TMF vs. BRK-B

Last updated Jun 9, 2026

TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) is Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 10 years, TMF returned -17.04%/yr vs 13.14%/yr for BRK-B. At a correlation of -0.26, they often move in opposite directions.

Performance

TMF vs. BRK-B - Performance Comparison

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

Returns By Period

In the year-to-date period, TMF achieves a -8.42% return, which is significantly lower than BRK-B's -3.11% return. Over the past 10 years, TMF has underperformed BRK-B with an annualized return of -17.04%, while BRK-B has yielded a comparatively higher 13.14% annualized return.

TMF

• 1D: -1.45%
• 1M: -4.55%
• YTD: -8.42%
• 6M: -10.21%
• 1Y: -2.46%
• 3Y*: -21.29%
• 5Y*: -31.41%
• 10Y*: -17.04%

BRK-B

• 1D: -0.23%
• 1M: 2.32%
• YTD: -3.11%
• 6M: -2.06%
• 1Y: -1.32%
• 3Y*: 13.25%
• 5Y*: 11.03%
• 10Y*: 13.14%

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

TMF vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-8.42%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	22.72%
BRK-B Berkshire Hathaway Inc.	-3.11%	10.89%	27.09%	15.46%	3.31%	28.95%	2.37%	10.93%	3.01%	21.62%

Correlation

The correlation between TMF and BRK-B is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (10Y) Calculated over the trailing 10-year period	-0.16
Correlation (All Time) Calculated using the full available price history since Apr 17, 2009	-0.26

The correlation between TMF and BRK-B shifts across timeframes, from -0.26 (all time) to 0.09 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

TMF vs. BRK-B — Risk / Return Rank

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

TMF

TMF Risk / Return Rank: 8
TMF Sharpe Ratio Rank: 8
TMF Sortino Ratio Rank: 9
TMF Omega Ratio Rank: 9
TMF Calmar Ratio Rank: 8
TMF Martin Ratio Rank: 8

BRK-B

BRK-B Risk / Return Rank: 35
BRK-B Sharpe Ratio Rank: 38
BRK-B Sortino Ratio Rank: 30
BRK-B Omega Ratio Rank: 30
BRK-B Calmar Ratio Rank: 38
BRK-B Martin Ratio Rank: 37

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. BRK-B - 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 Berkshire Hathaway Inc. (BRK-B). 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	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	-0.09	-0.09	0.00
Sortino ratio: Return per unit of downside risk	0.07	-0.03	+0.10
Omega ratio: Gain probability vs. loss probability	1.01	1.00	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.09	-0.14	+0.05
Martin ratio: Return relative to average drawdown	-0.21	-0.30	+0.08
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. BRK-B - Sharpe Ratio Comparison

The current TMF Sharpe Ratio is -0.09, which is comparable to the BRK-B Sharpe Ratio of -0.09. The chart below compares the historical Sharpe Ratios of TMF and BRK-B, 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

	TMF	BRK-B	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.09	-0.09	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.68	0.65	-1.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.39	0.68	-1.07
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	0.48	-0.62

Drawdowns

TMF vs. BRK-B - Drawdown Comparison

The maximum TMF drawdown since its inception was -92.89%, which is greater than BRK-B's maximum drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for TMF and BRK-B.

Drawdown Indicators

	TMF	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-92.89%	-53.86%	-39.03%
Max Drawdown (1Y) Largest decline over 1 year	-26.51%	-9.42%	-17.09%
Max Drawdown (3Y) Largest decline over 3 years	-56.31%	-14.95%	-41.36%
Max Drawdown (5Y) Largest decline over 5 years	-88.81%	-26.58%	-62.23%
Max Drawdown (10Y) Largest decline over 10 years	-92.89%	-29.57%	-63.32%
Current Drawdown Current decline from peak	-92.42%	-9.78%	-82.64%
Average Drawdown Average peak-to-trough decline	-43.66%	-11.07%	-32.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.70%	4.49%	+7.21%

Volatility

TMF vs. BRK-B - Volatility Comparison

Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a higher volatility of 7.77% compared to Berkshire Hathaway Inc. (BRK-B) at 3.98%. This indicates that TMF's price experiences larger fluctuations and is considered to be riskier than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMF	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.77%	3.98%	+3.79%
Volatility (6M) Calculated over the trailing 6-month period	19.06%	10.87%	+8.19%
Volatility (1Y) Calculated over the trailing 1-year period	28.25%	14.38%	+13.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.72%	17.13%	+29.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.92%	19.44%	+24.48%

Dividends

TMF vs. BRK-B - Dividend Comparison

TMF's dividend yield for the trailing twelve months is around 4.26%, while BRK-B has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRK-B Berkshire Hathaway Inc.	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	4.26%	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 TMF and BRK-B in my portfolio?

TMF and BRK-B have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMF or BRK-B?

TMF has higher volatility (7.77%) compared to BRK-B (3.98%). In terms of maximum drawdown, TMF dropped -92.89% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

TMF currently has the higher Sharpe Ratio (-0.09 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.