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 -34.00%/yr vs 14.21%/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 -11.93% return, which is significantly lower than MEXX's 16.20% 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%
MEXX
- 1D
- 2.93%
- 1M
- -7.13%
- 6M
- -5.96%
- YTD
- 16.20%
- 1Y
- 81.68%
- 3Y*
- 0.62%
- 5Y*
- 14.21%
- 10Y*
- —
- ALL TIME*
- -5.78%
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 | -11.93% | -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 | 16.20% | 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 | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
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 | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.08 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.23 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 2.12 | -2.41 |
| Martin ratioReturn relative to average drawdown | -0.58 | 5.39 | -5.97 |
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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 | -53.47% | -74.92% | +21.45% |
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 | -92.71% | -57.73% | -34.98% |
Average DrawdownAverage peak-to-trough decline | -43.98% | -65.40% | +21.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.32% | 15.20% | -1.88% |
Volatility
TMF vs. MEXX - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.32%, while Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) has a volatility of 14.98%. 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 | 7.32% | 14.98% | -7.66% |
Volatility (6M)Calculated over the trailing 6-month period | 19.81% | 54.20% | -34.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.58% | 65.00% | -37.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 66.97% | -20.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 74.24% | -30.52% |
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 4.48%, more than MEXX's 1.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MEXX Direxion Daily MSCI Mexico Bull 3X Shares | 1.45% | 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 | 4.48% | 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 (14.98%) compared to TMF (7.32%). In terms of maximum drawdown, TMF dropped -92.89% vs MEXX's -95.58%.
On 5-year performance, MEXX leads with 14.21% 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, MEXX has performed better with a 14.21% 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 1.21% for MEXX.
TMF has the higher dividend yield at 4.48%, compared with 1.45% 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 (1.26 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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