TMF vs. BNO
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, TMF returned -18.47%/yr vs 15.06%/yr for BNO. Their -0.22 correlation means they have often moved in opposite directions in the past. TMF charges 1.01%/yr vs 1.00%/yr for BNO.
Performance
TMF vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TMF achieves a -16.67% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, TMF has underperformed BNO with an annualized return of -18.47%, while BNO has yielded a comparatively higher 15.06% annualized return.
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $161.82M | $130.43M | $127.82M |
TMF vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -16.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between TMF and BNO is -0.40, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.19 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.19 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | -0.22 |
The correlation between TMF and BNO shifts across timeframes, from -0.40 (1 year) to -0.19 (5 years), 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
TMF vs. BNO — Risk / Return Rank
TMF
BNO
TMF vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) and United States Brent Oil Fund LP (BNO). 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.
| TMF | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.87 | ||
| Sortino ratioReturn per unit of downside risk | -2.54 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.24 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 1.70 | -2.22 |
| Martin ratioReturn relative to average drawdown | -1.07 | 5.15 | -6.22 |
Loading charts...
Drawdowns
TMF vs. BNO - Drawdown Comparison
The maximum TMF drawdown since its inception was -93.10%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for TMF and BNO.
Loading charts...
Drawdown Indicators
| TMF | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.10% | -87.06% | -6.04% |
Max Drawdown (1Y)Largest decline over 1 year | -28.69% | -34.46% | +5.77% |
Max Drawdown (3Y)Largest decline over 3 years | -50.64% | -34.46% | -16.18% |
Max Drawdown (5Y)Largest decline over 5 years | -89.14% | -34.46% | -54.68% |
Max Drawdown (10Y)Largest decline over 10 years | -93.10% | -75.18% | -17.92% |
Current DrawdownCurrent decline from peak | -93.10% | -16.21% | -76.89% |
Average DrawdownAverage peak-to-trough decline | -44.07% | -39.99% | -4.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.10% | 11.86% | +2.24% |
Volatility
TMF vs. BNO - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.21%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TMF | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.21% | 17.47% | -10.26% |
Volatility (6M)Calculated over the trailing 6-month period | 19.98% | 40.96% | -20.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.35% | 44.54% | -17.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.36% | 36.41% | +9.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.70% | 36.98% | +6.72% |
TMF vs. BNO - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than BNO's 1.00% expense ratio.
Dividends
TMF vs. BNO - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.74%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 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 | 4.74% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
TMF and BNO have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to TMF (7.21%). In terms of maximum drawdown, TMF dropped -93.10% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs -18.47% for TMF. On fees, BNO is cheaper at 1.00% per year. On volatility, TMF has been the lower-risk option at 7.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 15.06% return vs -18.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 1.00% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.74%, compared with 0.00% for BNO.
TMF is categorized as Leveraged Bonds, while BNO is Oil & Gas. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Direxion and USCF. Their fees differ too: 1.01% for TMF and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs -0.55), 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 TMF and BNO
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