SPUU vs. TMF
SPUU (Direxion Daily S&P 500 Bull 2X ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily), 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, SPUU returned 24.06%/yr vs -17.84%/yr for TMF. At a correlation of -0.14, they often move in opposite directions. SPUU charges 0.60%/yr vs 1.01%/yr for TMF.
Performance
SPUU vs. TMF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPUU achieves a 19.51% return, which is significantly higher than TMF's -9.97% return. Over the past 10 years, SPUU has outperformed TMF with an annualized return of 24.06%, while TMF has yielded a comparatively lower -17.84% annualized return.
SPUU
- 1D
- 0.80%
- 1M
- 0.06%
- 6M
- 16.67%
- YTD
- 19.51%
- 1Y
- 40.81%
- 3Y*
- 33.71%
- 5Y*
- 19.03%
- 10Y*
- 24.06%
TMF
- 1D
- 0.39%
- 1M
- -5.05%
- 6M
- -13.00%
- YTD
- -9.97%
- 1Y
- -2.56%
- 3Y*
- -21.07%
- 5Y*
- -33.43%
- 10Y*
- -17.84%
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 ETF | 19.51% | 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 ETF | -9.97% | -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 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014 | -0.14 |
The correlation between SPUU and TMF shifts across timeframes, from -0.14 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPUU vs. TMF — Risk / Return Rank
SPUU
TMF
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 ETF (SPUU) 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.
| SPUU | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.72 | ||
| Sortino ratioReturn per unit of downside risk | +2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.01 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | -0.10 | +2.35 |
| Martin ratioReturn relative to average drawdown | 9.34 | -0.20 | +9.54 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| SPUU | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest 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% | -55.14% | +19.96% |
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 DrawdownCurrent decline from peak | -1.53% | -92.55% | +91.02% |
Average DrawdownAverage peak-to-trough decline | -9.46% | -43.93% | +34.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.38% | 12.98% | -8.60% |
Volatility
SPUU vs. TMF - Volatility Comparison
Direxion Daily S&P 500 Bull 2X ETF (SPUU) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) have volatilities of 7.53% and 7.49%, 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.
Loading charts...
Volatility by Period
| SPUU | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.53% | 7.49% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 20.11% | 19.83% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.26% | 27.57% | -2.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.69% | 46.49% | -12.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.75% | 43.71% | -7.96% |
SPUU vs. TMF - Expense Ratio Comparison
SPUU has a 0.60% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
SPUU vs. TMF - Dividend Comparison
SPUU's dividend yield for the trailing twelve months is around 1.31%, less than TMF's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.31% | 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 ETF | 4.39% | 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
SPUU and TMF have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPUU has higher volatility (7.53%) compared to TMF (7.49%). In terms of maximum drawdown, SPUU dropped -59.35% vs TMF's -92.89%.
On 10-year performance, SPUU leads with 24.06% vs -17.84% for TMF. On fees, SPUU is cheaper at 0.60% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPUU has performed better with a 24.06% return vs -17.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.39%, compared with 1.31% for SPUU.
SPUU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. SPUU tracks S&P 500 Index (200% Daily), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 0.60% for SPUU and 1.01% for TMF.
SPUU currently has the higher Sharpe Ratio (1.62 vs -0.09), 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.
Find the right allocation for SPUU and TMF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer