NFXL vs. TMF
NFXL (Direxion Daily NFLX Bull 2X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - NFXL is a Leveraged Equities fund actively managed by Direxion, while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). NFXL is actively managed, while TMF is passively managed. Over the past year, NFXL returned -68.22% vs -17.67% for TMF. Their -0.01 correlation means they have often moved in opposite directions in the past. NFXL charges 1.06%/yr vs 1.01%/yr for TMF.
Performance
NFXL vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, NFXL achieves a -46.98% return, which is significantly lower than TMF's -15.88% return.
NFXL
- 1D
- 4.63%
- 1M
- -12.43%
- 6M
- -31.11%
- YTD
- -46.98%
- 1Y
- -68.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -17.39%
TMF
- 1D
- 0.95%
- 1M
- -11.21%
- 6M
- -14.16%
- YTD
- -15.88%
- 1Y
- -17.67%
- 3Y*
- -18.84%
- 5Y*
- -35.05%
- 10Y*
- -18.33%
- ALL TIME*
- -6.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $17.34M | $25.07M | $22.41M | |
| $168.22M | $133.63M | $127.70M |
NFXL vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NFXL Direxion Daily NFLX Bull 2X Shares | -46.98% | -11.98% | 51.02% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -15.88% | -2.94% | -29.57% |
Correlation
The correlation between NFXL and TMF is -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024 | -0.01 |
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Return for Risk
NFXL vs. TMF — Risk / Return Rank
NFXL
TMF
NFXL vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NFLX Bull 2X Shares (NFXL) 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.
| NFXL | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.91 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.62 | -0.27 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.25 | -0.15 |
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Drawdowns
NFXL vs. TMF - Drawdown Comparison
The maximum NFXL drawdown since its inception was -80.15%, smaller than the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for NFXL and TMF.
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Drawdown Indicators
| NFXL | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.15% | -93.10% | +12.95% |
Max Drawdown (1Y)Largest decline over 1 year | -76.83% | -28.69% | -48.14% |
Max Drawdown (3Y)Largest decline over 3 years | — | -50.64% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -89.14% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.10% | — |
Current DrawdownCurrent decline from peak | -76.75% | -93.04% | +16.29% |
Average DrawdownAverage peak-to-trough decline | -32.23% | -44.08% | +11.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.80% | 14.21% | +34.59% |
Volatility
NFXL vs. TMF - Volatility Comparison
Direxion Daily NFLX Bull 2X Shares (NFXL) has a higher volatility of 21.79% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.36%. This indicates that NFXL'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
| NFXL | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.79% | 7.36% | +14.43% |
Volatility (6M)Calculated over the trailing 6-month period | 55.84% | 19.96% | +35.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.89% | 27.08% | +42.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.95% | 46.37% | +23.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.95% | 43.71% | +26.24% |
NFXL vs. TMF - Expense Ratio Comparison
NFXL has a 1.06% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
NFXL vs. TMF - Dividend Comparison
NFXL's dividend yield for the trailing twelve months is around 13.45%, more than TMF's 4.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
NFXL Direxion Daily NFLX Bull 2X Shares | 13.45% | 7.97% | 0.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.69% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
NFXL and TMF have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NFXL has higher volatility (21.79%) compared to TMF (7.36%). In terms of maximum drawdown, NFXL dropped -80.15% vs TMF's -93.10%.
On 1-year performance, TMF leads with -17.67% vs -68.22% for NFXL. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TMF has performed better with a -17.67% return vs -68.22%. 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 NFXL.
NFXL has the higher dividend yield at 13.45%, compared with 4.69% for TMF.
NFXL is categorized as Leveraged Equities, while TMF is Leveraged Bonds. Their fees differ too: 1.06% for NFXL and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (-0.66 vs -0.98), 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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