TMF vs. PFFL
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index. Both are passively managed. Over the past 5 years, TMF returned -30.52%/yr vs -5.89%/yr for PFFL. At a 0.24 correlation, their price movements are largely independent. TMF charges 1.01%/yr vs 0.85%/yr for PFFL.
Performance
TMF vs. PFFL - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -6.13% return, which is significantly lower than PFFL's 0.10% return.
TMF
- 1D
- -1.14%
- 1M
- 1.22%
- YTD
- -6.13%
- 6M
- -11.63%
- 1Y
- 0.90%
- 3Y*
- -20.78%
- 5Y*
- -30.52%
- 10Y*
- -16.56%
PFFL
- 1D
- -0.99%
- 1M
- -1.06%
- YTD
- 0.10%
- 6M
- 0.21%
- 1Y
- 8.48%
- 3Y*
- 3.14%
- 5Y*
- -5.89%
- 10Y*
- —
TMF vs. PFFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -6.13% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | 11.39% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 0.10% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -11.05% |
Correlation
The correlation between TMF and PFFL is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.24 |
The correlation between TMF and PFFL shifts across timeframes, from 0.24 (all time) to 0.39 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. PFFL — Risk / Return Rank
TMF
PFFL
TMF vs. PFFL - 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 ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL). 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.
| TMF | PFFL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.11 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | 0.71 | -0.68 |
| Martin ratioReturn relative to average drawdown | 0.08 | 1.76 | -1.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TMF | PFFL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.03 | 0.50 | -0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | -0.25 | -0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.38 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.14 | -0.07 | -0.07 |
Drawdowns
TMF vs. PFFL - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than PFFL's maximum drawdown of -80.68%. Use the drawdown chart below to compare losses from any high point for TMF and PFFL.
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Drawdown Indicators
| TMF | PFFL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -80.68% | -12.21% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -11.92% | -14.59% |
Max Drawdown (3Y)Largest decline over 3 years | -56.31% | -23.75% | -32.56% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -48.51% | -40.30% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | — | — |
Current DrawdownCurrent decline from peak | -92.23% | -38.34% | -53.89% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -28.54% | -15.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.49% | 4.84% | +6.65% |
Volatility
TMF vs. PFFL - Volatility Comparison
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a higher volatility of 8.09% compared to ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) at 3.83%. This indicates that TMF's price experiences larger fluctuations and is considered to be riskier than PFFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | PFFL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.09% | 3.83% | +4.26% |
Volatility (6M)Calculated over the trailing 6-month period | 19.01% | 10.33% | +8.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.76% | 16.91% | +11.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.75% | 23.62% | +23.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.92% | 55.35% | -11.43% |
TMF vs. PFFL - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than PFFL's 0.85% expense ratio.
Dividends
TMF vs. PFFL - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.15%, less than PFFL's 12.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.44% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% | 0.00% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.15% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
TMF and PFFL have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (8.09%) compared to PFFL (3.83%). In terms of maximum drawdown, TMF dropped -92.89% vs PFFL's -80.68%.
On 5-year performance, PFFL leads with -5.89% vs -30.52% for TMF. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFL has been the lower-risk option at 3.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PFFL has performed better with a -5.89% return vs -30.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 1.01% for TMF.
PFFL has the higher dividend yield at 12.44%, compared with 4.15% for TMF.
TMF is categorized as Leveraged Bonds, while PFFL is Preferred Stock/Convertible Bonds. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while PFFL tracks Solactive Preferred Stock ETF Index. They also come from different issuers: Direxion and UBS. Their fees differ too: 1.01% for TMF and 0.85% for PFFL.
PFFL currently has the higher Sharpe Ratio (0.50 vs 0.03), 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.
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