QCMU vs. TMF

Last updated Jul 14, 2026

QCMU (Direxion Daily QCOM Bull 2X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - QCMU is a Leveraged Equities fund managed by Direxion, while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Over the past year, QCMU returned -2.37% vs -5.83% for TMF. At a 0.13 correlation, their price movements are largely independent. QCMU charges 1.07%/yr vs 1.01%/yr for TMF.

Performance

QCMU vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily QCOM Bull 2X Shares (QCMU) 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, QCMU achieves a -9.86% return, which is significantly higher than TMF's -10.63% return.

QCMU

• 1D: -5.70%
• 1M: -27.46%
• 6M: -7.31%
• YTD: -9.86%
• 1Y: -2.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMF

• 1D: -1.85%
• 1M: -5.74%
• 6M: -11.74%
• YTD: -10.63%
• 1Y: -5.83%
• 3Y*: -21.26%
• 5Y*: -33.16%
• 10Y*: -17.90%

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

QCMU vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025
QCMU Direxion Daily QCOM Bull 2X Shares	-9.86%	11.21%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-10.63%	-0.12%

Correlation

The correlation between QCMU and TMF is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.13

Return for Risk

QCMU vs. TMF — Risk / Return Rank

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

QCMU

QCMU Risk / Return Rank: 12
QCMU Sharpe Ratio Rank: 9
QCMU Sortino Ratio Rank: 17
QCMU Omega Ratio Rank: 18
QCMU Calmar Ratio Rank: 9
QCMU Martin Ratio Rank: 9

TMF

TMF Risk / Return Rank: 7
TMF Sharpe Ratio Rank: 7
TMF Sortino Ratio Rank: 7
TMF Omega Ratio Rank: 7
TMF Calmar Ratio Rank: 7
TMF Martin Ratio Rank: 7

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.

QCMU vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily QCOM Bull 2X Shares (QCMU) 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.

	QCMU	TMF	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	-0.21	+0.19
Sortino ratio: Return per unit of downside risk	0.75	-0.12	+0.87
Omega ratio: Gain probability vs. loss probability	1.10	0.99	+0.11
Calmar ratio: Return relative to maximum drawdown	-0.04	-0.22	+0.18
Martin ratio: Return relative to average drawdown	-0.08	-0.46	+0.38

QCMU vs. TMF - Sharpe Ratio Comparison

The current QCMU Sharpe Ratio is -0.02, which is higher than the TMF Sharpe Ratio of -0.21. The chart below compares the historical Sharpe Ratios of QCMU 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

QCMU vs. TMF - Drawdown Comparison

The maximum QCMU drawdown since its inception was -59.48%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for QCMU and TMF.

Drawdown Indicators

	QCMU	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-59.48%	-92.89%	+33.41%
Max Drawdown (1Y) Largest decline over 1 year	-59.48%	-26.51%	-32.97%
Max Drawdown (3Y) Largest decline over 3 years	—	-55.14%	—
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	-50.53%	-92.60%	+42.07%
Average Drawdown Average peak-to-trough decline	-24.11%	-43.91%	+19.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.06%	12.82%	+18.24%

Volatility

QCMU vs. TMF - Volatility Comparison

Direxion Daily QCOM Bull 2X Shares (QCMU) has a higher volatility of 39.20% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.51%. This indicates that QCMU'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

	QCMU	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.20%	8.51%	+30.69%
Volatility (6M) Calculated over the trailing 6-month period	92.26%	19.94%	+72.32%
Volatility (1Y) Calculated over the trailing 1-year period	104.71%	27.62%	+77.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	102.55%	46.54%	+56.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	102.55%	43.72%	+58.83%

QCMU vs. TMF - Expense Ratio Comparison

QCMU has a 1.07% expense ratio, which is higher than TMF's 1.01% expense ratio.

Dividends

QCMU vs. TMF - Dividend Comparison

QCMU's dividend yield for the trailing twelve months is around 2.77%, less than TMF's 4.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QCMU Direxion Daily QCOM Bull 2X Shares	2.77%	1.57%	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	4.42%	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 QCMU and TMF in my portfolio?

QCMU and TMF have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QCMU or TMF?

QCMU has higher volatility (39.20%) compared to TMF (8.51%). In terms of maximum drawdown, QCMU dropped -59.48% vs TMF's -92.89%.

Which ETF is better, QCMU or TMF?

On 1-year performance, QCMU leads with -2.37% vs -5.83% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QCMU or TMF?

Over the 1-year period, QCMU has performed better with a -2.37% return vs -5.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QCMU or TMF?

TMF is cheaper with a 1.01% expense ratio, compared with 1.07% for QCMU.

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

TMF has the higher dividend yield at 4.42%, compared with 2.77% for QCMU.

What is the main difference between QCMU and TMF?

QCMU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. Their fees differ too: 1.07% for QCMU and 1.01% for TMF.

Which has better risk-adjusted returns?

QCMU currently has the higher Sharpe Ratio (-0.02 vs -0.21), 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.