TMF vs. NRGU

Last updated Jun 13, 2026

TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while NRGU is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Oil Index (-300%). Both are passively managed. Over the past year, TMF returned -4.90% vs 107.84% for NRGU. At a correlation of -0.15, they often move in opposite directions. TMF charges 1.01%/yr vs 0.95%/yr for NRGU.

Performance

TMF vs. NRGU - 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 MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMF achieves a -5.18% return, which is significantly lower than NRGU's 110.06% return.

TMF

• 1D: -0.93%
• 1M: 3.29%
• YTD: -5.18%
• 6M: -5.04%
• 1Y: -4.90%
• 3Y*: -19.82%
• 5Y*: -31.10%
• 10Y*: -16.87%

NRGU

• 1D: 2.51%
• 1M: 2.05%
• YTD: 110.06%
• 6M: 87.26%
• 1Y: 107.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMF vs. NRGU - Yearly Performance Comparison

	2026 (YTD)	2025
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-5.18%	-4.80%
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	110.06%	-30.00%

Correlation

The correlation between TMF and NRGU is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.24
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	-0.15

TMF vs. NRGU - Sectors Allocation Comparison

Sectors	TMF	NRGU
Financial Services	18.4%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

TMF vs. NRGU — 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

NRGU

NRGU Risk / Return Rank: 48
NRGU Sharpe Ratio Rank: 47
NRGU Sortino Ratio Rank: 44
NRGU Omega Ratio Rank: 43
NRGU Calmar Ratio Rank: 62
NRGU Martin Ratio Rank: 45

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. NRGU - 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 MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). 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	NRGU	Difference
Sharpe ratio: Return per unit of total volatility	-0.17	1.44	-1.61
Sortino ratio: Return per unit of downside risk	-0.05	1.98	-2.04
Omega ratio: Gain probability vs. loss probability	0.99	1.24	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.19	2.71	-2.90
Martin ratio: Return relative to average drawdown	-0.41	6.55	-6.96

TMF vs. NRGU - Sharpe Ratio Comparison

The current TMF Sharpe Ratio is -0.17, which is lower than the NRGU Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of TMF and NRGU, 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. NRGU - Drawdown Comparison

The maximum TMF drawdown since its inception was -92.89%, which is greater than NRGU's maximum drawdown of -57.50%. Use the drawdown chart below to compare losses from any high point for TMF and NRGU.

Drawdown Indicators

	TMF	NRGU	Difference
Max Drawdown Largest peak-to-trough decline	-92.89%	-57.50%	-35.39%
Max Drawdown (1Y) Largest decline over 1 year	-26.51%	-39.95%	+13.44%
Max Drawdown (3Y) Largest decline over 3 years	-56.31%	—	—
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	-92.15%	-27.55%	-64.60%
Average Drawdown Average peak-to-trough decline	-43.70%	-25.35%	-18.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.96%	16.54%	-4.58%

Volatility

TMF vs. NRGU - Volatility Comparison

The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 8.43%, while MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) has a volatility of 27.12%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than NRGU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMF	NRGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.43%	27.12%	-18.69%
Volatility (6M) Calculated over the trailing 6-month period	19.46%	62.47%	-43.01%
Volatility (1Y) Calculated over the trailing 1-year period	28.49%	75.30%	-46.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.72%	88.96%	-42.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.92%	88.96%	-45.04%

TMF vs. NRGU - Expense Ratio Comparison

TMF has a 1.01% expense ratio, which is higher than NRGU's 0.95% expense ratio.

Dividends

TMF vs. NRGU - Dividend Comparison

TMF's dividend yield for the trailing twelve months is around 4.11%, while NRGU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	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	4.11%	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 NRGU in my portfolio?

TMF and NRGU have a correlation of -0.24, 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 NRGU?

NRGU has higher volatility (27.12%) compared to TMF (8.43%). In terms of maximum drawdown, TMF dropped -92.89% vs NRGU's -57.50%.

Which ETF is better, TMF or NRGU?

On 1-year performance, NRGU leads with 107.84% vs -4.90% for TMF. On fees, NRGU is cheaper at 0.95% 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.

Which ETF has performed better, TMF or NRGU?

Over the 1-year period, NRGU has performed better with a 107.84% return vs -4.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMF or NRGU?

NRGU is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.

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

TMF has the higher dividend yield at 4.11%, compared with 0.00% for NRGU.

What is the main difference between TMF and NRGU?

TMF is categorized as Leveraged Bonds, while NRGU is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while NRGU tracks Solactive MicroSectors U.S. Big Oil Index (-300%). They also come from different issuers: Direxion and BMO. Their fees differ too: 1.01% for TMF and 0.95% for NRGU.

Which has better risk-adjusted returns?

NRGU currently has the higher Sharpe Ratio (1.44 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.