TMF vs. DBE
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, TMF returned -17.81%/yr vs 11.45%/yr for DBE. At a correlation of -0.23, they often move in opposite directions. TMF charges 1.01%/yr vs 0.78%/yr for DBE.
Performance
TMF vs. DBE - 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 DBE's 68.39% return. Over the past 10 years, TMF has underperformed DBE with an annualized return of -17.81%, while DBE has yielded a comparatively higher 11.45% 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%
DBE
- 1D
- -1.09%
- 1M
- 6.25%
- 6M
- 65.69%
- YTD
- 68.39%
- 1Y
- 57.64%
- 3Y*
- 17.96%
- 5Y*
- 17.10%
- 10Y*
- 11.45%
TMF vs. DBE - 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% |
DBE Invesco DB Energy Fund | 68.39% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between TMF and DBE is -0.39, 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 | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.23 |
The correlation between TMF and DBE shifts across timeframes, from -0.39 (1 year) to -0.18 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. DBE — Risk / Return Rank
TMF
DBE
TMF vs. DBE - 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 Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.71 | ||
| Sortino ratioReturn per unit of downside risk | -2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.28 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 2.34 | -2.45 |
| Martin ratioReturn relative to average drawdown | -0.22 | 7.00 | -7.22 |
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Drawdowns
TMF vs. DBE - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for TMF and DBE.
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Drawdown Indicators
| TMF | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -86.69% | -6.20% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -24.72% | -1.79% |
Max Drawdown (3Y)Largest decline over 3 years | -55.14% | -24.72% | -30.42% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -38.74% | -50.07% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -60.84% | -32.05% |
Current DrawdownCurrent decline from peak | -92.55% | -36.07% | -56.48% |
Average DrawdownAverage peak-to-trough decline | -43.94% | -57.19% | +13.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.06% | 8.26% | +4.80% |
Volatility
TMF vs. DBE - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.49%, while Invesco DB Energy Fund (DBE) has a volatility of 11.68%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.49% | 11.68% | -4.19% |
Volatility (6M)Calculated over the trailing 6-month period | 19.82% | 32.70% | -12.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.47% | 35.99% | -8.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.49% | 29.88% | +16.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.70% | 28.39% | +15.31% |
TMF vs. DBE - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
TMF vs. DBE - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.39%, more than DBE's 2.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.29% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 0.00% |
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% |
Frequently Asked Questions
TMF and DBE have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (11.68%) compared to TMF (7.49%). In terms of maximum drawdown, TMF dropped -92.89% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.45% vs -17.81% for TMF. On fees, DBE is cheaper at 0.78% per year. On volatility, TMF has been the lower-risk option at 7.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 11.45% return vs -17.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.39%, compared with 2.29% for DBE.
TMF is categorized as Leveraged Bonds, while DBE is Oil & Gas. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 1.01% for TMF and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.61 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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