TBXU vs. TMF
TBXU (Direxion Daily Biotech Top 5 Bull 2X ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - TBXU is a Leveraged Equities fund actively managed by Direxion, while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). TBXU is actively managed, while TMF is passively managed. Their 0.21 correlation means their historical movements had little consistent relationship. TBXU charges 0.98%/yr vs 1.01%/yr for TMF.
Performance
TBXU vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, TBXU achieves a 11.23% return, which is significantly higher than TMF's -16.67% return.
TBXU
- 1D
- -0.01%
- 1M
- -1.05%
- 6M
- 4.08%
- YTD
- 11.23%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $63.65K | $98.60K | $56.83K | |
| $161.82M | $130.43M | $127.82M |
TBXU vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TBXU Direxion Daily Biotech Top 5 Bull 2X ETF | 11.23% | 17.10% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -16.67% | -5.99% |
Correlation
The correlation between TBXU and TMF is 0.21, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025 | 0.21 |
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Return for Risk
TBXU vs. TMF — Risk / Return Rank
TBXU
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TMF
TBXU vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Biotech Top 5 Bull 2X ETF (TBXU) 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.
| TBXU | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.93 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.53 | — |
| Martin ratioReturn relative to average drawdown | — | -1.07 | — |
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Drawdowns
TBXU vs. TMF - Drawdown Comparison
The maximum TBXU drawdown since its inception was -26.53%, smaller than the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for TBXU and TMF.
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Drawdown Indicators
| TBXU | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.53% | -93.10% | +66.57% |
Max Drawdown (1Y)Largest decline over 1 year | — | -28.69% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -50.64% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -89.14% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.10% | — |
Current DrawdownCurrent decline from peak | -6.69% | -93.10% | +86.41% |
Average DrawdownAverage peak-to-trough decline | -9.64% | -44.07% | +34.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 14.10% | — |
Volatility
TBXU vs. TMF - Volatility Comparison
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Volatility by Period
| TBXU | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 7.21% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 19.98% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 42.06% | 27.35% | +14.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.06% | 46.36% | -4.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.06% | 43.70% | -1.64% |
TBXU vs. TMF - Expense Ratio Comparison
TBXU has a 0.98% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
TBXU vs. TMF - Dividend Comparison
TBXU's dividend yield for the trailing twelve months is around 1.82%, less than TMF's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TBXU Direxion Daily Biotech Top 5 Bull 2X ETF | 1.82% | 1.33% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.74% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
TBXU 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.
On fees, TBXU is cheaper at 0.98% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TBXU is cheaper with a 0.98% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.74%, compared with 1.82% for TBXU.
TBXU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. Their fees differ too: 0.98% for TBXU and 1.01% for TMF.
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