PILL vs. TMF
PILL (Direxion Daily Pharmaceutical & Medical Bull 3X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - PILL is a Leveraged Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index, 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 5 years, PILL returned -1.10%/yr vs -33.44%/yr for TMF. At a correlation of -0.03, they often move in opposite directions. PILL charges 0.98%/yr vs 1.01%/yr for TMF.
Performance
PILL vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, PILL achieves a 50.23% return, which is significantly higher than TMF's -10.00% return.
PILL
- 1D
- -2.74%
- 1M
- 36.93%
- 6M
- 52.58%
- YTD
- 50.23%
- 1Y
- 218.71%
- 3Y*
- 32.71%
- 5Y*
- -1.10%
- 10Y*
- —
TMF
- 1D
- -0.03%
- 1M
- -6.57%
- 6M
- -13.01%
- YTD
- -10.00%
- 1Y
- -2.84%
- 3Y*
- -21.08%
- 5Y*
- -33.44%
- 10Y*
- -17.81%
PILL vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PILL Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 50.23% | 75.14% | -7.26% | -12.06% | -43.16% | -37.33% | 0.28% | 19.26% | -21.15% | 16.39% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -10.00% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 4.63% |
Correlation
The correlation between PILL and TMF is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2017 | -0.03 |
The correlation between PILL and TMF shifts across timeframes, from -0.03 (all time) to 0.20 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PILL vs. TMF — Risk / Return Rank
PILL
TMF
PILL vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) 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.
| PILL | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.53 | ||
| Sortino ratioReturn per unit of downside risk | +3.38 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.01 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 6.63 | -0.11 | +6.74 |
| Martin ratioReturn relative to average drawdown | 21.65 | -0.22 | +21.86 |
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Drawdowns
PILL vs. TMF - Drawdown Comparison
The maximum PILL drawdown since its inception was -88.76%, roughly equal to the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for PILL and TMF.
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Drawdown Indicators
| PILL | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.76% | -92.89% | +4.13% |
Max Drawdown (1Y)Largest decline over 1 year | -33.21% | -26.51% | -6.70% |
Max Drawdown (3Y)Largest decline over 3 years | -60.43% | -55.14% | -5.29% |
Max Drawdown (5Y)Largest decline over 5 years | -83.26% | -88.81% | +5.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.89% | — |
Current DrawdownCurrent decline from peak | -48.53% | -92.55% | +44.02% |
Average DrawdownAverage peak-to-trough decline | -58.46% | -43.94% | -14.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.15% | 13.06% | -2.91% |
Volatility
PILL vs. TMF - Volatility Comparison
Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) has a higher volatility of 21.20% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.49%. This indicates that PILL'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
| PILL | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.20% | 7.49% | +13.71% |
Volatility (6M)Calculated over the trailing 6-month period | 50.25% | 19.82% | +30.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 64.34% | 27.47% | +36.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.09% | 46.49% | +14.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.94% | 43.70% | +20.24% |
PILL vs. TMF - Expense Ratio Comparison
PILL has a 0.98% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
PILL vs. TMF - Dividend Comparison
PILL's dividend yield for the trailing twelve months is around 0.37%, less than TMF's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PILL Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 0.37% | 0.69% | 1.28% | 1.83% | 0.67% | 0.00% | 0.00% | 0.38% | 0.91% | 0.10% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.39% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
PILL and TMF have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PILL has higher volatility (21.20%) compared to TMF (7.49%). In terms of maximum drawdown, PILL dropped -88.76% vs TMF's -92.89%.
On 5-year performance, PILL leads with -1.10% vs -33.44% for TMF. On fees, PILL is cheaper at 0.98% per year. On volatility, TMF has been the lower-risk option at 7.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PILL has performed better with a -1.10% return vs -33.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PILL is cheaper with a 0.98% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.39%, compared with 0.37% for PILL.
PILL is categorized as Leveraged Equities, while TMF is Leveraged Bonds. PILL tracks Dynamic Pharmaceuticals Intellidex Index, while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 0.98% for PILL and 1.01% for TMF.
PILL currently has the higher Sharpe Ratio (3.42 vs -0.10), 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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