TMF vs. MEXX
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and MEXX (Direxion Daily MSCI Mexico 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 MEXX is a Leveraged Equities fund tracking the MSCI Mexico IMI 25-50 Net Total Return USD Index (300%). Both are passively managed. Over the past 5 years, TMF returned -31.10%/yr vs 13.61%/yr for MEXX. At a correlation of -0.02, they often move in opposite directions. TMF charges 1.01%/yr vs 1.21%/yr for MEXX.
Performance
TMF vs. MEXX - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -5.18% return, which is significantly lower than MEXX's 25.40% return.
TMF
- 1D
- -0.93%
- 1M
- 7.62%
- YTD
- -5.18%
- 6M
- -5.04%
- 1Y
- -1.79%
- 3Y*
- -19.82%
- 5Y*
- -31.10%
- 10Y*
- -16.87%
MEXX
- 1D
- 4.13%
- 1M
- 2.32%
- YTD
- 25.40%
- 6M
- 24.32%
- 1Y
- 85.39%
- 3Y*
- 2.29%
- 5Y*
- 13.61%
- 10Y*
- —
TMF vs. MEXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -5.18% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 14.73% |
MEXX Direxion Daily MSCI Mexico Bull 3X Shares | 25.40% | 181.49% | -73.13% | 115.60% | -12.96% | 52.75% | -53.63% | 21.41% | -51.95% | -15.26% |
Correlation
The correlation between TMF and MEXX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since May 3, 2017 | -0.02 |
The correlation between TMF and MEXX shifts across timeframes, from -0.02 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. MEXX — Risk / Return Rank
TMF
MEXX
TMF vs. MEXX - 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 MSCI Mexico Bull 3X Shares (MEXX). 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 | MEXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -1.91 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.23 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | 2.09 | -2.27 |
| Martin ratioReturn relative to average drawdown | -0.41 | 6.10 | -6.51 |
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Drawdowns
TMF vs. MEXX - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, roughly equal to the maximum MEXX drawdown of -95.58%. Use the drawdown chart below to compare losses from any high point for TMF and MEXX.
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Drawdown Indicators
| TMF | MEXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -95.58% | +2.69% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -38.77% | +12.26% |
Max Drawdown (3Y)Largest decline over 3 years | -56.31% | -74.92% | +18.61% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -74.92% | -13.89% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | — | — |
Current DrawdownCurrent decline from peak | -92.15% | -54.38% | -37.77% |
Average DrawdownAverage peak-to-trough decline | -43.70% | -65.49% | +21.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.96% | 13.27% | -1.31% |
Volatility
TMF vs. MEXX - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 8.43%, while Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) has a volatility of 20.29%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than MEXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | MEXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.43% | 20.29% | -11.86% |
Volatility (6M)Calculated over the trailing 6-month period | 19.46% | 54.58% | -35.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.49% | 64.50% | -36.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.72% | 67.05% | -20.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.92% | 74.48% | -30.56% |
TMF vs. MEXX - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is lower than MEXX's 1.21% expense ratio.
Dividends
TMF vs. MEXX - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.11%, more than MEXX's 1.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MEXX Direxion Daily MSCI Mexico Bull 3X Shares | 1.27% | 1.60% | 5.81% | 1.66% | 1.33% | 0.63% | 0.12% | 1.60% | 5.61% | 0.27% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.11% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
TMF and MEXX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MEXX has higher volatility (20.29%) compared to TMF (8.43%). In terms of maximum drawdown, TMF dropped -92.89% vs MEXX's -95.58%.
On 5-year performance, MEXX leads with 13.61% vs -31.10% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 8.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MEXX has performed better with a 13.61% return vs -31.10%. 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 1.21% for MEXX.
TMF has the higher dividend yield at 4.11%, compared with 1.27% for MEXX.
TMF is categorized as Leveraged Bonds, while MEXX is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while MEXX tracks MSCI Mexico IMI 25-50 Net Total Return USD Index (300%). Their fees differ too: 1.01% for TMF and 1.21% for MEXX.
MEXX currently has the higher Sharpe Ratio (1.25 vs -0.17), 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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