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. At a 0.20 correlation, their price movements are largely independent. 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 4.27% return, which is significantly higher than TMF's -8.94% return.
TBXU
- 1D
- -4.09%
- 1M
- 7.73%
- 6M
- 5.69%
- YTD
- 4.27%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TMF
- 1D
- -0.03%
- 1M
- -4.85%
- 6M
- -10.90%
- YTD
- -8.94%
- 1Y
- -4.05%
- 3Y*
- -19.45%
- 5Y*
- -32.83%
- 10Y*
- -18.06%
TBXU vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TBXU Direxion Daily Biotech Top 5 Bull 2X ETF | 4.27% | 17.10% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -8.94% | -5.99% |
Correlation
The correlation between TBXU and TMF is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025 | 0.20 |
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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 | — | 0.97 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.31 | — |
| Martin ratioReturn relative to average drawdown | — | -0.64 | — |
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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 -92.89%. 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% | -92.89% | +66.36% |
Max Drawdown (1Y)Largest decline over 1 year | — | -26.51% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -55.14% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -88.81% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.89% | — |
Current DrawdownCurrent decline from peak | -12.54% | -92.46% | +79.92% |
Average DrawdownAverage peak-to-trough decline | -9.53% | -43.90% | +34.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 12.78% | — |
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 | — | 8.37% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 19.92% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 42.42% | 27.83% | +14.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.42% | 46.53% | -4.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.42% | 43.76% | -1.34% |
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 1.94%, less than TMF's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TBXU Direxion Daily Biotech Top 5 Bull 2X ETF | 1.94% | 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 | 4.34% | 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 0.20, 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 4.34%, compared with 1.94% 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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