SPXL vs. TMF

Last updated Jun 4, 2026

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 30.20%/yr vs -16.56%/yr for TMF. At a correlation of -0.25, they often move in opposite directions. SPXL charges 0.84%/yr vs 1.01%/yr for TMF.

Performance

SPXL vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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, SPXL achieves a 28.14% return, which is significantly higher than TMF's -6.13% return. Over the past 10 years, SPXL has outperformed TMF with an annualized return of 30.20%, while TMF has yielded a comparatively lower -16.56% annualized return.

SPXL

• 1D: -2.08%
• 1M: 14.77%
• YTD: 28.14%
• 6M: 26.88%
• 1Y: 81.54%
• 3Y*: 52.83%
• 5Y*: 23.51%
• 10Y*: 30.20%

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)

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	28.14%	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	-6.13%	-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 0.20, 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	0.07
Correlation (10Y) Calculated over the trailing 10-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Apr 17, 2009	-0.25

The correlation between SPXL and TMF shifts across timeframes, from -0.25 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

SPXL vs. TMF - Sectors Allocation Comparison

Sectors	SPXL	TMF
Technology	8.5%	-
Financial Services	2.6%	18.7%
Communication Services	2.4%	-
Consumer Cyclical	2.2%	-
Healthcare	1.9%	-
Industrials	1.7%	-
Consumer Defensive	1.1%	-
Energy	0.8%	-
Utilities	0.6%	-
Real Estate	0.4%	-
Basic Materials	0.4%	-

Return for Risk

SPXL vs. TMF — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 63
SPXL Sharpe Ratio Rank: 69
SPXL Sortino Ratio Rank: 57
SPXL Omega Ratio Rank: 58
SPXL Calmar Ratio Rank: 60
SPXL Martin Ratio Rank: 68

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.

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.

	SPXL	TMF	Difference
Sharpe ratio: Return per unit of total volatility	2.32	0.03	+2.29
Sortino ratio: Return per unit of downside risk	2.78	0.25	+2.52
Omega ratio: Gain probability vs. loss probability	1.37	1.03	+0.34
Calmar ratio: Return relative to maximum drawdown	3.06	0.03	+3.03
Martin ratio: Return relative to average drawdown	12.94	0.08	+12.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXL vs. TMF - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 2.32, which is higher than the TMF Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of SPXL 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

	SPXL	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	0.03	+2.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	-0.66	+1.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	-0.38	+0.95
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	-0.14	+0.66

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.

Drawdown Indicators

	SPXL	TMF	Difference
Max Drawdown Largest 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%	-56.31%	+7.36%
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 Drawdown Current decline from peak	-2.08%	-92.23%	+90.15%
Average Drawdown Average peak-to-trough decline	-15.72%	-43.63%	+27.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.32%	11.49%	-5.17%

Volatility

SPXL vs. TMF - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) have volatilities of 8.49% and 8.09%, 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.

Volatility by Period

	SPXL	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.49%	8.09%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	26.67%	19.01%	+7.66%
Volatility (1Y) Calculated over the trailing 1-year period	35.39%	28.76%	+6.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.24%	46.75%	+3.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.42%	43.92%	+9.50%

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 4.15% 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	4.15%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

Can I hold both SPXL and TMF in my portfolio?

SPXL 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.

Which is riskier, SPXL or TMF?

SPXL has higher volatility (8.49%) compared to TMF (8.09%). In terms of maximum drawdown, SPXL dropped -76.86% vs TMF's -92.89%.

Which ETF is better, SPXL or TMF?

On 10-year performance, SPXL leads with 30.20% vs -16.56% for TMF. On fees, SPXL is cheaper at 0.84% 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, SPXL or TMF?

Over the 10-year period, SPXL has performed better with a 30.20% return vs -16.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or TMF?

SPXL is cheaper with a 0.84% expense ratio, compared with 1.01% for TMF.

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

TMF has the higher dividend yield at 4.15%, compared with 0.52% for SPXL.

What is the main difference between SPXL and TMF?

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.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.32 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.