QQQD vs. TMF

Last updated Jun 26, 2026

QQQD (Direxion Daily Magnificent 7 Bear 1X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - QQQD is a Inverse Equities fund tracking the Indxx Magnificent 7 Index (-100%), 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 year, QQQD returned -10.30% vs -0.36% for TMF. At a correlation of -0.05, they often move in opposite directions. QQQD charges 0.57%/yr vs 1.01%/yr for TMF.

Performance

QQQD vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) 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, QQQD achieves a 8.49% return, which is significantly higher than TMF's -0.03% return.

QQQD

• 1D: 2.43%
• 1M: 13.91%
• YTD: 8.49%
• 6M: 10.62%
• 1Y: -10.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMF

• 1D: -0.11%
• 1M: 8.39%
• YTD: -0.03%
• 6M: -2.97%
• 1Y: -0.36%
• 3Y*: -19.98%
• 5Y*: -30.26%
• 10Y*: -17.10%

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

QQQD vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QQQD Direxion Daily Magnificent 7 Bear 1X Shares	8.49%	-20.32%	-27.75%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-0.03%	-2.94%	-28.53%

Correlation

The correlation between QQQD and TMF is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	-0.05

Return for Risk

QQQD vs. TMF — Risk / Return Rank

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

QQQD

QQQD Risk / Return Rank: 6
QQQD Sharpe Ratio Rank: 5
QQQD Sortino Ratio Rank: 5
QQQD Omega Ratio Rank: 5
QQQD Calmar Ratio Rank: 6
QQQD Martin Ratio Rank: 6

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 9
TMF Omega Ratio Rank: 9
TMF Calmar Ratio Rank: 9
TMF Martin Ratio Rank: 9

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.

QQQD vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) 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.

	QQQD	TMF	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	-0.01	-0.48
Sortino ratio: Return per unit of downside risk	-0.60	0.18	-0.78
Omega ratio: Gain probability vs. loss probability	0.93	1.02	-0.09
Calmar ratio: Return relative to maximum drawdown	-0.46	-0.01	-0.44
Martin ratio: Return relative to average drawdown	-0.72	-0.03	-0.69

QQQD vs. TMF - Sharpe Ratio Comparison

The current QQQD Sharpe Ratio is -0.49, which is lower than the TMF Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of QQQD 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

QQQD vs. TMF - Drawdown Comparison

The maximum QQQD drawdown since its inception was -49.47%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for QQQD and TMF.

Drawdown Indicators

	QQQD	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-49.47%	-92.89%	+43.42%
Max Drawdown (1Y) Largest decline over 1 year	-22.67%	-26.51%	+3.84%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.09%	—
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	-41.34%	-91.72%	+50.38%
Average Drawdown Average peak-to-trough decline	-30.67%	-43.79%	+13.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.29%	12.32%	+1.97%

Volatility

QQQD vs. TMF - Volatility Comparison

Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) have volatilities of 7.42% and 7.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQD	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.42%	7.19%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	15.86%	19.68%	-3.82%
Volatility (1Y) Calculated over the trailing 1-year period	21.00%	28.08%	-7.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.88%	46.61%	-19.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.88%	43.86%	-16.98%

QQQD vs. TMF - Expense Ratio Comparison

QQQD has a 0.57% expense ratio, which is lower than TMF's 1.01% expense ratio.

Dividends

QQQD vs. TMF - Dividend Comparison

QQQD's dividend yield for the trailing twelve months is around 2.84%, less than TMF's 3.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQD Direxion Daily Magnificent 7 Bear 1X Shares	2.84%	4.33%	5.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	3.95%	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 QQQD and TMF in my portfolio?

QQQD and TMF have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQD or TMF?

QQQD has higher volatility (7.42%) compared to TMF (7.19%). In terms of maximum drawdown, QQQD dropped -49.47% vs TMF's -92.89%.

Which ETF is better, QQQD or TMF?

On 1-year performance, TMF leads with -0.36% vs -10.30% for QQQD. On fees, QQQD is cheaper at 0.57% per year. On volatility, TMF has been the lower-risk option at 7.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQD or TMF?

Over the 1-year period, TMF has performed better with a -0.36% return vs -10.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQD or TMF?

QQQD is cheaper with a 0.57% expense ratio, compared with 1.01% for TMF.

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

TMF has the higher dividend yield at 3.95%, compared with 2.84% for QQQD.

What is the main difference between QQQD and TMF?

QQQD is categorized as Inverse Equities, while TMF is Leveraged Bonds. QQQD tracks Indxx Magnificent 7 Index (-100%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 0.57% for QQQD and 1.01% for TMF.

Which has better risk-adjusted returns?

TMF currently has the higher Sharpe Ratio (-0.01 vs -0.49), 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.