TMF vs. DUSL
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and DUSL (Direxion Daily Industrials 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 DUSL is a Leveraged Equities fund tracking the Industrials Select Sector Index (300%). Both are passively managed. Over the past 5 years, TMF returned -34.00%/yr vs 20.68%/yr for DUSL. At a correlation of -0.10, they often move in opposite directions. Both charge a 1.01% expense ratio.
Performance
TMF vs. DUSL - 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 DUSL's 38.07% 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%
DUSL
- 1D
- 0.88%
- 1M
- -4.61%
- 6M
- 19.61%
- YTD
- 38.07%
- 1Y
- 44.62%
- 3Y*
- 39.89%
- 5Y*
- 20.68%
- 10Y*
- —
- ALL TIME*
- 18.32%
TMF vs. DUSL - 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% | 14.73% |
DUSL Direxion Daily Industrials Bull 3X Shares | 38.07% | 37.50% | 34.75% | 37.23% | -31.17% | 60.72% | -19.77% | 90.70% | -46.28% | 47.58% |
Correlation
The correlation between TMF and DUSL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since May 3, 2017 | -0.10 |
The correlation between TMF and DUSL shifts across timeframes, from -0.10 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. DUSL — Risk / Return Rank
TMF
DUSL
TMF vs. DUSL - 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 Industrials Bull 3X Shares (DUSL). 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 | DUSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.17 | ||
| Sortino ratioReturn per unit of downside risk | -1.68 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.17 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 1.33 | -1.62 |
| Martin ratioReturn relative to average drawdown | -0.58 | 4.30 | -4.87 |
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Drawdowns
TMF vs. DUSL - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than DUSL's maximum drawdown of -85.74%. Use the drawdown chart below to compare losses from any high point for TMF and DUSL.
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Drawdown Indicators
| TMF | DUSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -85.74% | -7.15% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -33.68% | +7.17% |
Max Drawdown (3Y)Largest decline over 3 years | -53.47% | -50.86% | -2.61% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -58.43% | -30.38% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | — | — |
Current DrawdownCurrent decline from peak | -92.71% | -11.44% | -81.27% |
Average DrawdownAverage peak-to-trough decline | -43.98% | -21.79% | -22.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.32% | 10.41% | +2.91% |
Volatility
TMF vs. DUSL - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.32%, while Direxion Daily Industrials Bull 3X Shares (DUSL) has a volatility of 15.26%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than DUSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | DUSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 15.26% | -7.94% |
Volatility (6M)Calculated over the trailing 6-month period | 19.81% | 41.96% | -22.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.58% | 50.70% | -23.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 52.85% | -6.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 61.54% | -17.82% |
TMF vs. DUSL - Expense Ratio Comparison
Both TMF and DUSL have an expense ratio of 1.01%.
Dividends
TMF vs. DUSL - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.48%, less than DUSL's 8.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DUSL Direxion Daily Industrials Bull 3X Shares | 8.18% | 11.39% | 6.61% | 1.28% | 0.66% | 0.07% | 0.48% | 1.01% | 1.46% | 0.57% |
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 DUSL have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUSL has higher volatility (15.26%) compared to TMF (7.32%). In terms of maximum drawdown, TMF dropped -92.89% vs DUSL's -85.74%.
On 5-year performance, DUSL leads with 20.68% vs -34.00% for TMF. Both ETFs have the same 1.01% expense ratio. 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 5-year period, DUSL has performed better with a 20.68% return vs -34.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF and DUSL have the same expense ratio: 1.01% per year.
DUSL has the higher dividend yield at 8.18%, compared with 4.48% for TMF.
TMF is categorized as Leveraged Bonds, while DUSL is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while DUSL tracks Industrials Select Sector Index (300%).
DUSL currently has the higher Sharpe Ratio (0.88 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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