TMF vs. PIT

Last updated Jun 24, 2026

TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and PIT (VanEck Commodity Strategy ETF) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while PIT is a Commodities fund actively managed by VanEck. TMF is passively managed, while PIT is actively managed. Over the past 3 years, TMF returned -21.07%/yr vs 18.98%/yr for PIT. At a correlation of -0.12, they often move in opposite directions. TMF charges 1.01%/yr vs 0.55%/yr for PIT.

Performance

TMF vs. PIT - 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 VanEck Commodity Strategy ETF (PIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMF achieves a -4.67% return, which is significantly lower than PIT's 25.62% return.

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%

PIT

• 1D: -1.32%
• 1M: -11.78%
• YTD: 25.62%
• 6M: 23.58%
• 1Y: 39.64%
• 3Y*: 18.98%
• 5Y*: —
• 10Y*: —

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

TMF vs. PIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-4.67%	-2.94%	-35.95%	-13.01%	-11.60%
PIT VanEck Commodity Strategy ETF	25.62%	21.63%	6.77%	-4.54%	1.67%

Correlation

The correlation between TMF and PIT is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022	-0.12

The correlation between TMF and PIT shifts across timeframes, from -0.27 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TMF vs. PIT — 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

PIT

PIT Risk / Return Rank: 57
PIT Sharpe Ratio Rank: 59
PIT Sortino Ratio Rank: 52
PIT Omega Ratio Rank: 56
PIT Calmar Ratio Rank: 56
PIT Martin Ratio Rank: 63

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. PIT - 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 VanEck Commodity Strategy ETF (PIT). 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	PIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	1.85	-1.95
Sortino ratio: Return per unit of downside risk	0.05	2.40	-2.34
Omega ratio: Gain probability vs. loss probability	1.01	1.33	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.11	2.62	-2.73
Martin ratio: Return relative to average drawdown	-0.23	10.88	-11.11

TMF vs. PIT - Sharpe Ratio Comparison

The current TMF Sharpe Ratio is -0.10, which is lower than the PIT Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of TMF and PIT, 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. PIT - Drawdown Comparison

The maximum TMF drawdown since its inception was -92.89%, which is greater than PIT's maximum drawdown of -15.19%. Use the drawdown chart below to compare losses from any high point for TMF and PIT.

Drawdown Indicators

	TMF	PIT	Difference
Max Drawdown Largest peak-to-trough decline	-92.89%	-15.19%	-77.70%
Max Drawdown (1Y) Largest decline over 1 year	-26.51%	-15.19%	-11.32%
Max Drawdown (3Y) Largest decline over 3 years	-56.09%	-15.19%	-40.90%
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%	-15.19%	-76.92%
Average Drawdown Average peak-to-trough decline	-43.76%	-4.08%	-39.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.26%	3.66%	+8.60%

Volatility

TMF vs. PIT - Volatility Comparison

Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a higher volatility of 6.50% compared to VanEck Commodity Strategy ETF (PIT) at 4.72%. This indicates that TMF's price experiences larger fluctuations and is considered to be riskier than PIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMF	PIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.50%	4.72%	+1.78%
Volatility (6M) Calculated over the trailing 6-month period	19.35%	19.40%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	27.91%	21.66%	+6.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.59%	17.50%	+29.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.86%	17.50%	+26.36%

TMF vs. PIT - Expense Ratio Comparison

TMF has a 1.01% expense ratio, which is higher than PIT's 0.55% expense ratio.

Dividends

TMF vs. PIT - Dividend Comparison

TMF's dividend yield for the trailing twelve months is around 4.09%, less than PIT's 7.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIT VanEck Commodity Strategy ETF	7.10%	8.92%	3.59%	6.44%	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 PIT in my portfolio?

TMF and PIT have a correlation of -0.27, 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 PIT?

TMF has higher volatility (6.50%) compared to PIT (4.72%). In terms of maximum drawdown, TMF dropped -92.89% vs PIT's -15.19%.

Which ETF is better, TMF or PIT?

On 3-year performance, PIT leads with 18.98% vs -21.07% for TMF. On fees, PIT is cheaper at 0.55% per year. On volatility, PIT has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMF or PIT?

Over the 3-year period, PIT has performed better with a 18.98% return vs -21.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMF or PIT?

PIT is cheaper with a 0.55% expense ratio, compared with 1.01% for TMF.

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

PIT has the higher dividend yield at 7.10%, compared with 4.09% for TMF.

What is the main difference between TMF and PIT?

TMF is categorized as Leveraged Bonds, while PIT is Commodities. They also come from different issuers: Direxion and VanEck. Their fees differ too: 1.01% for TMF and 0.55% for PIT.

Which has better risk-adjusted returns?

PIT currently has the higher Sharpe Ratio (1.85 vs -0.10), 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.