PILL vs. TMF

Last updated Jun 5, 2026

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 -10.52%/yr vs -30.44%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) 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, PILL achieves a -1.69% return, which is significantly higher than TMF's -5.59% return.

PILL

• 1D: 8.24%
• 1M: -11.70%
• YTD: -1.69%
• 6M: 7.86%
• 1Y: 123.35%
• 3Y*: 16.40%
• 5Y*: -10.52%
• 10Y*: —

TMF

• 1D: 0.57%
• 1M: 0.40%
• YTD: -5.59%
• 6M: -9.73%
• 1Y: -3.14%
• 3Y*: -20.49%
• 5Y*: -30.44%
• 10Y*: -16.34%

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

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	-1.69%	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	-5.59%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	1.10%

Correlation

The correlation between PILL and TMF is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017	-0.03

The correlation between PILL and TMF shifts across timeframes, from -0.03 (all time) to 0.19 (3 years), reflecting how their relationship changes across market environments.

PILL vs. TMF - Sectors Allocation Comparison

Sectors	PILL	TMF
Healthcare	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	18.7%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PILL vs. TMF — Risk / Return Rank

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

PILL

PILL Risk / Return Rank: 61
PILL Sharpe Ratio Rank: 60
PILL Sortino Ratio Rank: 52
PILL Omega Ratio Rank: 49
PILL Calmar Ratio Rank: 75
PILL Martin Ratio Rank: 68

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.

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.

	PILL	TMF	Difference
Sharpe ratio: Return per unit of total volatility	1.99	-0.11	+2.11
Sortino ratio: Return per unit of downside risk	2.51	0.04	+2.47
Omega ratio: Gain probability vs. loss probability	1.30	1.00	+0.30
Calmar ratio: Return relative to maximum drawdown	3.74	-0.12	+3.85
Martin ratio: Return relative to average drawdown	12.24	-0.27	+12.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PILL vs. TMF - Sharpe Ratio Comparison

The current PILL Sharpe Ratio is 1.99, which is higher than the TMF Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of PILL 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.

Sharpe Ratios by Period

	PILL	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	-0.11	+2.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	-0.65	+0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	-0.13	+0.03

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.

Drawdown Indicators

	PILL	TMF	Difference
Max Drawdown Largest 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%	-56.31%	-4.12%
Max Drawdown (5Y) Largest decline over 5 years	-83.38%	-88.81%	+5.43%
Max Drawdown (10Y) Largest decline over 10 years	—	-92.89%	—
Current Drawdown Current decline from peak	-66.31%	-92.18%	+25.87%
Average Drawdown Average peak-to-trough decline	-58.54%	-43.64%	-14.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.12%	11.55%	-1.43%

Volatility

PILL vs. TMF - Volatility Comparison

Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) has a higher volatility of 22.02% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.99%. 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.

Volatility by Period

	PILL	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.02%	7.99%	+14.03%
Volatility (6M) Calculated over the trailing 6-month period	48.70%	19.02%	+29.68%
Volatility (1Y) Calculated over the trailing 1-year period	62.21%	28.76%	+33.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.53%	46.72%	+13.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.83%	43.91%	+19.92%

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 0.64%, less than TMF's 4.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PILL Direxion Daily Pharmaceutical & Medical Bull 3X Shares	0.64%	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	4.13%	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 PILL and TMF in my portfolio?

PILL and TMF have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PILL or TMF?

PILL has higher volatility (22.02%) compared to TMF (7.99%). In terms of maximum drawdown, PILL dropped -88.76% vs TMF's -92.89%.

Which ETF is better, PILL or TMF?

On 5-year performance, PILL leads with -10.52% vs -30.44% for TMF. On fees, PILL is cheaper at 0.98% per year. On volatility, TMF has been the lower-risk option at 7.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PILL or TMF?

Over the 5-year period, PILL has performed better with a -10.52% return vs -30.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PILL or TMF?

PILL is cheaper with a 0.98% expense ratio, compared with 1.01% for TMF.

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

TMF has the higher dividend yield at 4.13%, compared with 0.64% for PILL.

What is the main difference between PILL and TMF?

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.

Which has better risk-adjusted returns?

PILL currently has the higher Sharpe Ratio (1.99 vs -0.11), 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.