TMF vs. GSG
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, TMF returned -18.10%/yr vs 8.03%/yr for GSG. Their -0.22 correlation means they have often moved in opposite directions in the past. TMF charges 1.01%/yr vs 0.75%/yr for GSG.
Performance
TMF vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -13.43% return, which is significantly lower than GSG's 32.52% return. Over the past 10 years, TMF has underperformed GSG with an annualized return of -18.10%, while GSG has yielded a comparatively higher 8.03% annualized return.
TMF
- 1D
- 0.70%
- 1M
- -8.20%
- 6M
- -11.46%
- YTD
- -13.43%
- 1Y
- -16.55%
- 3Y*
- -18.06%
- 5Y*
- -33.81%
- 10Y*
- -18.10%
- ALL TIME*
- -6.47%
GSG
- 1D
- 0.36%
- 1M
- 5.78%
- 6M
- 21.95%
- YTD
- 32.52%
- 1Y
- 37.47%
- 3Y*
- 12.51%
- 5Y*
- 14.20%
- 10Y*
- 8.03%
- ALL TIME*
- -2.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $18.96M | $16.42M | $22.87M | |
| $174.56M | $137.48M | $128.85M |
TMF vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -13.43% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.52% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between TMF and GSG is -0.39, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.39 |
Correlation (3Y) Balances recent behavior with more history. | -0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.15 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.17 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.22 |
The correlation between TMF and GSG shifts across timeframes, from -0.39 (1 year) to -0.15 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. GSG — Risk / Return Rank
TMF
GSG
TMF vs. GSG - 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 S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.15 | ||
| Sortino ratioReturn per unit of downside risk | -2.84 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.27 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.58 | 2.00 | -2.58 |
| Martin ratioReturn relative to average drawdown | -1.16 | 6.32 | -7.48 |
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Drawdowns
TMF vs. GSG - Drawdown Comparison
The maximum TMF drawdown since its inception was -93.10%, roughly equal to the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for TMF and GSG.
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Drawdown Indicators
| TMF | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.10% | -89.62% | -3.48% |
Max Drawdown (1Y)Largest decline over 1 year | -28.69% | -18.81% | -9.88% |
Max Drawdown (3Y)Largest decline over 3 years | -50.64% | -18.81% | -31.83% |
Max Drawdown (5Y)Largest decline over 5 years | -89.14% | -29.12% | -60.02% |
Max Drawdown (10Y)Largest decline over 10 years | -93.10% | -57.64% | -35.46% |
Current DrawdownCurrent decline from peak | -92.83% | -59.99% | -32.84% |
Average DrawdownAverage peak-to-trough decline | -44.10% | -63.67% | +19.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.40% | 5.94% | +8.46% |
Volatility
TMF vs. GSG - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.36%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 8.99%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.36% | 8.99% | -1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 20.07% | 21.89% | -1.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.13% | 24.44% | +2.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.38% | 22.90% | +23.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.69% | 22.08% | +21.61% |
TMF vs. GSG - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
TMF vs. GSG - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.56%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 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 | 4.56% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
TMF and GSG 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.
GSG has higher volatility (8.99%) compared to TMF (7.36%). In terms of maximum drawdown, TMF dropped -93.10% vs GSG's -89.62%.
On 10-year performance, GSG leads with 8.03% vs -18.10% for TMF. On fees, GSG is cheaper at 0.75% per year. On volatility, TMF has been the lower-risk option at 7.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSG has performed better with a 8.03% return vs -18.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.56%, compared with 0.00% for GSG.
TMF is categorized as Leveraged Bonds, while GSG is Commodities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.01% for TMF and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.54 vs -0.61), 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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