SPUU vs. TMF

Last updated Jun 4, 2026

SPUU (Direxion Daily S&P 500 Bull 2x Shares) and TMF (Direxion Daily 20-Year Treasury Bull 3X) are both exchange-traded funds - SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200%), while TMF is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (300%). Both are passively managed. Over the past 10 years, SPUU returned 24.77%/yr vs -16.56%/yr for TMF. At a correlation of -0.14, they often move in opposite directions. SPUU charges 0.64%/yr vs 1.09%/yr for TMF.

Performance

SPUU vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 2x Shares (SPUU) and Direxion Daily 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPUU achieves a 19.82% return, which is significantly higher than TMF's -6.13% return. Over the past 10 years, SPUU has outperformed TMF with an annualized return of 24.77%, while TMF has yielded a comparatively lower -16.56% annualized return.

SPUU

• 1D: -1.27%
• 1M: 10.01%
• YTD: 19.82%
• 6M: 19.11%
• 1Y: 53.61%
• 3Y*: 38.21%
• 5Y*: 20.19%
• 10Y*: 24.77%

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)

SPUU vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPUU Direxion Daily S&P 500 Bull 2x Shares	19.82%	26.55%	44.25%	47.28%	-38.72%	61.27%	21.85%	66.84%	-14.59%	44.33%
TMF Direxion Daily 20-Year Treasury Bull 3X	-6.13%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	22.72%

Correlation

The correlation between SPUU and TMF is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Jun 9, 2014	-0.14

The correlation between SPUU and TMF shifts across timeframes, from -0.14 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

SPUU vs. TMF - Sectors Allocation Comparison

Sectors	SPUU	TMF
Technology	16.5%	-
Financial Services	4.8%	18.7%
Communication Services	4.6%	-
Consumer Cyclical	4.2%	-
Healthcare	3.6%	-
Industrials	3.3%	-
Consumer Defensive	2.0%	-
Energy	1.4%	-
Utilities	1.1%	-
Real Estate	0.8%	-
Basic Materials	0.7%	-

Return for Risk

SPUU vs. TMF — Risk / Return Rank

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

SPUU

SPUU Risk / Return Rank: 63
SPUU Sharpe Ratio Rank: 67
SPUU Sortino Ratio Rank: 60
SPUU Omega Ratio Rank: 60
SPUU Calmar Ratio Rank: 59
SPUU Martin Ratio Rank: 69

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.

SPUU vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 2x Shares (SPUU) and Direxion Daily 20-Year Treasury Bull 3X (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.

	SPUU	TMF	Difference
Sharpe ratio Return per unit of total volatility	2.26	0.03	+2.23
Sortino ratio Return per unit of downside risk	2.87	0.25	+2.62
Omega ratio Gain probability vs. loss probability	1.38	1.03	+0.35
Calmar ratio Return relative to maximum drawdown	2.96	0.03	+2.93
Martin ratio Return relative to average drawdown	13.06	0.08	+12.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPUU vs. TMF - Sharpe Ratio Comparison

The current SPUU Sharpe Ratio is 2.26, which is higher than the TMF Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of SPUU 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

	SPUU	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	0.03	+2.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	-0.66	+1.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	-0.38	+1.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	-0.14	+0.77

Drawdowns

SPUU vs. TMF - Drawdown Comparison

The maximum SPUU drawdown since its inception was -59.35%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for SPUU and TMF.

Drawdown Indicators

	SPUU	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-59.35%	-92.89%	+33.54%
Max Drawdown (1Y) Largest decline over 1 year	-18.19%	-26.51%	+8.32%
Max Drawdown (3Y) Largest decline over 3 years	-35.18%	-56.31%	+21.13%
Max Drawdown (5Y) Largest decline over 5 years	-46.59%	-88.81%	+42.22%
Max Drawdown (10Y) Largest decline over 10 years	-59.35%	-92.89%	+33.54%
Current Drawdown Current decline from peak	-1.27%	-92.23%	+90.96%
Average Drawdown Average peak-to-trough decline	-9.51%	-43.63%	+34.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	11.49%	-7.37%

Volatility

SPUU vs. TMF - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bull 2x Shares (SPUU) is 5.71%, while Direxion Daily 20-Year Treasury Bull 3X (TMF) has a volatility of 8.09%. This indicates that SPUU experiences smaller price fluctuations and is considered to be less risky than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUU	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.71%	8.09%	-2.38%
Volatility (6M) Calculated over the trailing 6-month period	18.09%	19.01%	-0.92%
Volatility (1Y) Calculated over the trailing 1-year period	23.90%	28.76%	-4.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.46%	46.75%	-13.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.77%	43.92%	-8.15%

SPUU vs. TMF - Expense Ratio Comparison

SPUU has a 0.64% expense ratio, which is lower than TMF's 1.09% expense ratio.

Dividends

SPUU vs. TMF - Dividend Comparison

SPUU's dividend yield for the trailing twelve months is around 1.34%, less than TMF's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPUU Direxion Daily S&P 500 Bull 2x Shares	1.34%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%
TMF Direxion Daily 20-Year Treasury Bull 3X	4.15%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPUU and TMF in my portfolio?

SPUU and TMF have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPUU or TMF?

TMF has higher volatility (8.09%) compared to SPUU (5.71%). In terms of maximum drawdown, SPUU dropped -59.35% vs TMF's -92.89%.

Which ETF is better, SPUU or TMF?

On 10-year performance, SPUU leads with 24.77% vs -16.56% for TMF. On fees, SPUU is cheaper at 0.64% per year. On volatility, SPUU has been the lower-risk option at 5.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUU or TMF?

Over the 10-year period, SPUU has performed better with a 24.77% return vs -16.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUU or TMF?

SPUU is cheaper with a 0.64% expense ratio, compared with 1.09% for TMF.

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

TMF has the higher dividend yield at 4.15%, compared with 1.34% for SPUU.

What is the main difference between SPUU and TMF?

SPUU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. SPUU tracks S&P 500 Index (200%), while TMF tracks NYSE 20 Year Plus Treasury Bond Index (300%). Their fees differ too: 0.64% for SPUU and 1.09% for TMF.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (2.26 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.