RETL vs. TMF
RETL (Direxion Daily Retail Bull 3X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - RETL is a Leveraged Equities fund tracking the Russell 1000 Retail Index (300%), 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 10 years, RETL returned -4.91%/yr vs -18.47%/yr for TMF. Their -0.15 correlation means they have often moved in opposite directions in the past. RETL charges 0.99%/yr vs 1.01%/yr for TMF.
Performance
RETL vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, RETL achieves a 4.29% return, which is significantly higher than TMF's -16.67% return. Over the past 10 years, RETL has outperformed TMF with an annualized return of -4.91%, while TMF has yielded a comparatively lower -18.47% annualized return.
RETL
- 1D
- -2.65%
- 1M
- 4.48%
- 6M
- 1.86%
- YTD
- 4.29%
- 1Y
- 25.37%
- 3Y*
- 6.42%
- 5Y*
- -25.86%
- 10Y*
- -4.91%
- ALL TIME*
- 14.86%
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.76M | $4.05M | $5.48M | |
| $161.82M | $130.43M | $127.82M |
RETL vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RETL Direxion Daily Retail Bull 3X Shares | 4.29% | -5.98% | 9.59% | 33.62% | -80.80% | 101.03% | 63.63% | 23.41% | -35.21% | -1.31% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -16.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between RETL 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. | 0.21 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.07 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2010 | -0.15 |
The correlation between RETL and TMF shifts across timeframes, from -0.15 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
RETL vs. TMF — Risk / Return Rank
RETL
TMF
RETL vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Retail Bull 3X Shares (RETL) 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.
| RETL | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.93 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | -0.53 | +1.11 |
| Martin ratioReturn relative to average drawdown | 1.15 | -1.07 | +2.22 |
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Drawdowns
RETL vs. TMF - Drawdown Comparison
The maximum RETL drawdown since its inception was -92.00%, roughly equal to the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for RETL and TMF.
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Drawdown Indicators
| RETL | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.00% | -93.10% | +1.10% |
Max Drawdown (1Y)Largest decline over 1 year | -38.08% | -28.69% | -9.39% |
Max Drawdown (3Y)Largest decline over 3 years | -62.72% | -50.64% | -12.08% |
Max Drawdown (5Y)Largest decline over 5 years | -92.00% | -89.14% | -2.86% |
Max Drawdown (10Y)Largest decline over 10 years | -92.00% | -93.10% | +1.10% |
Current DrawdownCurrent decline from peak | -82.09% | -93.10% | +11.01% |
Average DrawdownAverage peak-to-trough decline | -37.99% | -44.07% | +6.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.45% | 14.10% | +5.35% |
Volatility
RETL vs. TMF - Volatility Comparison
Direxion Daily Retail Bull 3X Shares (RETL) has a higher volatility of 17.87% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.21%. This indicates that RETL'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
| RETL | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.87% | 7.21% | +10.66% |
Volatility (6M)Calculated over the trailing 6-month period | 44.19% | 19.98% | +24.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.62% | 27.35% | +34.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 79.45% | 46.36% | +33.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.05% | 43.70% | +36.35% |
RETL vs. TMF - Expense Ratio Comparison
RETL has a 0.99% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
RETL vs. TMF - Dividend Comparison
RETL's dividend yield for the trailing twelve months is around 0.48%, less than TMF's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
RETL Direxion Daily Retail Bull 3X Shares | 0.48% | 0.58% | 1.13% | 1.35% | 0.71% | 0.22% | 0.19% | 0.92% | 1.19% | 0.01% | 2.60% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.74% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% |
Frequently Asked Questions
RETL 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.
RETL has higher volatility (17.87%) compared to TMF (7.21%). In terms of maximum drawdown, RETL dropped -92.00% vs TMF's -93.10%.
On 10-year performance, RETL leads with -4.91% vs -18.47% for TMF. On fees, RETL is cheaper at 0.99% per year. On volatility, TMF has been the lower-risk option at 7.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RETL has performed better with a -4.91% return vs -18.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RETL is cheaper with a 0.99% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.74%, compared with 0.48% for RETL.
RETL is categorized as Leveraged Equities, while TMF is Leveraged Bonds. RETL tracks Russell 1000 Retail Index (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 0.99% for RETL and 1.01% for TMF.
RETL currently has the higher Sharpe Ratio (0.36 vs -0.55), 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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