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TMF vs. NUGT
Performance
Return for Risk
Dividends
Drawdowns
Volatility

TMF vs. NUGT

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily 20-Year Treasury Bull 3X (TMF) and Direxion Daily Gold Miners Bull 2X Shares (NUGT).

TMF and NUGT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TMF is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (300%). It was launched on Apr 16, 2009. NUGT is a passively managed fund by Direxion that tracks the performance of the NYSE Arca Gold Miners Index (300%). It was launched on Apr 1, 2020. Both TMF and NUGT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TMF vs. NUGT - Performance Comparison

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

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TMF vs. NUGT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TMF
Direxion Daily 20-Year Treasury Bull 3X		-2.78%-2.94%-35.95%-13.01%-72.60%-19.80%39.02%34.75%-11.01%22.72%
NUGT
Direxion Daily Gold Miners Bull 2X Shares		2.59%425.05%2.89%2.60%-32.10%-26.31%-60.16%100.73%-44.52%3.73%

Returns By Period

In the year-to-date period, TMF achieves a -2.78% return, which is significantly lower than NUGT's 2.59% return. Over the past 10 years, TMF has underperformed NUGT with an annualized return of -15.78%, while NUGT has yielded a comparatively higher -1.76% annualized return.

TMF

1D
-0.19%
1M
-13.14%
YTD
-2.78%
6M
-8.60%
1Y
-14.86%
3Y*
-23.40%
5Y*
-29.30%
10Y*
-15.78%

NUGT

1D
14.02%
1M
-39.84%
YTD
2.59%
6M
22.25%
1Y
204.10%
3Y*
67.13%
5Y*
27.67%
10Y*
-1.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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Direxion Daily 20-Year Treasury Bull 3X

Direxion Daily Gold Miners Bull 2X Shares

Often compared with TMF:
TMF vs. TLTTMF vs. TMVTMF vs. UPROTMF vs. TQQQTMF vs. TYDTMF vs. EDVTMF vs. ^TNX
Often compared with NUGT:
NUGT vs. GDXUNUGT vs. UGLNUGT vs. JNUGNUGT vs. GLDNUGT vs. DUSTNUGT vs. SILNUGT vs. JDST

TMF vs. NUGT - Expense Ratio Comparison

TMF has a 1.09% expense ratio, which is lower than NUGT's 1.23% expense ratio.

NUGT
Direxion Daily Gold Miners Bull 2X Shares
TMF
Direxion Daily 20-Year Treasury Bull 3X

Return for Risk

TMF vs. NUGT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TMF
TMF Risk / Return Rank: 55
Overall Rank
TMF Sharpe Ratio Rank: 55
Sharpe Ratio Rank
TMF Sortino Ratio Rank: 55
Sortino Ratio Rank
TMF Omega Ratio Rank: 55
Omega Ratio Rank
TMF Calmar Ratio Rank: 55
Calmar Ratio Rank
TMF Martin Ratio Rank: 77
Martin Ratio Rank
NUGT
NUGT Risk / Return Rank: 9191
Overall Rank
NUGT Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
NUGT Sortino Ratio Rank: 8888
Sortino Ratio Rank
NUGT Omega Ratio Rank: 8787
Omega Ratio Rank
NUGT Calmar Ratio Rank: 9595
Calmar Ratio Rank
NUGT Martin Ratio Rank: 9292
Martin Ratio Rank
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. NUGT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bull 3X (TMF) and Direxion Daily Gold Miners Bull 2X Shares (NUGT). 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.

TMFNUGTDifference

Sharpe ratio

Return per unit of total volatility

-0.44

2.25

-2.69

Sortino ratio

Return per unit of downside risk

-0.41

2.36

-2.76

Omega ratio

Gain probability vs. loss probability

0.95

1.34

-0.39

Calmar ratio

Return relative to maximum drawdown

-0.46

3.92

-4.38

Martin ratio

Return relative to average drawdown

-0.74

12.64

-13.38

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMF vs. NUGT - Sharpe Ratio Comparison

The current TMF Sharpe Ratio is -0.44, which is lower than the NUGT Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of TMF and NUGT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

TMFNUGTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.44

2.25

-2.69

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.63

0.39

-1.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.36

-0.02

-0.34

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.13

-0.33

+0.19

Correlation

The correlation between TMF and NUGT is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TMF vs. NUGT - Dividend Comparison

TMF's dividend yield for the trailing twelve months is around 4.01%, more than NUGT's 0.29% yield.

TTM202520242023202220212020201920182017
TMF
Direxion Daily 20-Year Treasury Bull 3X		4.01%4.06%4.29%2.82%1.62%0.13%2.23%0.94%1.49%0.41%
NUGT
Direxion Daily Gold Miners Bull 2X Shares		0.29%0.22%1.79%1.67%0.70%0.00%0.00%0.63%0.57%0.00%

Drawdowns

TMF vs. NUGT - Drawdown Comparison

The maximum TMF drawdown since its inception was -92.61%, smaller than the maximum NUGT drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for TMF and NUGT.

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Drawdown Indicators

TMFNUGTDifference

Max Drawdown

Largest peak-to-trough decline

-92.61%

-99.97%

+7.36%

Max Drawdown (1Y)

Largest decline over 1 year

-27.13%

-53.58%

+26.45%

Max Drawdown (5Y)

Largest decline over 5 years

-88.37%

-73.79%

-14.58%

Max Drawdown (10Y)

Largest decline over 10 years

-92.61%

-96.91%

+4.30%

Current Drawdown

Current decline from peak

-91.95%

-99.76%

+7.81%

Average Drawdown

Average peak-to-trough decline

-43.13%

-91.43%

+48.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

16.93%

16.61%

+0.32%

Volatility

TMF vs. NUGT - Volatility Comparison

The current volatility for Direxion Daily 20-Year Treasury Bull 3X (TMF) is 10.85%, while Direxion Daily Gold Miners Bull 2X Shares (NUGT) has a volatility of 36.87%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than NUGT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TMFNUGTDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.85%

36.87%

-26.02%

Volatility (6M)

Calculated over the trailing 6-month period

19.51%

77.23%

-57.72%

Volatility (1Y)

Calculated over the trailing 1-year period

33.89%

91.23%

-57.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

46.85%

70.70%

-23.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.00%

89.95%

-45.95%