TMF vs. RETL
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and RETL (Direxion Daily Retail Bull 3X Shares) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while RETL is a Leveraged Equities fund tracking the Russell 1000 Retail Index (300%). Both are passively managed. Over the past 10 years, TMF returned -16.87%/yr vs -3.60%/yr for RETL. At a correlation of -0.15, they often move in opposite directions. TMF charges 1.01%/yr vs 0.99%/yr for RETL.
Performance
TMF vs. RETL - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -5.18% return, which is significantly lower than RETL's -0.70% return. Over the past 10 years, TMF has underperformed RETL with an annualized return of -16.87%, while RETL has yielded a comparatively higher -3.60% annualized return.
TMF
- 1D
- -0.93%
- 1M
- 7.62%
- YTD
- -5.18%
- 6M
- -5.04%
- 1Y
- -1.79%
- 3Y*
- -19.82%
- 5Y*
- -31.10%
- 10Y*
- -16.87%
RETL
- 1D
- 0.11%
- 1M
- 33.48%
- YTD
- -0.70%
- 6M
- -9.36%
- 1Y
- 29.22%
- 3Y*
- 10.78%
- 5Y*
- -27.38%
- 10Y*
- -3.60%
TMF vs. RETL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -5.18% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
RETL Direxion Daily Retail Bull 3X Shares | -0.70% | -5.98% | 9.59% | 33.62% | -80.80% | 101.03% | 63.63% | 23.41% | -35.21% | -1.31% |
Correlation
The correlation between TMF and RETL is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2010 | -0.15 |
The correlation between TMF and RETL shifts across timeframes, from -0.15 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. RETL — Risk / Return Rank
TMF
RETL
TMF vs. RETL - 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 Daily Retail Bull 3X Shares (RETL). 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 | RETL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.10 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | 0.53 | -0.71 |
| Martin ratioReturn relative to average drawdown | -0.41 | 1.08 | -1.49 |
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Drawdowns
TMF vs. RETL - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, roughly equal to the maximum RETL drawdown of -92.00%. Use the drawdown chart below to compare losses from any high point for TMF and RETL.
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Drawdown Indicators
| TMF | RETL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -92.00% | -0.89% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -38.08% | +11.57% |
Max Drawdown (3Y)Largest decline over 3 years | -56.31% | -62.72% | +6.41% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -92.00% | +3.19% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -92.00% | -0.89% |
Current DrawdownCurrent decline from peak | -92.15% | -82.95% | -9.20% |
Average DrawdownAverage peak-to-trough decline | -43.70% | -37.62% | -6.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.96% | 18.57% | -6.61% |
Volatility
TMF vs. RETL - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 8.43%, while Direxion Daily Retail Bull 3X Shares (RETL) has a volatility of 16.60%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than RETL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | RETL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.43% | 16.60% | -8.17% |
Volatility (6M)Calculated over the trailing 6-month period | 19.46% | 40.99% | -21.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.49% | 60.71% | -32.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.72% | 79.51% | -32.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.92% | 79.80% | -35.88% |
TMF vs. RETL - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than RETL's 0.99% expense ratio.
Dividends
TMF vs. RETL - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.11%, more than RETL's 0.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
RETL Direxion Daily Retail Bull 3X Shares | 0.51% | 0.58% | 1.13% | 1.35% | 0.71% | 0.22% | 0.19% | 0.92% | 1.19% | 0.01% | 2.60% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.11% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% |
Frequently Asked Questions
TMF and RETL have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RETL has higher volatility (16.60%) compared to TMF (8.43%). In terms of maximum drawdown, TMF dropped -92.89% vs RETL's -92.00%.
On 10-year performance, RETL leads with -3.60% vs -16.87% for TMF. On fees, RETL is cheaper at 0.99% per year. On volatility, TMF has been the lower-risk option at 8.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RETL has performed better with a -3.60% return vs -16.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RETL is cheaper with a 0.99% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.11%, compared with 0.51% for RETL.
TMF is categorized as Leveraged Bonds, while RETL is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while RETL tracks Russell 1000 Retail Index (300%). Their fees differ too: 1.01% for TMF and 0.99% for RETL.
RETL currently has the higher Sharpe Ratio (0.33 vs -0.17), 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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