TMF vs. QQQE
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and QQQE (Direxion NASDAQ-100 Equal Weighted Index Shares) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while QQQE is a Nasdaq-100 fund tracking the NASDAQ-100 Equal Weighted Index. Both are passively managed. Over the past 10 years, TMF returned -18.33%/yr vs 14.69%/yr for QQQE. Their -0.12 correlation means they have often moved in opposite directions in the past. TMF charges 1.01%/yr vs 0.35%/yr for QQQE.
Performance
TMF vs. QQQE - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -15.88% return, which is significantly lower than QQQE's 16.27% return. Over the past 10 years, TMF has underperformed QQQE with an annualized return of -18.33%, while QQQE has yielded a comparatively higher 14.69% annualized return.
TMF
- 1D
- 0.95%
- 1M
- -11.21%
- 6M
- -14.16%
- YTD
- -15.88%
- 1Y
- -17.67%
- 3Y*
- -18.84%
- 5Y*
- -35.05%
- 10Y*
- -18.33%
- ALL TIME*
- -6.63%
QQQE
- 1D
- 1.29%
- 1M
- -1.31%
- 6M
- 13.79%
- YTD
- 16.27%
- 1Y
- 23.25%
- 3Y*
- 15.78%
- 5Y*
- 8.28%
- 10Y*
- 14.69%
- ALL TIME*
- 14.41%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.47M | $22.17M | $24.25M | |
| $168.22M | $133.63M | $127.70M |
TMF vs. QQQE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -15.88% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares | 16.27% | 14.58% | 6.98% | 33.76% | -24.47% | 17.93% | 37.85% | 36.43% | -5.40% | 26.53% |
Correlation
The correlation between TMF and QQQE is 0.26, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.26 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.03 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2012 | -0.12 |
The correlation between TMF and QQQE shifts across timeframes, from -0.12 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. QQQE — Risk / Return Rank
TMF
QQQE
TMF vs. QQQE - 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 Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE). 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 | QQQE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.13 | ||
| Sortino ratioReturn per unit of downside risk | -2.86 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.25 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 2.48 | -3.10 |
| Martin ratioReturn relative to average drawdown | -1.25 | 7.91 | -9.16 |
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Drawdowns
TMF vs. QQQE - Drawdown Comparison
The maximum TMF drawdown since its inception was -93.10%, which is greater than QQQE's maximum drawdown of -32.14%. Use the drawdown chart below to compare losses from any high point for TMF and QQQE.
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Drawdown Indicators
| TMF | QQQE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.10% | -32.14% | -60.96% |
Max Drawdown (1Y)Largest decline over 1 year | -28.69% | -9.41% | -19.28% |
Max Drawdown (3Y)Largest decline over 3 years | -50.64% | -21.38% | -29.26% |
Max Drawdown (5Y)Largest decline over 5 years | -89.14% | -32.14% | -57.00% |
Max Drawdown (10Y)Largest decline over 10 years | -93.10% | -32.14% | -60.96% |
Current DrawdownCurrent decline from peak | -93.04% | -3.22% | -89.82% |
Average DrawdownAverage peak-to-trough decline | -44.08% | -5.14% | -38.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.21% | 2.94% | +11.27% |
Volatility
TMF vs. QQQE - Volatility Comparison
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a higher volatility of 7.36% compared to Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) at 3.89%. This indicates that TMF's price experiences larger fluctuations and is considered to be riskier than QQQE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | QQQE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.36% | 3.89% | +3.47% |
Volatility (6M)Calculated over the trailing 6-month period | 19.96% | 12.92% | +7.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.08% | 15.92% | +11.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 20.59% | +25.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.71% | 20.76% | +22.95% |
TMF vs. QQQE - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than QQQE's 0.35% expense ratio.
Dividends
TMF vs. QQQE - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.69%, more than QQQE's 0.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares | 0.57% | 0.52% | 0.86% | 0.79% | 0.98% | 3.83% | 0.54% | 0.74% | 0.80% | 0.65% | 1.17% | 0.57% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.69% | 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
TMF and QQQE have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (7.36%) compared to QQQE (3.89%). In terms of maximum drawdown, TMF dropped -93.10% vs QQQE's -32.14%.
On 10-year performance, QQQE leads with 14.69% vs -18.33% for TMF. On fees, QQQE is cheaper at 0.35% per year. On volatility, QQQE has been the lower-risk option at 3.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQE has performed better with a 14.69% return vs -18.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQE is cheaper with a 0.35% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.69%, compared with 0.57% for QQQE.
TMF is categorized as Leveraged Bonds, while QQQE is Nasdaq-100. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while QQQE tracks NASDAQ-100 Equal Weighted Index. Their fees differ too: 1.01% for TMF and 0.35% for QQQE.
QQQE currently has the higher Sharpe Ratio (1.47 vs -0.66), 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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