TMF vs. GDXU
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index. Both are passively managed. Over the past 5 years, TMF returned -34.00%/yr vs -11.66%/yr for GDXU. At a 0.18 correlation, their price movements are largely independent. TMF charges 1.01%/yr vs 0.95%/yr for GDXU.
Performance
TMF vs. GDXU - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -11.93% return, which is significantly higher than GDXU's -68.01% 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%
GDXU
- 1D
- 15.40%
- 1M
- -31.80%
- 6M
- -80.76%
- YTD
- -68.01%
- 1Y
- 4.23%
- 3Y*
- 23.50%
- 5Y*
- -11.66%
- 10Y*
- —
- ALL TIME*
- -18.29%
TMF vs. GDXU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -11.93% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 2.93% |
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | -68.01% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.32% |
Correlation
The correlation between TMF and GDXU is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.18 |
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Return for Risk
TMF vs. GDXU — Risk / Return Rank
TMF
GDXU
TMF vs. GDXU - 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 MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU). 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 | GDXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.31 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.14 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 0.05 | -0.34 |
| Martin ratioReturn relative to average drawdown | -0.58 | 0.09 | -0.67 |
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Drawdowns
TMF vs. GDXU - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, roughly equal to the maximum GDXU drawdown of -94.39%. Use the drawdown chart below to compare losses from any high point for TMF and GDXU.
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Drawdown Indicators
| TMF | GDXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -94.39% | +1.50% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -87.14% | +60.63% |
Max Drawdown (3Y)Largest decline over 3 years | -53.47% | -87.14% | +33.67% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -91.30% | +2.49% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | — | — |
Current DrawdownCurrent decline from peak | -92.71% | -85.15% | -7.56% |
Average DrawdownAverage peak-to-trough decline | -43.98% | -70.00% | +26.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.32% | 46.28% | -32.96% |
Volatility
TMF vs. GDXU - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.32%, while MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a volatility of 38.61%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than GDXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | GDXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 38.61% | -31.29% |
Volatility (6M)Calculated over the trailing 6-month period | 19.81% | 127.15% | -107.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.58% | 146.85% | -119.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 113.16% | -66.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 111.49% | -67.77% |
TMF vs. GDXU - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than GDXU's 0.95% expense ratio.
Dividends
TMF vs. GDXU - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.48%, while GDXU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 GDXU have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXU has higher volatility (38.61%) compared to TMF (7.32%). In terms of maximum drawdown, TMF dropped -92.89% vs GDXU's -94.39%.
On 5-year performance, GDXU leads with -11.66% vs -34.00% for TMF. On fees, GDXU is cheaper at 0.95% 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 5-year period, GDXU has performed better with a -11.66% return vs -34.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXU is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.48%, compared with 0.00% for GDXU.
TMF is categorized as Leveraged Bonds, while GDXU is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while GDXU tracks S-Network MicroSectors Gold Miners Index. They also come from different issuers: Direxion and BMO. Their fees differ too: 1.01% for TMF and 0.95% for GDXU.
GDXU currently has the higher Sharpe Ratio (0.03 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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