TECL vs. TMF

Last updated Jun 4, 2026

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 54.49%/yr vs -16.56%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Technology Bull 3X Shares (TECL) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TECL achieves a 125.87% return, which is significantly higher than TMF's -6.13% return. Over the past 10 years, TECL has outperformed TMF with an annualized return of 54.49%, while TMF has yielded a comparatively lower -16.56% annualized return.

TECL

• 1D: -2.99%
• 1M: 73.10%
• YTD: 125.87%
• 6M: 118.69%
• 1Y: 267.85%
• 3Y*: 80.64%
• 5Y*: 43.44%
• 10Y*: 54.49%

TMF

• 1D: -1.14%
• 1M: 1.22%
• YTD: -6.13%
• 6M: -11.63%
• 1Y: 0.90%
• 3Y*: -20.78%
• 5Y*: -30.52%
• 10Y*: -16.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TECL vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TECL Direxion Daily Technology Bull 3X Shares	125.87%	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	-6.13%	-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	0.10
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 17, 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.

TECL vs. TMF - Sectors Allocation Comparison

Sectors	TECL	TMF
Technology	20.4%	-
Energy	0.0%	-
Industrials	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	18.7%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

TECL vs. TMF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TECL

TECL Risk / Return Rank: 85
TECL Sharpe Ratio Rank: 96
TECL Sortino Ratio Rank: 80
TECL Omega Ratio Rank: 79
TECL Calmar Ratio Rank: 90
TECL Martin Ratio Rank: 81

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 9
TMF Omega Ratio Rank: 9
TMF Calmar Ratio Rank: 9
TMF Martin Ratio Rank: 9

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	TECL	TMF	Difference
Sharpe ratio: Return per unit of total volatility	4.35	0.03	+4.32
Sortino ratio: Return per unit of downside risk	3.66	0.25	+3.41
Omega ratio: Gain probability vs. loss probability	1.48	1.03	+0.45
Calmar ratio: Return relative to maximum drawdown	5.79	0.03	+5.76
Martin ratio: Return relative to average drawdown	16.63	0.08	+16.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TECL vs. TMF - Sharpe Ratio Comparison

The current TECL Sharpe Ratio is 4.35, which is higher than the TMF Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of TECL and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TECL	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.35	0.03	+4.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	-0.66	+1.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	-0.38	+1.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	-0.14	+0.90

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.

Drawdown Indicators

	TECL	TMF	Difference
Max Drawdown Largest 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%	-56.31%	-10.27%
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 Drawdown Current decline from peak	-2.99%	-92.23%	+89.24%
Average Drawdown Average peak-to-trough decline	-18.38%	-43.63%	+25.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.19%	11.49%	+4.70%

Volatility

TECL vs. TMF - Volatility Comparison

Direxion Daily Technology Bull 3X Shares (TECL) has a higher volatility of 20.70% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.09%. 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.

Volatility by Period

	TECL	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.70%	8.09%	+12.61%
Volatility (6M) Calculated over the trailing 6-month period	49.83%	19.01%	+30.82%
Volatility (1Y) Calculated over the trailing 1-year period	62.17%	28.76%	+33.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.09%	46.75%	+27.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.35%	43.92%	+28.43%

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 3.15%, less than TMF's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TECL Direxion Daily Technology Bull 3X Shares	3.15%	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	4.15%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

Can I hold both TECL and TMF in my portfolio?

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.

Which is riskier, TECL or TMF?

TECL has higher volatility (20.70%) compared to TMF (8.09%). In terms of maximum drawdown, TECL dropped -77.96% vs TMF's -92.89%.

Which ETF is better, TECL or TMF?

On 10-year performance, TECL leads with 54.49% vs -16.56% for TMF. On fees, TECL is cheaper at 0.91% per year. On volatility, TMF has been the lower-risk option at 8.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TECL or TMF?

Over the 10-year period, TECL has performed better with a 54.49% return vs -16.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TECL or TMF?

TECL is cheaper with a 0.91% expense ratio, compared with 1.01% for TMF.

Which ETF pays a higher dividend yield, TECL or TMF?

TMF has the higher dividend yield at 4.15%, compared with 3.15% for TECL.

What is the main difference between TECL and TMF?

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.

Which has better risk-adjusted returns?

TECL currently has the higher Sharpe Ratio (4.35 vs 0.03), 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.