NRGU vs. TMF

Last updated Jun 13, 2026

NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - NRGU is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Oil 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 year, NRGU returned 107.84% vs -4.90% for TMF. At a correlation of -0.15, they often move in opposite directions. NRGU charges 0.95%/yr vs 1.01%/yr for TMF.

Performance

NRGU vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRGU achieves a 110.06% return, which is significantly higher than TMF's -5.18% return.

NRGU

• 1D: 2.51%
• 1M: 2.05%
• YTD: 110.06%
• 6M: 87.26%
• 1Y: 107.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMF

• 1D: -0.93%
• 1M: 3.29%
• YTD: -5.18%
• 6M: -5.04%
• 1Y: -4.90%
• 3Y*: -19.82%
• 5Y*: -31.10%
• 10Y*: -16.87%

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

NRGU vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	110.06%	-30.00%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-5.18%	-4.80%

Correlation

The correlation between NRGU and TMF is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.24
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	-0.15

NRGU vs. TMF - Sectors Allocation Comparison

Sectors	NRGU	TMF
Energy	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	18.4%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

NRGU vs. TMF — Risk / Return Rank

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

NRGU

NRGU Risk / Return Rank: 48
NRGU Sharpe Ratio Rank: 47
NRGU Sortino Ratio Rank: 44
NRGU Omega Ratio Rank: 43
NRGU Calmar Ratio Rank: 62
NRGU Martin Ratio Rank: 45

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.

NRGU vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) 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.

	NRGU	TMF	Difference
Sharpe ratio: Return per unit of total volatility	1.44	-0.17	+1.61
Sortino ratio: Return per unit of downside risk	1.98	-0.05	+2.04
Omega ratio: Gain probability vs. loss probability	1.24	0.99	+0.25
Calmar ratio: Return relative to maximum drawdown	2.71	-0.19	+2.90
Martin ratio: Return relative to average drawdown	6.55	-0.41	+6.96

NRGU vs. TMF - Sharpe Ratio Comparison

The current NRGU Sharpe Ratio is 1.44, which is higher than the TMF Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of NRGU and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NRGU vs. TMF - Drawdown Comparison

The maximum NRGU drawdown since its inception was -57.50%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for NRGU and TMF.

Drawdown Indicators

	NRGU	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-57.50%	-92.89%	+35.39%
Max Drawdown (1Y) Largest decline over 1 year	-39.95%	-26.51%	-13.44%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.31%	—
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	-27.55%	-92.15%	+64.60%
Average Drawdown Average peak-to-trough decline	-25.35%	-43.70%	+18.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.54%	11.96%	+4.58%

Volatility

NRGU vs. TMF - Volatility Comparison

MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) has a higher volatility of 27.12% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.43%. This indicates that NRGU'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.

Volatility by Period

	NRGU	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.12%	8.43%	+18.69%
Volatility (6M) Calculated over the trailing 6-month period	62.47%	19.46%	+43.01%
Volatility (1Y) Calculated over the trailing 1-year period	75.30%	28.49%	+46.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.96%	46.72%	+42.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.96%	43.92%	+45.04%

NRGU vs. TMF - Expense Ratio Comparison

NRGU has a 0.95% expense ratio, which is lower than TMF's 1.01% expense ratio.

Dividends

NRGU vs. TMF - Dividend Comparison

NRGU has not paid dividends to shareholders, while TMF's dividend yield for the trailing twelve months is around 4.11%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	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	4.11%	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 NRGU and TMF in my portfolio?

NRGU and TMF have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NRGU or TMF?

NRGU has higher volatility (27.12%) compared to TMF (8.43%). In terms of maximum drawdown, NRGU dropped -57.50% vs TMF's -92.89%.

Which ETF is better, NRGU or TMF?

On 1-year performance, NRGU leads with 107.84% vs -4.90% for TMF. On fees, NRGU is cheaper at 0.95% per year. On volatility, TMF has been the lower-risk option at 8.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRGU or TMF?

Over the 1-year period, NRGU has performed better with a 107.84% return vs -4.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRGU or TMF?

NRGU is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.

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

TMF has the higher dividend yield at 4.11%, compared with 0.00% for NRGU.

What is the main difference between NRGU and TMF?

NRGU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. NRGU tracks Solactive MicroSectors U.S. Big Oil Index (-300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for NRGU and 1.01% for TMF.

Which has better risk-adjusted returns?

NRGU currently has the higher Sharpe Ratio (1.44 vs -0.17), 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.