TMF vs. PCN

Last updated Aug 6, 2026

TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and PCN (PIMCO Corporate & Income Strategy Fund) are both funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while PCN is a Multisector Bonds fund actively managed by PIMCO. TMF is passively managed, while PCN is actively managed. Over the past 10 years, TMF returned -18.10%/yr vs 6.90%/yr for PCN. Their 0.00 correlation means their historical movements had little consistent relationship. TMF charges 1.01%/yr vs 0.85%/yr for PCN.

Performance

TMF vs. PCN - 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 PIMCO Corporate & Income Strategy Fund (PCN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMF achieves a -13.43% return, which is significantly lower than PCN's -1.76% return. Over the past 10 years, TMF has underperformed PCN with an annualized return of -18.10%, while PCN has yielded a comparatively higher 6.90% annualized return.

TMF

• 1D: 0.70%
• 1M: -8.20%
• 6M: -11.46%
• YTD: -13.43%
• 1Y: -16.55%
• 3Y*: -18.06%
• 5Y*: -33.81%
• 10Y*: -18.10%
• ALL TIME*: -6.47%

PCN

• 1D: 0.69%
• 1M: -0.31%
• 6M: -3.08%
• YTD: -1.76%
• 1Y: 2.94%
• 3Y*: 5.03%
• 5Y*: 0.20%
• 10Y*: 6.90%
• ALL TIME*: 9.56%

*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)
PCN PIMCO Corporate & Income Strategy Fund	$3.44M	$3.69M	$3.65M
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	$174.56M	$137.48M	$128.85M

TMF vs. PCN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-13.43%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	22.72%
PCN PIMCO Corporate & Income Strategy Fund	-1.76%	5.55%	19.52%	16.22%	-22.88%	6.93%	-2.19%	39.10%	-5.94%	26.20%

Correlation

The correlation between TMF and PCN is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.22
Correlation (3Y) Balances recent behavior with more history.	0.24
Correlation (5Y) Shows whether the relationship held over a longer period.	0.21
Correlation (10Y) Provides a long-term view across more market conditions.	0.07
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009	0.00

Over the past year, TMF and PCN have become more correlated (0.22) than their long-term average of 0.00, meaning their price movements have been converging.

Return for Risk

TMF vs. PCN — 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

PCN

PCN Risk / Return Rank: 6
PCN Sharpe Ratio Rank: 6
PCN Sortino Ratio Rank: 6
PCN Omega Ratio Rank: 7
PCN Calmar Ratio Rank: 6
PCN Martin Ratio Rank: 6

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. PCN - 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 PIMCO Corporate & Income Strategy Fund (PCN). 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	PCN	Difference
Sharpe ratio: Return per unit of total volatility	-0.61	0.29	-0.91
Sortino ratio: Return per unit of downside risk	-0.73	0.49	-1.23
Omega ratio: Gain probability vs. loss probability	0.92	1.07	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.58	0.28	-0.86
Martin ratio: Return relative to average drawdown	-1.16	0.71	-1.87

TMF vs. PCN - Sharpe Ratio Comparison

The current TMF Sharpe Ratio is -0.61, which is lower than the PCN Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of TMF and PCN, 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. PCN - Drawdown Comparison

The maximum TMF drawdown since its inception was -93.10%, which is greater than PCN's maximum drawdown of -61.12%. Use the drawdown chart below to compare losses from any high point for TMF and PCN.

Drawdown Indicators

	TMF	PCN	Difference
Max Drawdown Largest peak-to-trough decline	-93.10%	-61.12%	-31.98%
Max Drawdown (1Y) Largest decline over 1 year	-28.69%	-10.40%	-18.29%
Max Drawdown (3Y) Largest decline over 3 years	-50.64%	-22.53%	-28.11%
Max Drawdown (5Y) Largest decline over 5 years	-89.14%	-33.39%	-55.75%
Max Drawdown (10Y) Largest decline over 10 years	-93.10%	-50.27%	-42.83%
Current Drawdown Current decline from peak	-92.83%	-4.33%	-88.50%
Average Drawdown Average peak-to-trough decline	-44.10%	-7.19%	-36.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.40%	4.12%	+10.28%

Volatility

TMF vs. PCN - Volatility Comparison

Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a higher volatility of 7.36% compared to PIMCO Corporate & Income Strategy Fund (PCN) at 2.52%. This indicates that TMF's price experiences larger fluctuations and is considered to be riskier than PCN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMF	PCN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.36%	2.52%	+4.84%
Volatility (6M) Calculated over the trailing 6-month period	20.07%	7.50%	+12.57%
Volatility (1Y) Calculated over the trailing 1-year period	27.13%	10.03%	+17.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.38%	16.18%	+30.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.69%	21.91%	+21.78%

TMF vs. PCN - Expense Ratio Comparison

TMF has a 1.01% expense ratio, which is higher than PCN's 0.85% expense ratio.

Dividends

TMF vs. PCN - Dividend Comparison

TMF's dividend yield for the trailing twelve months is around 4.56%, less than PCN's 11.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCN PIMCO Corporate & Income Strategy Fund	11.49%	10.58%	10.06%	10.88%	12.66%	7.89%	7.83%	7.37%	9.60%	7.85%	11.98%	10.22%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	4.56%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMF and PCN in my portfolio?

TMF and PCN have a correlation of 0.22, 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 PCN?

TMF has higher volatility (7.36%) compared to PCN (2.52%). In terms of maximum drawdown, TMF dropped -93.10% vs PCN's -61.12%.

Which has better risk-adjusted returns?

PCN currently has the higher Sharpe Ratio (0.29 vs -0.61), 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.