TMF vs. MUU

Last updated Aug 4, 2026

TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily). Both are passively managed. Over the past year, TMF returned -17.67% vs 2844.73% for MUU. Their 0.02 correlation means their historical movements had little consistent relationship. Both charge a 1.01% expense ratio.

Performance

TMF vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMF achieves a -15.88% return, which is significantly lower than MUU's 378.90% return.

TMF

• 1D: 0.95%
• 1M: -11.21%
• 6M: -14.16%
• YTD: -15.88%
• 1Y: -17.67%
• 3Y*: -18.84%
• 5Y*: -35.05%
• 10Y*: -18.33%
• ALL TIME*: -6.63%

MUU

• 1D: 1.35%
• 1M: -35.62%
• 6M: 114.51%
• YTD: 378.90%
• 1Y: 2,844.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 419.02%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MUU Direxion Daily MU Bull 2X Shares	$1.54B	$1.50B	$2.29B
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	$168.22M	$133.63M	$127.70M

TMF vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-15.88%	-2.94%	-21.82%
MUU Direxion Daily MU Bull 2X Shares	378.90%	599.03%	-40.91%

Correlation

The correlation between TMF and MUU is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.03
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.02

Return for Risk

TMF vs. MUU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TMF

TMF Risk / Return Rank: 4
TMF Sharpe Ratio Rank: 4
TMF Sortino Ratio Rank: 4
TMF Omega Ratio Rank: 4
TMF Calmar Ratio Rank: 4
TMF Martin Ratio Rank: 3

MUU

MUU Risk / Return Rank: 98
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 96
MUU Calmar Ratio Rank: 99
MUU Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TMF vs. MUU - 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 MU Bull 2X Shares (MUU). 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	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	17.89	-18.55
Sortino ratio: Return per unit of downside risk	-0.80	4.98	-5.79
Omega ratio: Gain probability vs. loss probability	0.91	1.63	-0.71
Calmar ratio: Return relative to maximum drawdown	-0.62	42.38	-43.00
Martin ratio: Return relative to average drawdown	-1.25	138.45	-139.70

TMF vs. MUU - Sharpe Ratio Comparison

The current TMF Sharpe Ratio is -0.66, which is lower than the MUU Sharpe Ratio of 17.89. The chart below compares the historical Sharpe Ratios of TMF and MUU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TMF vs. MUU - Drawdown Comparison

The maximum TMF drawdown since its inception was -93.10%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for TMF and MUU.

Drawdown Indicators

	TMF	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-93.10%	-75.07%	-18.03%
Max Drawdown (1Y) Largest decline over 1 year	-28.69%	-68.07%	+39.38%
Max Drawdown (3Y) Largest decline over 3 years	-50.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.14%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-93.10%	—	—
Current Drawdown Current decline from peak	-93.04%	-60.98%	-32.06%
Average Drawdown Average peak-to-trough decline	-44.08%	-24.42%	-19.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.21%	20.79%	-6.58%

Volatility

TMF vs. MUU - Volatility Comparison

The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.36%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 61.31%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than MUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMF	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.36%	61.31%	-53.95%
Volatility (6M) Calculated over the trailing 6-month period	19.96%	133.76%	-113.80%
Volatility (1Y) Calculated over the trailing 1-year period	27.08%	161.53%	-134.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.37%	146.55%	-100.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.71%	146.55%	-102.84%

TMF vs. MUU - Expense Ratio Comparison

Both TMF and MUU have an expense ratio of 1.01%.

Dividends

TMF vs. MUU - Dividend Comparison

TMF's dividend yield for the trailing twelve months is around 4.69%, more than MUU's 1.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUU Direxion Daily MU Bull 2X Shares	1.42%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	4.69%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

Can I hold both TMF and MUU in my portfolio?

TMF and MUU have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMF or MUU?

MUU has higher volatility (61.31%) compared to TMF (7.36%). In terms of maximum drawdown, TMF dropped -93.10% vs MUU's -75.07%.

Which ETF is better, TMF or MUU?

On 1-year performance, MUU leads with 2844.73% vs -17.67% for TMF. Both ETFs have the same 1.01% expense ratio. On volatility, TMF has been the lower-risk option at 7.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMF or MUU?

Over the 1-year period, MUU has performed better with a 2844.73% return vs -17.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMF or MUU?

TMF and MUU have the same expense ratio: 1.01% per year.

Which ETF pays a higher dividend yield, TMF or MUU?

TMF has the higher dividend yield at 4.69%, compared with 1.42% for MUU.

What is the main difference between TMF and MUU?

TMF is categorized as Leveraged Bonds, while MUU is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while MUU tracks Micron Technology, Inc. (200% Daily).

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (17.89 vs -0.66), 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.