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 28.68%/yr vs -18.33%/yr for TMF. Their -0.24 correlation means they have often moved in opposite directions in the past. 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 27.32% return, which is significantly higher than TMF's -15.88% return. Over the past 10 years, SPXL has outperformed TMF with an annualized return of 28.68%, while TMF has yielded a comparatively lower -18.33% annualized return.
SPXL
- 1D
- 4.28%
- 1M
- 4.04%
- 6M
- 21.44%
- YTD
- 27.32%
- 1Y
- 61.16%
- 3Y*
- 46.76%
- 5Y*
- 20.51%
- 10Y*
- 28.68%
- ALL TIME*
- 27.60%
TMF
- 1D
- 0.95%
- 1M
- -11.21%
- 6M
- -14.16%
- YTD
- -15.88%
- 1Y
- -17.67%
- 3Y*
- -18.84%
- 5Y*
- -35.05%
- 10Y*
- -18.33%
- ALL TIME*
- -6.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $489.09M | $455.54M | $538.26M | |
| $168.22M | $133.63M | $127.70M |
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 | 27.32% | 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 | -15.88% | -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 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 0.23 (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 | +2.25 | ||
| Sortino ratioReturn per unit of downside risk | +2.90 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.91 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 2.30 | -0.62 | +2.91 |
| Martin ratioReturn relative to average drawdown | 8.79 | -1.25 | +10.04 |
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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 -93.10%. 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% | -93.10% | +16.24% |
Max Drawdown (1Y)Largest decline over 1 year | -26.77% | -28.69% | +1.92% |
Max Drawdown (3Y)Largest decline over 3 years | -48.95% | -50.64% | +1.69% |
Max Drawdown (5Y)Largest decline over 5 years | -63.80% | -89.14% | +25.34% |
Max Drawdown (10Y)Largest decline over 10 years | -76.86% | -93.10% | +16.24% |
Current DrawdownCurrent decline from peak | -2.71% | -93.04% | +90.33% |
Average DrawdownAverage peak-to-trough decline | -16.04% | -44.08% | +28.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.98% | 14.21% | -7.23% |
Volatility
SPXL vs. TMF - Volatility Comparison
Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 11.53% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.36%. 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 | 11.53% | 7.36% | +4.17% |
Volatility (6M)Calculated over the trailing 6-month period | 30.70% | 19.96% | +10.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.54% | 27.08% | +11.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.67% | 46.37% | +4.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.49% | 43.71% | +9.78% |
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 0.51%, less than TMF's 4.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.51% | 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 | 4.69% | 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 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXL has higher volatility (11.53%) compared to TMF (7.36%). In terms of maximum drawdown, SPXL dropped -76.86% vs TMF's -93.10%.
On 10-year performance, SPXL leads with 28.68% vs -18.33% for TMF. On fees, SPXL is cheaper at 0.84% per year. On volatility, TMF has been the lower-risk option at 7.36%. 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 28.68% return vs -18.33%. 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 4.69%, compared with 0.51% 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 (1.60 vs -0.66), 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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