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 47.77%/yr vs -18.16%/yr for TMF. Their -0.20 correlation means they have often moved in opposite directions in the past. TECL charges 0.91%/yr vs 1.01%/yr for TMF.
Performance
TECL vs. TMF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TECL achieves a 77.71% return, which is significantly higher than TMF's -14.03% return. Over the past 10 years, TECL has outperformed TMF with an annualized return of 47.77%, while TMF has yielded a comparatively lower -18.16% annualized return.
TECL
- 1D
- 14.98%
- 1M
- 6.72%
- 6M
- 88.27%
- YTD
- 77.71%
- 1Y
- 117.04%
- 3Y*
- 64.24%
- 5Y*
- 28.73%
- 10Y*
- 47.77%
- ALL TIME*
- 48.13%
TMF
- 1D
- 2.20%
- 1M
- -9.26%
- 6M
- -12.77%
- YTD
- -14.03%
- 1Y
- -16.31%
- 3Y*
- -18.25%
- 5Y*
- -34.57%
- 10Y*
- -18.16%
- ALL TIME*
- -6.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $156.89M | $152.83M | $226.69M | |
| $176.74M | $135.76M | $128.72M |
TECL vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECL Direxion Daily Technology Bull 3X Shares | 77.71% | 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 | -14.03% | -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 0.15, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.15 |
Correlation (3Y) Balances recent behavior with more history. | 0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 0.15 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +2.13 | ||
| Sortino ratioReturn per unit of downside risk | +2.77 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.92 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | -0.57 | +3.10 |
| Martin ratioReturn relative to average drawdown | 5.97 | -1.14 | +7.11 |
Loading charts...
Drawdowns
TECL vs. TMF - Drawdown Comparison
The maximum TECL drawdown since its inception was -77.96%, smaller than the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for TECL and TMF.
Loading charts...
Drawdown Indicators
| TECL | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.96% | -93.10% | +15.14% |
Max Drawdown (1Y)Largest decline over 1 year | -46.58% | -28.69% | -17.89% |
Max Drawdown (3Y)Largest decline over 3 years | -66.58% | -50.64% | -15.94% |
Max Drawdown (5Y)Largest decline over 5 years | -77.96% | -89.14% | +11.18% |
Max Drawdown (10Y)Largest decline over 10 years | -77.96% | -93.10% | +15.14% |
Current DrawdownCurrent decline from peak | -23.68% | -92.88% | +69.20% |
Average DrawdownAverage peak-to-trough decline | -18.45% | -44.09% | +25.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.69% | 14.30% | +5.39% |
Volatility
TECL vs. TMF - Volatility Comparison
Direxion Daily Technology Bull 3X Shares (TECL) has a higher volatility of 30.57% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.86%. 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.
Loading charts...
Volatility by Period
| TECL | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.57% | 7.86% | +22.71% |
Volatility (6M)Calculated over the trailing 6-month period | 66.53% | 20.07% | +46.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 77.41% | 27.12% | +50.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.96% | 46.38% | +30.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.75% | 43.70% | +30.05% |
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 4.01%, less than TMF's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TECL Direxion Daily Technology Bull 3X Shares | 4.01% | 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 | 4.59% | 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 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECL has higher volatility (30.57%) compared to TMF (7.86%). In terms of maximum drawdown, TECL dropped -77.96% vs TMF's -93.10%.
On 10-year performance, TECL leads with 47.77% vs -18.16% for TMF. On fees, TECL is cheaper at 0.91% per year. On volatility, TMF has been the lower-risk option at 7.86%. 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 47.77% return vs -18.16%. 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 4.59%, compared with 4.01% 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 (1.52 vs -0.60), 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.
Find the right allocation for TECL and TMF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer