TMF vs. DRN
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and DRN (Direxion Daily Real Estate Bull 3x Shares) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while DRN is a REIT fund tracking the MSCI US REIT Index (300%). Both are passively managed. Over the past 10 years, TMF returned -18.08%/yr vs -6.51%/yr for DRN. At a correlation of -0.01, they often move in opposite directions. TMF charges 1.01%/yr vs 0.99%/yr for DRN.
Performance
TMF vs. DRN - 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 DRN's 33.89% return. Over the past 10 years, TMF has underperformed DRN with an annualized return of -18.08%, while DRN has yielded a comparatively higher -6.51% 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%
DRN
- 1D
- -0.27%
- 1M
- 10.75%
- 6M
- 25.08%
- YTD
- 33.89%
- 1Y
- 16.77%
- 3Y*
- 6.16%
- 5Y*
- -10.93%
- 10Y*
- -6.51%
- ALL TIME*
- 14.20%
TMF vs. DRN - 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% |
DRN Direxion Daily Real Estate Bull 3x Shares | 33.89% | -11.24% | -5.29% | 12.03% | -67.26% | 152.94% | -55.37% | 81.86% | -25.11% | 7.50% |
Correlation
The correlation between TMF and DRN is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2009 | -0.01 |
The correlation between TMF and DRN shifts across timeframes, from -0.01 (all time) to 0.37 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. DRN — Risk / Return Rank
TMF
DRN
TMF vs. DRN - 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 Real Estate Bull 3x Shares (DRN). 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 | DRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.10 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 0.69 | -0.98 |
| Martin ratioReturn relative to average drawdown | -0.58 | 1.54 | -2.12 |
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Drawdowns
TMF vs. DRN - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than DRN's maximum drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for TMF and DRN.
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Drawdown Indicators
| TMF | DRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -86.32% | -6.57% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -24.28% | -2.23% |
Max Drawdown (3Y)Largest decline over 3 years | -53.47% | -48.26% | -5.21% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -80.58% | -8.23% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -86.32% | -6.57% |
Current DrawdownCurrent decline from peak | -92.71% | -61.82% | -30.89% |
Average DrawdownAverage peak-to-trough decline | -43.98% | -35.27% | -8.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.32% | 10.92% | +2.40% |
Volatility
TMF vs. DRN - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.32%, while Direxion Daily Real Estate Bull 3x Shares (DRN) has a volatility of 14.03%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than DRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | DRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 14.03% | -6.71% |
Volatility (6M)Calculated over the trailing 6-month period | 19.81% | 33.15% | -13.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.58% | 42.57% | -14.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 56.85% | -10.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 60.80% | -17.08% |
TMF vs. DRN - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than DRN's 0.99% expense ratio.
Dividends
TMF vs. DRN - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.48%, more than DRN's 1.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DRN Direxion Daily Real Estate Bull 3x Shares | 1.84% | 2.81% | 2.24% | 2.84% | 2.70% | 4.21% | 1.90% | 2.59% | 3.11% | 0.91% |
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 DRN have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRN has higher volatility (14.03%) compared to TMF (7.32%). In terms of maximum drawdown, TMF dropped -92.89% vs DRN's -86.32%.
On 10-year performance, DRN leads with -6.51% vs -18.08% for TMF. On fees, DRN is cheaper at 0.99% 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, DRN has performed better with a -6.51% return vs -18.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DRN is cheaper with a 0.99% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.48%, compared with 1.84% for DRN.
TMF is categorized as Leveraged Bonds, while DRN is REIT. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while DRN tracks MSCI US REIT Index (300%). Their fees differ too: 1.01% for TMF and 0.99% for DRN.
DRN currently has the higher Sharpe Ratio (0.40 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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