OILU vs. TMF

Last updated Jun 13, 2026

OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - OILU is a Leveraged Commodities fund managed by BMO, while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Over the past 3 years, OILU returned 6.45%/yr vs -19.82%/yr for TMF. At a correlation of -0.12, they often move in opposite directions. OILU charges 0.95%/yr vs 1.01%/yr for TMF.

Performance

OILU vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) 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, OILU achieves a 80.85% return, which is significantly higher than TMF's -5.18% return.

OILU

• 1D: 2.31%
• 1M: -5.32%
• YTD: 80.85%
• 6M: 71.72%
• 1Y: 79.06%
• 3Y*: 6.45%
• 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)

OILU vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	80.85%	-16.50%	-21.65%	-32.50%	151.08%	-16.79%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-5.18%	-2.94%	-35.95%	-13.01%	-72.60%	-2.79%

Correlation

The correlation between OILU and TMF is -0.22, 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	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021	-0.12

The correlation between OILU and TMF shifts across timeframes, from -0.22 (1 year) to -0.07 (3 years), reflecting how their relationship changes across market environments.

OILU vs. TMF - Sectors Allocation Comparison

Sectors	OILU	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

OILU vs. TMF — Risk / Return Rank

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

OILU

OILU Risk / Return Rank: 42
OILU Sharpe Ratio Rank: 41
OILU Sortino Ratio Rank: 38
OILU Omega Ratio Rank: 36
OILU Calmar Ratio Rank: 54
OILU Martin Ratio Rank: 40

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.

OILU vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) 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.

	OILU	TMF	Difference
Sharpe ratio: Return per unit of total volatility	1.27	-0.17	+1.45
Sortino ratio: Return per unit of downside risk	1.78	-0.05	+1.84
Omega ratio: Gain probability vs. loss probability	1.22	0.99	+0.22
Calmar ratio: Return relative to maximum drawdown	2.37	-0.19	+2.56
Martin ratio: Return relative to average drawdown	5.62	-0.41	+6.03

OILU vs. TMF - Sharpe Ratio Comparison

The current OILU Sharpe Ratio is 1.27, which is higher than the TMF Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of OILU 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

OILU vs. TMF - Drawdown Comparison

The maximum OILU drawdown since its inception was -81.00%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for OILU and TMF.

Drawdown Indicators

	OILU	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-81.00%	-92.89%	+11.89%
Max Drawdown (1Y) Largest decline over 1 year	-33.51%	-26.51%	-7.00%
Max Drawdown (3Y) Largest decline over 3 years	-69.09%	-56.31%	-12.78%
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	-51.36%	-92.15%	+40.79%
Average Drawdown Average peak-to-trough decline	-50.54%	-43.70%	-6.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.12%	11.96%	+2.16%

Volatility

OILU vs. TMF - Volatility Comparison

MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a higher volatility of 21.88% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.43%. This indicates that OILU'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

	OILU	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.88%	8.43%	+13.45%
Volatility (6M) Calculated over the trailing 6-month period	50.72%	19.46%	+31.26%
Volatility (1Y) Calculated over the trailing 1-year period	62.50%	28.49%	+34.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.07%	46.72%	+34.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.07%	43.92%	+37.15%

OILU vs. TMF - Expense Ratio Comparison

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

Dividends

OILU vs. TMF - Dividend Comparison

OILU 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
OILU MicroSectors Oil & Gas Exploration & Production 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 OILU and TMF in my portfolio?

OILU and TMF have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OILU or TMF?

OILU has higher volatility (21.88%) compared to TMF (8.43%). In terms of maximum drawdown, OILU dropped -81.00% vs TMF's -92.89%.

Which ETF is better, OILU or TMF?

On 3-year performance, OILU leads with 6.45% vs -19.82% for TMF. On fees, OILU 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, OILU or TMF?

Over the 3-year period, OILU has performed better with a 6.45% return vs -19.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILU or TMF?

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

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

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

What is the main difference between OILU and TMF?

OILU is categorized as Leveraged Commodities, while TMF is Leveraged Bonds. They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for OILU and 1.01% for TMF.

Which has better risk-adjusted returns?

OILU currently has the higher Sharpe Ratio (1.27 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.