TMF vs. AGG

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily 20-Year Treasury Bull 3X (TMF) and iShares Core U.S. Aggregate Bond ETF (AGG).

TMF and AGG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TMF is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (300%). It was launched on Apr 16, 2009. AGG is a passively managed fund by iShares that tracks the performance of the Bloomberg U.S. Aggregate Bond Index. It was launched on Sep 22, 2003. Both TMF and AGG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TMF vs. AGG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 20-Year Treasury Bull 3X (TMF) and iShares Core U.S. Aggregate Bond ETF (AGG). The values are adjusted to include any dividend payments, if applicable.

TMF vs. AGG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMF Direxion Daily 20-Year Treasury Bull 3X	-2.78%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	22.72%
AGG iShares Core U.S. Aggregate Bond ETF	0.02%	7.19%	1.31%	5.65%	-13.02%	-1.77%	7.48%	8.46%	0.09%	3.55%

Returns By Period

In the year-to-date period, TMF achieves a -2.78% return, which is significantly lower than AGG's 0.02% return. Over the past 10 years, TMF has underperformed AGG with an annualized return of -15.78%, while AGG has yielded a comparatively higher 1.66% annualized return.

TMF

• 1D: -0.19%
• 1M: -13.14%
• YTD: -2.78%
• 6M: -8.60%
• 1Y: -14.86%
• 3Y*: -23.40%
• 5Y*: -29.30%
• 10Y*: -15.78%

AGG

• 1D: 0.23%
• 1M: -1.79%
• YTD: 0.02%
• 6M: 0.97%
• 1Y: 4.36%
• 3Y*: 3.59%
• 5Y*: 0.23%
• 10Y*: 1.66%

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

TMF vs. AGG - Expense Ratio Comparison

TMF has a 1.09% expense ratio, which is higher than AGG's 0.03% expense ratio.

TMF

Direxion Daily 20-Year Treasury Bull 3X

AGG

iShares Core U.S. Aggregate Bond ETF

Return for Risk

TMF vs. AGG — Risk / Return Rank

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

TMF

TMF Risk / Return Rank: 5
TMF Sharpe Ratio Rank: 5
TMF Sortino Ratio Rank: 5
TMF Omega Ratio Rank: 5
TMF Calmar Ratio Rank: 5
TMF Martin Ratio Rank: 7

AGG

AGG Risk / Return Rank: 60
AGG Sharpe Ratio Rank: 60
AGG Sortino Ratio Rank: 58
AGG Omega Ratio Rank: 50
AGG Calmar Ratio Rank: 74
AGG Martin Ratio Rank: 57

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.

TMF vs. AGG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bull 3X (TMF) and iShares Core U.S. Aggregate Bond ETF (AGG). 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.

	TMF	AGG	Difference
Sharpe ratio Return per unit of total volatility	-0.44	1.00	-1.44
Sortino ratio Return per unit of downside risk	-0.41	1.42	-1.83
Omega ratio Gain probability vs. loss probability	0.95	1.18	-0.23
Calmar ratio Return relative to maximum drawdown	-0.46	1.81	-2.27
Martin ratio Return relative to average drawdown	-0.74	5.07	-5.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMF vs. AGG - Sharpe Ratio Comparison

The current TMF Sharpe Ratio is -0.44, which is lower than the AGG Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of TMF and AGG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TMF	AGG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.44	1.00	-1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.63	0.04	-0.67
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.36	0.31	-0.67
Sharpe Ratio (All Time) Calculated using the full available price history	-0.13	0.59	-0.73

Correlation

The correlation between TMF and AGG is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TMF vs. AGG - Dividend Comparison

TMF's dividend yield for the trailing twelve months is around 4.01%, more than AGG's 3.93% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TMF Direxion Daily 20-Year Treasury Bull 3X	4.01%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%	0.00%	0.00%
AGG iShares Core U.S. Aggregate Bond ETF	3.93%	3.89%	3.74%	3.13%	2.39%	1.77%	2.14%	2.70%	2.72%	2.32%	2.39%	2.45%

Drawdowns

TMF vs. AGG - Drawdown Comparison

The maximum TMF drawdown since its inception was -92.61%, which is greater than AGG's maximum drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for TMF and AGG.

Drawdown Indicators

	TMF	AGG	Difference
Max Drawdown Largest peak-to-trough decline	-92.61%	-18.43%	-74.18%
Max Drawdown (1Y) Largest decline over 1 year	-27.13%	-2.52%	-24.61%
Max Drawdown (5Y) Largest decline over 5 years	-88.37%	-17.82%	-70.55%
Max Drawdown (10Y) Largest decline over 10 years	-92.61%	-18.43%	-74.18%
Current Drawdown Current decline from peak	-91.95%	-2.36%	-89.59%
Average Drawdown Average peak-to-trough decline	-43.13%	-2.71%	-40.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.93%	0.90%	+16.03%

Volatility

TMF vs. AGG - Volatility Comparison

Direxion Daily 20-Year Treasury Bull 3X (TMF) has a higher volatility of 10.85% compared to iShares Core U.S. Aggregate Bond ETF (AGG) at 1.66%. This indicates that TMF's price experiences larger fluctuations and is considered to be riskier than AGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMF	AGG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.85%	1.66%	+9.19%
Volatility (6M) Calculated over the trailing 6-month period	19.51%	2.55%	+16.96%
Volatility (1Y) Calculated over the trailing 1-year period	33.89%	4.37%	+29.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.85%	6.07%	+40.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.00%	5.39%	+38.61%