SPXL vs. TMF
SPXL (Direxion Daily S&P 500 Bull 3X ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - SPXL is a Leveraged Equities fund tracking the S&P 500, 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, SPXL returned 28.76%/yr vs -17.90%/yr for TMF. At a correlation of -0.24, they often move in opposite directions. SPXL charges 0.84%/yr vs 1.01%/yr for TMF.
Performance
SPXL vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, SPXL achieves a 24.15% return, which is significantly higher than TMF's -10.63% return. Over the past 10 years, SPXL has outperformed TMF with an annualized return of 28.76%, while TMF has yielded a comparatively lower -17.90% annualized return.
SPXL
- 1D
- -2.31%
- 1M
- 2.62%
- 6M
- 17.57%
- YTD
- 24.15%
- 1Y
- 54.60%
- 3Y*
- 44.34%
- 5Y*
- 20.30%
- 10Y*
- 28.76%
TMF
- 1D
- -1.85%
- 1M
- -5.74%
- 6M
- -11.74%
- YTD
- -10.63%
- 1Y
- -5.83%
- 3Y*
- -21.26%
- 5Y*
- -33.16%
- 10Y*
- -17.90%
SPXL vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 24.15% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -10.63% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between SPXL and TMF is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
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 Apr 16, 2009 | -0.24 |
The correlation between SPXL and TMF shifts across timeframes, from -0.24 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPXL vs. TMF — Risk / Return Rank
SPXL
TMF
SPXL vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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.
| SPXL | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.67 | ||
| Sortino ratioReturn per unit of downside risk | +2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.99 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | -0.22 | +2.27 |
| Martin ratioReturn relative to average drawdown | 8.10 | -0.46 | +8.56 |
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Drawdowns
SPXL vs. TMF - Drawdown Comparison
The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for SPXL and TMF.
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Drawdown Indicators
| SPXL | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.86% | -92.89% | +16.03% |
Max Drawdown (1Y)Largest decline over 1 year | -26.77% | -26.51% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -48.95% | -55.14% | +6.19% |
Max Drawdown (5Y)Largest decline over 5 years | -63.80% | -88.81% | +25.01% |
Max Drawdown (10Y)Largest decline over 10 years | -76.86% | -92.89% | +16.03% |
Current DrawdownCurrent decline from peak | -5.13% | -92.60% | +87.47% |
Average DrawdownAverage peak-to-trough decline | -16.07% | -43.91% | +27.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.76% | 12.82% | -6.06% |
Volatility
SPXL vs. TMF - Volatility Comparison
Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 12.75% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.51%. This indicates that SPXL'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
| SPXL | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.75% | 8.51% | +4.24% |
Volatility (6M)Calculated over the trailing 6-month period | 30.07% | 19.94% | +10.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.72% | 27.62% | +10.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.60% | 46.54% | +4.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.40% | 43.72% | +9.68% |
SPXL vs. TMF - Expense Ratio Comparison
SPXL has a 0.84% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
SPXL vs. TMF - Dividend Comparison
SPXL's dividend yield for the trailing twelve months is around 0.52%, less than TMF's 4.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.52% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.42% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
SPXL and TMF have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXL has higher volatility (12.75%) compared to TMF (8.51%). In terms of maximum drawdown, SPXL dropped -76.86% vs TMF's -92.89%.
On 10-year performance, SPXL leads with 28.76% vs -17.90% for TMF. On fees, SPXL is cheaper at 0.84% per year. On volatility, TMF has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 28.76% return vs -17.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.42%, compared with 0.52% for SPXL.
SPXL is categorized as Leveraged Equities, while TMF is Leveraged Bonds. SPXL tracks S&P 500, while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 0.84% for SPXL and 1.01% for TMF.
SPXL currently has the higher Sharpe Ratio (1.46 vs -0.21), 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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