PFFL vs. TMF
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both Leveraged Bonds funds - PFFL tracks the Solactive Preferred Stock ETF Index while TMF tracks the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 5 years, PFFL returned -6.94%/yr vs -35.05%/yr for TMF. Their 0.24 correlation means their historical movements had little consistent relationship. PFFL charges 0.85%/yr vs 1.01%/yr for TMF.
Performance
PFFL vs. TMF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PFFL achieves a -2.41% return, which is significantly higher than TMF's -15.88% return.
PFFL
- 1D
- 1.44%
- 1M
- 0.14%
- 6M
- -5.93%
- YTD
- -2.41%
- 1Y
- -0.58%
- 3Y*
- 3.20%
- 5Y*
- -6.94%
- 10Y*
- —
- ALL TIME*
- -3.94%
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) |
|---|---|---|---|
| $14.02K | $14.94K | $17.61K | |
| $168.22M | $133.63M | $127.70M |
PFFL vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -2.41% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -15.88% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | 13.80% |
Correlation
The correlation between PFFL and TMF is 0.30, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.30 |
Correlation (3Y) Balances recent behavior with more history. | 0.38 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.36 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.24 |
The correlation between PFFL and TMF shifts across timeframes, from 0.24 (all time) to 0.38 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PFFL vs. TMF — Risk / Return Rank
PFFL
TMF
PFFL vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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.
| PFFL | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.91 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | -0.62 | +0.57 |
| Martin ratioReturn relative to average drawdown | -0.10 | -1.25 | +1.15 |
Loading charts...
Drawdowns
PFFL vs. TMF - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, smaller than the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for PFFL and TMF.
Loading charts...
Drawdown Indicators
| PFFL | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -93.10% | +12.42% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -28.69% | +16.77% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -50.64% | +26.89% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -89.14% | +40.63% |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.10% | — |
Current DrawdownCurrent decline from peak | -39.88% | -93.04% | +53.16% |
Average DrawdownAverage peak-to-trough decline | -28.76% | -44.08% | +15.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.08% | 14.21% | -8.13% |
Volatility
PFFL vs. TMF - Volatility Comparison
The current volatility for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) is 4.68%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 7.36%. This indicates that PFFL experiences smaller price fluctuations and is considered to be less risky than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PFFL | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.68% | 7.36% | -2.68% |
Volatility (6M)Calculated over the trailing 6-month period | 11.38% | 19.96% | -8.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.72% | 27.08% | -11.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.74% | 46.37% | -22.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.80% | 43.71% | +11.09% |
PFFL vs. TMF - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
PFFL vs. TMF - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 12.61%, more than TMF's 4.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.61% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% | 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
PFFL and TMF have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (7.36%) compared to PFFL (4.68%). In terms of maximum drawdown, PFFL dropped -80.68% vs TMF's -93.10%.
On 5-year performance, PFFL leads with -6.94% vs -35.05% for TMF. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFL has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PFFL has performed better with a -6.94% return vs -35.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 1.01% for TMF.
PFFL has the higher dividend yield at 12.61%, compared with 4.69% for TMF.
PFFL tracks Solactive Preferred Stock ETF Index, while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). They also come from different issuers: UBS and Direxion. Their fees differ too: 0.85% for PFFL and 1.01% for TMF.
PFFL currently has the higher Sharpe Ratio (-0.04 vs -0.66), 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.
Find the right allocation for PFFL and TMF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer