TMF vs. HIBL
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and HIBL (Direxion Daily S&P 500 High Beta 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 HIBL is a Leveraged Equities fund tracking the S&P 500 High Beta Index (300%). Both are passively managed. Over the past 5 years, TMF returned -34.00%/yr vs 13.07%/yr for HIBL. At a correlation of -0.06, they often move in opposite directions. TMF charges 1.01%/yr vs 1.12%/yr for HIBL.
Performance
TMF vs. HIBL - 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 HIBL's 59.83% 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%
HIBL
- 1D
- 10.51%
- 1M
- -19.93%
- 6M
- 50.26%
- YTD
- 59.83%
- 1Y
- 119.45%
- 3Y*
- 38.71%
- 5Y*
- 13.07%
- 10Y*
- —
- ALL TIME*
- 17.86%
TMF vs. HIBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -11.93% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | -5.89% |
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares | 59.83% | 60.38% | -0.40% | 81.02% | -68.24% | 129.14% | -24.96% | 19.23% |
Correlation
The correlation between TMF and HIBL is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | -0.06 |
The correlation between TMF and HIBL shifts across timeframes, from -0.06 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. HIBL — Risk / Return Rank
TMF
HIBL
TMF vs. HIBL - 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 S&P 500 High Beta Bull 3X Shares (HIBL). 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 | HIBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.84 | ||
| Sortino ratioReturn per unit of downside risk | -2.27 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.26 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 3.83 | -4.12 |
| Martin ratioReturn relative to average drawdown | -0.58 | 11.56 | -12.13 |
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Drawdowns
TMF vs. HIBL - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than HIBL's maximum drawdown of -88.27%. Use the drawdown chart below to compare losses from any high point for TMF and HIBL.
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Drawdown Indicators
| TMF | HIBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -88.27% | -4.62% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -31.39% | +4.88% |
Max Drawdown (3Y)Largest decline over 3 years | -53.47% | -69.66% | +16.19% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -81.58% | -7.23% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | — | — |
Current DrawdownCurrent decline from peak | -92.71% | -23.42% | -69.29% |
Average DrawdownAverage peak-to-trough decline | -43.98% | -43.61% | -0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.32% | 10.38% | +2.94% |
Volatility
TMF vs. HIBL - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.32%, while Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) has a volatility of 30.74%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than HIBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | HIBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 30.74% | -23.42% |
Volatility (6M)Calculated over the trailing 6-month period | 19.81% | 64.08% | -44.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.58% | 77.09% | -49.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 83.45% | -37.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 92.50% | -48.78% |
TMF vs. HIBL - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is lower than HIBL's 1.12% expense ratio.
Dividends
TMF vs. HIBL - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.48%, more than HIBL's 1.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares | 1.42% | 2.43% | 0.82% | 0.69% | 0.00% | 0.06% | 0.19% | 0.19% | 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 HIBL have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBL has higher volatility (30.74%) compared to TMF (7.32%). In terms of maximum drawdown, TMF dropped -92.89% vs HIBL's -88.27%.
On 5-year performance, HIBL leads with 13.07% vs -34.00% for TMF. On fees, TMF is cheaper at 1.01% 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, HIBL has performed better with a 13.07% return vs -34.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.12% for HIBL.
TMF has the higher dividend yield at 4.48%, compared with 1.42% for HIBL.
TMF is categorized as Leveraged Bonds, while HIBL is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while HIBL tracks S&P 500 High Beta Index (300%). Their fees differ too: 1.01% for TMF and 1.12% for HIBL.
HIBL currently has the higher Sharpe Ratio (1.56 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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