TECL vs. TMF
TECL (Direxion Daily Technology Bull 3X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - TECL is a Leveraged Equities fund tracking the Technology Select Sector Index (300%), 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, TECL returned 48.85%/yr vs -17.84%/yr for TMF. At a correlation of -0.20, they often move in opposite directions. TECL charges 0.91%/yr vs 1.01%/yr for TMF.
Performance
TECL vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, TECL achieves a 68.11% return, which is significantly higher than TMF's -9.97% return. Over the past 10 years, TECL has outperformed TMF with an annualized return of 48.85%, while TMF has yielded a comparatively lower -17.84% annualized return.
TECL
- 1D
- -3.04%
- 1M
- -17.52%
- 6M
- 66.64%
- YTD
- 68.11%
- 1Y
- 114.01%
- 3Y*
- 56.12%
- 5Y*
- 29.60%
- 10Y*
- 48.85%
TMF
- 1D
- 0.39%
- 1M
- -5.05%
- 6M
- -13.00%
- YTD
- -9.97%
- 1Y
- -2.56%
- 3Y*
- -21.07%
- 5Y*
- -33.43%
- 10Y*
- -17.84%
TECL vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECL Direxion Daily Technology Bull 3X Shares | 68.11% | 38.60% | 36.15% | 203.14% | -74.32% | 112.80% | 69.46% | 185.58% | -24.03% | 124.82% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -9.97% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between TECL and TMF is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.20 |
The correlation between TECL and TMF shifts across timeframes, from -0.20 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TECL vs. TMF — Risk / Return Rank
TECL
TMF
TECL vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bull 3X Shares (TECL) 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.
| TECL | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.67 | ||
| Sortino ratioReturn per unit of downside risk | +1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.01 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | -0.10 | +2.56 |
| Martin ratioReturn relative to average drawdown | 6.38 | -0.20 | +6.58 |
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Drawdowns
TECL vs. TMF - Drawdown Comparison
The maximum TECL drawdown since its inception was -77.96%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for TECL and TMF.
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Drawdown Indicators
| TECL | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.96% | -92.89% | +14.93% |
Max Drawdown (1Y)Largest decline over 1 year | -46.58% | -26.51% | -20.07% |
Max Drawdown (3Y)Largest decline over 3 years | -66.58% | -55.14% | -11.44% |
Max Drawdown (5Y)Largest decline over 5 years | -77.96% | -88.81% | +10.85% |
Max Drawdown (10Y)Largest decline over 10 years | -77.96% | -92.89% | +14.93% |
Current DrawdownCurrent decline from peak | -27.80% | -92.55% | +64.75% |
Average DrawdownAverage peak-to-trough decline | -18.40% | -43.93% | +25.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.93% | 12.98% | +4.95% |
Volatility
TECL vs. TMF - Volatility Comparison
Direxion Daily Technology Bull 3X Shares (TECL) has a higher volatility of 31.14% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.49%. This indicates that TECL'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
| TECL | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.14% | 7.49% | +23.65% |
Volatility (6M)Calculated over the trailing 6-month period | 62.65% | 19.83% | +42.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 72.88% | 27.57% | +45.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.06% | 46.49% | +29.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.24% | 43.71% | +29.53% |
TECL vs. TMF - Expense Ratio Comparison
TECL has a 0.91% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
TECL vs. TMF - Dividend Comparison
TECL's dividend yield for the trailing twelve months is around 4.23%, less than TMF's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TECL Direxion Daily Technology Bull 3X Shares | 4.23% | 7.19% | 0.29% | 0.28% | 0.22% | 0.32% | 0.52% | 0.25% | 0.47% | 0.10% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.39% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
TECL and TMF have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECL has higher volatility (31.14%) compared to TMF (7.49%). In terms of maximum drawdown, TECL dropped -77.96% vs TMF's -92.89%.
On 10-year performance, TECL leads with 48.85% vs -17.84% for TMF. On fees, TECL is cheaper at 0.91% per year. On volatility, TMF has been the lower-risk option at 7.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TECL has performed better with a 48.85% return vs -17.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TECL is cheaper with a 0.91% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.39%, compared with 4.23% for TECL.
TECL is categorized as Leveraged Equities, while TMF is Leveraged Bonds. TECL tracks Technology Select Sector Index (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 0.91% for TECL and 1.01% for TMF.
TECL currently has the higher Sharpe Ratio (1.57 vs -0.09), 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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