TMF vs. MUU

Last updated Jun 24, 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. At a 0.00 correlation, their price movements are largely independent. 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

TMF

• 1D: -0.62%
• 1M: 4.96%
• YTD: -4.67%
• 6M: -5.95%
• 1Y: -2.80%
• 3Y*: -21.07%
• 5Y*: -31.33%
• 10Y*: -16.87%

MUU

• 1D: -26.28%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMF vs. MUU - Yearly Performance Comparison

	2026 (YTD)
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	0.54%
MUU Direxion Daily MU Bull 2X Shares	-12.11%

Correlation

The correlation between TMF and MUU is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 16, 2026	0.00

Return for Risk

TMF vs. MUU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TMF

TMF Risk / Return Rank: 8
TMF Sharpe Ratio Rank: 8
TMF Sortino Ratio Rank: 8
TMF Omega Ratio Rank: 8
TMF Calmar Ratio Rank: 8
TMF Martin Ratio Rank: 8

MUU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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	-0.10	—	—
Sortino ratio: Return per unit of downside risk	0.05	—	—
Omega ratio: Gain probability vs. loss probability	1.01	—	—
Calmar ratio: Return relative to maximum drawdown	-0.11	—	—
Martin ratio: Return relative to average drawdown	-0.23	—	—

Drawdowns

TMF vs. MUU - Drawdown Comparison

The maximum TMF drawdown since its inception was -92.89%, which is greater than MUU's maximum drawdown of -26.28%. 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	-92.89%	-26.28%	-66.61%
Max Drawdown (1Y) Largest decline over 1 year	-26.51%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-56.09%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-88.81%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-92.89%	—	—
Current Drawdown Current decline from peak	-92.11%	-26.28%	-65.83%
Average Drawdown Average peak-to-trough decline	-43.76%	-10.19%	-33.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.26%	—	—

Volatility

Volatility by Period

	TMF	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.50%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	27.91%	295.32%	-267.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.59%	295.32%	-248.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.86%	295.32%	-251.46%

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 4.09%, while MUU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUU Direxion Daily MU Bull 2X Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	4.09%	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 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMF or MUU?

Both ETFs have the same 1.01% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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 4.09%, compared with 0.00% 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).