TMF vs. LABU
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and LABU (Direxion Daily S&P Biotech 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 LABU is a Leveraged Equities fund tracking the S&P Biotechnology Select Industry Index (300%). Both are passively managed. Over the past 10 years, TMF returned -18.08%/yr vs -9.42%/yr for LABU. At a correlation of -0.03, they often move in opposite directions. TMF charges 1.01%/yr vs 0.96%/yr for LABU.
Performance
TMF vs. LABU - 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 LABU's 66.91% return. Over the past 10 years, TMF has underperformed LABU with an annualized return of -18.08%, while LABU has yielded a comparatively higher -9.42% 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%
LABU
- 1D
- 6.80%
- 1M
- 28.60%
- 6M
- 56.58%
- YTD
- 66.91%
- 1Y
- 332.58%
- 3Y*
- 29.63%
- 5Y*
- -26.04%
- 10Y*
- -9.42%
- ALL TIME*
- -19.54%
TMF vs. LABU - 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% |
LABU Direxion Daily S&P Biotech Bull 3x Shares | 66.91% | 79.17% | -26.02% | -13.41% | -80.36% | -64.15% | 74.66% | 75.50% | -57.61% | 149.12% |
Correlation
The correlation between TMF and LABU is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since May 28, 2015 | -0.03 |
The correlation between TMF and LABU shifts across timeframes, from -0.03 (all time) to 0.23 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. LABU — Risk / Return Rank
TMF
LABU
TMF vs. LABU - 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 Biotech Bull 3x Shares (LABU). 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 | LABU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.50 | ||
| Sortino ratioReturn per unit of downside risk | -3.87 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.44 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 10.92 | -11.21 |
| Martin ratioReturn relative to average drawdown | -0.58 | 29.77 | -30.35 |
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Drawdowns
TMF vs. LABU - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, smaller than the maximum LABU drawdown of -99.18%. Use the drawdown chart below to compare losses from any high point for TMF and LABU.
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Drawdown Indicators
| TMF | LABU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -99.18% | +6.29% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -30.70% | +4.19% |
Max Drawdown (3Y)Largest decline over 3 years | -53.47% | -78.30% | +24.83% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -97.36% | +8.55% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -98.96% | +6.07% |
Current DrawdownCurrent decline from peak | -92.71% | -94.12% | +1.41% |
Average DrawdownAverage peak-to-trough decline | -43.98% | -81.80% | +37.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.32% | 11.23% | +2.09% |
Volatility
TMF vs. LABU - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.32%, while Direxion Daily S&P Biotech Bull 3x Shares (LABU) has a volatility of 25.93%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than LABU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | LABU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 25.93% | -18.61% |
Volatility (6M)Calculated over the trailing 6-month period | 19.81% | 63.96% | -44.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.58% | 79.49% | -51.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 96.11% | -49.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 95.24% | -51.52% |
TMF vs. LABU - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than LABU's 0.96% expense ratio.
Dividends
TMF vs. LABU - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.48%, more than LABU's 0.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
LABU Direxion Daily S&P Biotech Bull 3x Shares | 0.38% | 0.84% | 0.35% | 0.35% | 0.00% | 0.00% | 0.00% | 0.28% | 0.64% | 0.17% |
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 LABU have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABU has higher volatility (25.93%) compared to TMF (7.32%). In terms of maximum drawdown, TMF dropped -92.89% vs LABU's -99.18%.
On 10-year performance, LABU leads with -9.42% vs -18.08% for TMF. On fees, LABU is cheaper at 0.96% 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, LABU has performed better with a -9.42% return vs -18.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LABU is cheaper with a 0.96% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.48%, compared with 0.38% for LABU.
TMF is categorized as Leveraged Bonds, while LABU is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while LABU tracks S&P Biotechnology Select Industry Index (300%). Their fees differ too: 1.01% for TMF and 0.96% for LABU.
LABU currently has the higher Sharpe Ratio (4.22 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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