TMF vs. COMT
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and COMT (iShares GSCI Commodity Dynamic Roll Strategy ETF) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while COMT is a Commodities fund tracking the S&P GSCI Dynamic Roll (USD) Total Return Index. Both are passively managed. Over the past 10 years, TMF returned -17.81%/yr vs 8.33%/yr for COMT. At a correlation of -0.21, they often move in opposite directions. TMF charges 1.01%/yr vs 0.48%/yr for COMT.
Performance
TMF vs. COMT - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -10.00% return, which is significantly lower than COMT's 30.19% return. Over the past 10 years, TMF has underperformed COMT with an annualized return of -17.81%, while COMT has yielded a comparatively higher 8.33% annualized return.
TMF
- 1D
- -0.03%
- 1M
- -6.57%
- 6M
- -13.01%
- YTD
- -10.00%
- 1Y
- -2.84%
- 3Y*
- -21.08%
- 5Y*
- -33.44%
- 10Y*
- -17.81%
COMT
- 1D
- -0.49%
- 1M
- 2.53%
- 6M
- 26.18%
- YTD
- 30.19%
- 1Y
- 33.20%
- 3Y*
- 12.71%
- 5Y*
- 11.75%
- 10Y*
- 8.33%
TMF vs. COMT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -10.00% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
COMT iShares GSCI Commodity Dynamic Roll Strategy ETF | 30.19% | 6.07% | 5.96% | -6.56% | 19.45% | 36.88% | -18.66% | 10.81% | -6.67% | 11.70% |
Correlation
The correlation between TMF and COMT is -0.37, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2014 | -0.21 |
The correlation between TMF and COMT shifts across timeframes, from -0.37 (1 year) to -0.17 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. COMT — Risk / Return Rank
TMF
COMT
TMF vs. COMT - 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 iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT). 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 | COMT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.27 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 1.90 | -2.01 |
| Martin ratioReturn relative to average drawdown | -0.22 | 6.35 | -6.56 |
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Drawdowns
TMF vs. COMT - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than COMT's maximum drawdown of -51.89%. Use the drawdown chart below to compare losses from any high point for TMF and COMT.
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Drawdown Indicators
| TMF | COMT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -51.89% | -41.00% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -17.57% | -8.94% |
Max Drawdown (3Y)Largest decline over 3 years | -55.14% | -17.57% | -37.57% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -29.00% | -59.81% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -39.22% | -53.67% |
Current DrawdownCurrent decline from peak | -92.55% | -11.28% | -81.27% |
Average DrawdownAverage peak-to-trough decline | -43.94% | -23.95% | -19.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.06% | 5.24% | +7.82% |
Volatility
TMF vs. COMT - Volatility Comparison
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a higher volatility of 7.49% compared to iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT) at 5.91%. This indicates that TMF's price experiences larger fluctuations and is considered to be riskier than COMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | COMT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.49% | 5.91% | +1.58% |
Volatility (6M)Calculated over the trailing 6-month period | 19.82% | 19.67% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.47% | 21.54% | +5.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.49% | 21.20% | +25.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.70% | 18.85% | +24.85% |
TMF vs. COMT - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than COMT's 0.48% expense ratio.
Dividends
TMF vs. COMT - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.39%, less than COMT's 5.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMT iShares GSCI Commodity Dynamic Roll Strategy ETF | 5.95% | 7.74% | 4.90% | 5.19% | 29.79% | 17.79% | 0.36% | 2.61% | 11.65% | 5.16% | 0.52% | 1.44% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.39% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% | 0.00% |
Frequently Asked Questions
TMF and COMT have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (7.49%) compared to COMT (5.91%). In terms of maximum drawdown, TMF dropped -92.89% vs COMT's -51.89%.
On 10-year performance, COMT leads with 8.33% vs -17.81% for TMF. On fees, COMT is cheaper at 0.48% per year. On volatility, COMT has been the lower-risk option at 5.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, COMT has performed better with a 8.33% return vs -17.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COMT is cheaper with a 0.48% expense ratio, compared with 1.01% for TMF.
COMT has the higher dividend yield at 5.95%, compared with 4.39% for TMF.
TMF is categorized as Leveraged Bonds, while COMT is Commodities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while COMT tracks S&P GSCI Dynamic Roll (USD) Total Return Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.01% for TMF and 0.48% for COMT.
COMT currently has the higher Sharpe Ratio (1.55 vs -0.10), 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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