SPXL vs. TMF
Compare and contrast key facts about Direxion Daily S&P 500 Bull 3X Shares (SPXL) and Direxion Daily 20-Year Treasury Bull 3X (TMF).
SPXL and TMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXL is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (300%). It was launched on Nov 5, 2008. TMF is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (300%). It was launched on Apr 16, 2009. Both SPXL and TMF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SPXL vs. TMF - Performance Comparison
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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 Shares | -15.99% | 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 | -2.78% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Returns By Period
In the year-to-date period, SPXL achieves a -15.99% return, which is significantly lower than TMF's -2.78% return. Over the past 10 years, SPXL has outperformed TMF with an annualized return of 25.32%, while TMF has yielded a comparatively lower -15.78% annualized return.
SPXL
- 1D
- 8.63%
- 1M
- -15.66%
- YTD
- -15.99%
- 6M
- -12.47%
- 1Y
- 32.76%
- 3Y*
- 37.47%
- 5Y*
- 16.98%
- 10Y*
- 25.32%
TMF
- 1D
- -0.19%
- 1M
- -13.14%
- YTD
- -2.78%
- 6M
- -8.60%
- 1Y
- -14.86%
- 3Y*
- -23.40%
- 5Y*
- -29.30%
- 10Y*
- -15.78%
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SPXL vs. TMF - Expense Ratio Comparison
SPXL has a 1.02% expense ratio, which is lower than TMF's 1.09% expense ratio.
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 Shares (SPXL) 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.
| SPXL | TMF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.61 | -0.44 | +1.05 |
Sortino ratioReturn per unit of downside risk | 1.18 | -0.41 | +1.59 |
Omega ratioGain probability vs. loss probability | 1.18 | 0.95 | +0.23 |
Calmar ratioReturn relative to maximum drawdown | 1.05 | -0.46 | +1.51 |
Martin ratioReturn relative to average drawdown | 4.21 | -0.74 | +4.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPXL | TMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.61 | -0.44 | +1.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | -0.63 | +0.97 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | -0.36 | +0.84 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | -0.13 | +0.61 |
Correlation
The correlation between SPXL and TMF is -0.25. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
SPXL vs. TMF - Dividend Comparison
SPXL's dividend yield for the trailing twelve months is around 0.80%, less than TMF's 4.01% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X Shares | 0.80% | 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 | 4.01% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Drawdowns
SPXL vs. TMF - Drawdown Comparison
The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum TMF drawdown of -92.61%. 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% | -92.61% | +15.75% |
Max Drawdown (1Y)Largest decline over 1 year | -33.42% | -27.13% | -6.29% |
Max Drawdown (5Y)Largest decline over 5 years | -63.80% | -88.37% | +24.57% |
Max Drawdown (10Y)Largest decline over 10 years | -76.86% | -92.61% | +15.75% |
Current DrawdownCurrent decline from peak | -20.45% | -91.95% | +71.50% |
Average DrawdownAverage peak-to-trough decline | -15.85% | -43.13% | +27.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.34% | 16.93% | -8.59% |
Volatility
SPXL vs. TMF - Volatility Comparison
Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a higher volatility of 15.89% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 10.85%. 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 | 15.89% | 10.85% | +5.04% |
Volatility (6M)Calculated over the trailing 6-month period | 28.45% | 19.51% | +8.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.30% | 33.89% | +20.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.27% | 46.85% | +3.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.37% | 44.00% | +9.37% |