SOXL vs. TMF

Last updated Jun 4, 2026

SOXL (Direxion Daily Semiconductor Bull 3X ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - SOXL is a Leveraged Equities fund tracking the ICE Semiconductor 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 10 years, SOXL returned 65.39%/yr vs -16.56%/yr for TMF. At a correlation of -0.20, they often move in opposite directions. SOXL charges 0.75%/yr vs 1.01%/yr for TMF.

Performance

SOXL vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Semiconductor Bull 3X ETF (SOXL) 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, SOXL achieves a 567.48% return, which is significantly higher than TMF's -6.13% return. Over the past 10 years, SOXL has outperformed TMF with an annualized return of 65.39%, while TMF has yielded a comparatively lower -16.56% annualized return.

SOXL

• 1D: 5.34%
• 1M: 119.95%
• YTD: 567.48%
• 6M: 502.28%
• 1Y: 1,438.30%
• 3Y*: 135.13%
• 5Y*: 48.72%
• 10Y*: 65.39%

TMF

• 1D: -1.14%
• 1M: 1.22%
• YTD: -6.13%
• 6M: -11.63%
• 1Y: 0.90%
• 3Y*: -20.78%
• 5Y*: -30.52%
• 10Y*: -16.56%

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

SOXL vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SOXL Direxion Daily Semiconductor Bull 3X ETF	567.48%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-6.13%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	22.72%

Correlation

The correlation between SOXL 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 (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (10Y) Calculated over the trailing 10-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010	-0.20

The correlation between SOXL and TMF shifts across timeframes, from -0.20 (all time) to 0.09 (1 year), reflecting how their relationship changes across market environments.

SOXL vs. TMF - Sectors Allocation Comparison

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

Return for Risk

SOXL vs. TMF — Risk / Return Rank

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

SOXL

SOXL Risk / Return Rank: 97
SOXL Sharpe Ratio Rank: 100
SOXL Sortino Ratio Rank: 95
SOXL Omega Ratio Rank: 95
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 99

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.

SOXL vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bull 3X ETF (SOXL) 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.

	SOXL	TMF	Difference
Sharpe ratio: Return per unit of total volatility	14.28	0.03	+14.25
Sortino ratio: Return per unit of downside risk	5.17	0.25	+4.92
Omega ratio: Gain probability vs. loss probability	1.72	1.03	+0.69
Calmar ratio: Return relative to maximum drawdown	33.47	0.03	+33.44
Martin ratio: Return relative to average drawdown	114.79	0.08	+114.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOXL vs. TMF - Sharpe Ratio Comparison

The current SOXL Sharpe Ratio is 14.28, which is higher than the TMF Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of SOXL 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

	SOXL	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	14.28	0.03	+14.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	-0.66	+1.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	-0.38	+1.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	-0.14	+0.65

Drawdowns

SOXL vs. TMF - Drawdown Comparison

The maximum SOXL drawdown since its inception was -90.46%, roughly equal to the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for SOXL and TMF.

Drawdown Indicators

	SOXL	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-90.46%	-92.89%	+2.43%
Max Drawdown (1Y) Largest decline over 1 year	-43.47%	-26.51%	-16.96%
Max Drawdown (3Y) Largest decline over 3 years	-87.88%	-56.31%	-31.57%
Max Drawdown (5Y) Largest decline over 5 years	-90.46%	-88.81%	-1.65%
Max Drawdown (10Y) Largest decline over 10 years	-90.46%	-92.89%	+2.43%
Current Drawdown Current decline from peak	0.00%	-92.23%	+92.23%
Average Drawdown Average peak-to-trough decline	-35.01%	-43.63%	+8.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.65%	11.49%	+1.16%

Volatility

SOXL vs. TMF - Volatility Comparison

Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a higher volatility of 40.82% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.09%. This indicates that SOXL'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

	SOXL	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.82%	8.09%	+32.73%
Volatility (6M) Calculated over the trailing 6-month period	81.29%	19.01%	+62.28%
Volatility (1Y) Calculated over the trailing 1-year period	102.11%	28.76%	+73.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	107.25%	46.75%	+60.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.04%	43.92%	+55.12%

SOXL vs. TMF - Expense Ratio Comparison

SOXL has a 0.75% expense ratio, which is lower than TMF's 1.01% expense ratio.

Dividends

SOXL vs. TMF - Dividend Comparison

SOXL's dividend yield for the trailing twelve months is around 0.03%, less than TMF's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.03%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	4.15%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%	0.00%

Frequently Asked Questions

Can I hold both SOXL and TMF in my portfolio?

SOXL 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, SOXL or TMF?

SOXL has higher volatility (40.82%) compared to TMF (8.09%). In terms of maximum drawdown, SOXL dropped -90.46% vs TMF's -92.89%.

Which ETF is better, SOXL or TMF?

On 10-year performance, SOXL leads with 65.39% vs -16.56% for TMF. On fees, SOXL is cheaper at 0.75% per year. On volatility, TMF has been the lower-risk option at 8.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXL or TMF?

Over the 10-year period, SOXL has performed better with a 65.39% return vs -16.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXL or TMF?

SOXL is cheaper with a 0.75% expense ratio, compared with 1.01% for TMF.

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

TMF has the higher dividend yield at 4.15%, compared with 0.03% for SOXL.

What is the main difference between SOXL and TMF?

SOXL is categorized as Leveraged Equities, while TMF is Leveraged Bonds. SOXL tracks ICE Semiconductor Index, while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 0.75% for SOXL and 1.01% for TMF.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (14.28 vs 0.03), 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.