TMF vs. MIDU
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and MIDU (Direxion Daily Mid Cap 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 MIDU is a Leveraged Equities fund tracking the S&P MidCap 400 Index (300%). Both are passively managed. Over the past 10 years, TMF returned -18.08%/yr vs 11.03%/yr for MIDU. At a correlation of -0.24, they often move in opposite directions. TMF charges 1.01%/yr vs 1.06%/yr for MIDU.
Performance
TMF vs. MIDU - 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 MIDU's 38.50% return. Over the past 10 years, TMF has underperformed MIDU with an annualized return of -18.08%, while MIDU has yielded a comparatively higher 11.03% 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%
MIDU
- 1D
- 3.00%
- 1M
- -1.49%
- 6M
- 21.86%
- YTD
- 38.50%
- 1Y
- 50.44%
- 3Y*
- 17.97%
- 5Y*
- 4.79%
- 10Y*
- 11.03%
- ALL TIME*
- 21.96%
TMF vs. MIDU - 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% |
MIDU Direxion Daily Mid Cap Bull 3X Shares | 38.50% | -2.75% | 20.32% | 27.79% | -49.27% | 72.89% | -18.31% | 77.38% | -39.21% | 46.86% |
Correlation
The correlation between TMF and MIDU is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.24 |
The correlation between TMF and MIDU shifts across timeframes, from -0.24 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. MIDU — Risk / Return Rank
TMF
MIDU
TMF vs. MIDU - 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 Mid Cap Bull 3X Shares (MIDU). 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 | MIDU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.36 | ||
| Sortino ratioReturn per unit of downside risk | -1.92 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.20 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 1.96 | -2.25 |
| Martin ratioReturn relative to average drawdown | -0.58 | 6.42 | -7.00 |
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Drawdowns
TMF vs. MIDU - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than MIDU's maximum drawdown of -86.26%. Use the drawdown chart below to compare losses from any high point for TMF and MIDU.
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Drawdown Indicators
| TMF | MIDU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -86.26% | -6.63% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -25.80% | -0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -53.47% | -60.41% | +6.94% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -64.14% | -24.67% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -86.26% | -6.63% |
Current DrawdownCurrent decline from peak | -92.71% | -6.39% | -86.32% |
Average DrawdownAverage peak-to-trough decline | -43.98% | -22.30% | -21.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.32% | 7.88% | +5.44% |
Volatility
TMF vs. MIDU - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.32%, while Direxion Daily Mid Cap Bull 3X Shares (MIDU) has a volatility of 10.37%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than MIDU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | MIDU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 10.37% | -3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 19.81% | 34.84% | -15.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.58% | 47.10% | -19.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 59.24% | -12.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 63.47% | -19.75% |
TMF vs. MIDU - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is lower than MIDU's 1.06% expense ratio.
Dividends
TMF vs. MIDU - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.48%, more than MIDU's 0.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MIDU Direxion Daily Mid Cap Bull 3X Shares | 0.51% | 1.04% | 1.10% | 1.43% | 0.11% | 0.00% | 0.06% | 0.71% | 0.70% | 2.67% | 1.89% |
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% | 0.00% |
Frequently Asked Questions
TMF and MIDU have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MIDU has higher volatility (10.37%) compared to TMF (7.32%). In terms of maximum drawdown, TMF dropped -92.89% vs MIDU's -86.26%.
On 10-year performance, MIDU leads with 11.03% vs -18.08% 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 10-year period, MIDU has performed better with a 11.03% return vs -18.08%. 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 1.06% for MIDU.
TMF has the higher dividend yield at 4.48%, compared with 0.51% for MIDU.
TMF is categorized as Leveraged Bonds, while MIDU is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while MIDU tracks S&P MidCap 400 Index (300%). Their fees differ too: 1.01% for TMF and 1.06% for MIDU.
MIDU currently has the higher Sharpe Ratio (1.08 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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