66.61%
Max Drawdown (1Y) Largest decline over 1 year	—	-26.51%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-56.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-88.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.89%	—
Current Drawdown Current decline from peak	-26.28%	-92.11%	+65.83%
Average Drawdown Average peak-to-trough decline	-10.19%	-43.76%	+33.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.26%	—

Volatility

Volatility by Period

	MUU	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.50%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.35%	—
Volatility (1Y) Calculated over the trailing 1-year period	295.32%	27.91%	+267.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	295.32%	46.59%	+248.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	295.32%	43.86%	+251.46%

MUU vs. TMF - Expense Ratio Comparison

Both MUU and TMF have an expense ratio of 1.01%.

Dividends

MUU vs. TMF - Dividend Comparison

MUU has not paid dividends to shareholders, while TMF's dividend yield for the trailing twelve months is around 4.09%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUU Direxion Daily MU Bull 2X Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both MUU and TMF in my portfolio?

MUU and TMF have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUU or TMF?

Both ETFs have the same 1.01% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUU or TMF?

MUU and TMF have the same expense ratio: 1.01% per year.

Which ETF pays a higher dividend yield, MUU or TMF?

TMF has the higher dividend yield at 4.09%, compared with 0.00% for MUU.

What is the main difference between MUU and TMF?

MUU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. MUU tracks Micron Technology, Inc. (200% Daily), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%).