TMF vs. BRZU
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and BRZU (Direxion Daily Brazil Bull 2X Shares) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while BRZU is a Leveraged Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, TMF returned -18.08%/yr vs -19.99%/yr for BRZU. At a correlation of -0.05, they often move in opposite directions. TMF charges 1.01%/yr vs 1.29%/yr for BRZU.
Performance
TMF vs. BRZU - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -11.93% return, which is significantly lower than BRZU's 19.49% return. Over the past 10 years, TMF has outperformed BRZU with an annualized return of -18.08%, while BRZU has yielded a comparatively lower -19.99% annualized return.
TMF
- 1D
- -1.01%
- 1M
- -10.16%
- 6M
- -9.78%
- YTD
- -11.93%
- 1Y
- -7.67%
- 3Y*
- -21.85%
- 5Y*
- -34.00%
- 10Y*
- -18.08%
- ALL TIME*
- -6.40%
BRZU
- 1D
- 0.96%
- 1M
- 10.98%
- 6M
- 7.54%
- YTD
- 19.49%
- 1Y
- 68.34%
- 3Y*
- 4.99%
- 5Y*
- -0.23%
- 10Y*
- -19.99%
- ALL TIME*
- -30.13%
TMF vs. BRZU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -11.93% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
BRZU Direxion Daily Brazil Bull 2X Shares | 19.49% | 97.99% | -57.07% | 55.48% | 8.30% | -39.23% | -91.34% | 57.02% | -37.21% | 30.80% |
Correlation
The correlation between TMF and BRZU is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2013 | -0.05 |
The correlation between TMF and BRZU shifts across timeframes, from -0.05 (all time) to 0.20 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. BRZU — Risk / Return Rank
TMF
BRZU
TMF vs. BRZU - 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 Direxion Daily Brazil Bull 2X Shares (BRZU). 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 | BRZU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -2.13 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.24 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 1.91 | -2.20 |
| Martin ratioReturn relative to average drawdown | -0.58 | 4.63 | -5.21 |
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Drawdowns
TMF vs. BRZU - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, smaller than the maximum BRZU drawdown of -99.71%. Use the drawdown chart below to compare losses from any high point for TMF and BRZU.
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Drawdown Indicators
| TMF | BRZU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -99.71% | +6.82% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -35.97% | +9.46% |
Max Drawdown (3Y)Largest decline over 3 years | -53.47% | -58.25% | +4.78% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -62.89% | -25.92% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -98.11% | +5.22% |
Current DrawdownCurrent decline from peak | -92.71% | -99.14% | +6.43% |
Average DrawdownAverage peak-to-trough decline | -43.98% | -89.62% | +45.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.32% | 14.80% | -1.48% |
Volatility
TMF vs. BRZU - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.32%, while Direxion Daily Brazil Bull 2X Shares (BRZU) has a volatility of 11.19%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than BRZU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | BRZU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 11.19% | -3.87% |
Volatility (6M)Calculated over the trailing 6-month period | 19.81% | 39.80% | -19.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.58% | 49.55% | -21.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 55.16% | -8.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 82.28% | -38.56% |
TMF vs. BRZU - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is lower than BRZU's 1.29% expense ratio.
Dividends
TMF vs. BRZU - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.48%, more than BRZU's 1.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BRZU Direxion Daily Brazil Bull 2X Shares | 1.89% | 2.39% | 8.73% | 3.24% | 4.70% | 6.29% | 0.78% | 0.95% | 1.04% | 0.74% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.48% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
TMF and BRZU have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRZU has higher volatility (11.19%) compared to TMF (7.32%). In terms of maximum drawdown, TMF dropped -92.89% vs BRZU's -99.71%.
On 10-year performance, TMF leads with -18.08% vs -19.99% for BRZU. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMF has performed better with a -18.08% return vs -19.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.29% for BRZU.
TMF has the higher dividend yield at 4.48%, compared with 1.89% for BRZU.
TMF is categorized as Leveraged Bonds, while BRZU is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while BRZU tracks MSCI Brazil 25/50 Index. Their fees differ too: 1.01% for TMF and 1.29% for BRZU.
BRZU currently has the higher Sharpe Ratio (1.39 vs -0.28), 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.
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