TMF vs. SHYL
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and SHYL (Xtrackers Short Duration High Yield Bond ETF) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while SHYL is a High Yield Bonds fund tracking the Solactive USD High Yield Corporates Total Market 0-5 Year Index. Both are passively managed. Over the past 5 years, TMF returned -31.33%/yr vs 4.86%/yr for SHYL. At a 0.15 correlation, their price movements are largely independent. TMF charges 1.01%/yr vs 0.20%/yr for SHYL.
Performance
TMF vs. SHYL - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -4.67% return, which is significantly lower than SHYL's 1.36% 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%
SHYL
- 1D
- -0.08%
- 1M
- 0.37%
- YTD
- 1.36%
- 6M
- 1.52%
- 1Y
- 5.46%
- 3Y*
- 8.43%
- 5Y*
- 4.86%
- 10Y*
- —
TMF vs. SHYL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -4.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -4.25% |
SHYL Xtrackers Short Duration High Yield Bond ETF | 1.36% | 7.78% | 8.52% | 11.39% | -5.21% | 4.60% | 3.64% | 10.16% | -0.67% |
Correlation
The correlation between TMF and SHYL is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Jan 10, 2018 | 0.15 |
Over the past year, TMF and SHYL have become more correlated (0.45) than their long-term average of 0.15, meaning their price movements have been converging.
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Return for Risk
TMF vs. SHYL — Risk / Return Rank
TMF
SHYL
TMF vs. SHYL - 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 Xtrackers Short Duration High Yield Bond ETF (SHYL). 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 | SHYL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.81 | ||
| Sortino ratioReturn per unit of downside risk | -2.55 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.34 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 3.44 | -3.55 |
| Martin ratioReturn relative to average drawdown | -0.23 | 13.49 | -13.72 |
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Drawdowns
TMF vs. SHYL - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than SHYL's maximum drawdown of -19.26%. Use the drawdown chart below to compare losses from any high point for TMF and SHYL.
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Drawdown Indicators
| TMF | SHYL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -19.26% | -73.63% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -1.59% | -24.92% |
Max Drawdown (3Y)Largest decline over 3 years | -56.09% | -4.73% | -51.36% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -9.60% | -79.21% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | — | — |
Current DrawdownCurrent decline from peak | -92.11% | -0.18% | -91.93% |
Average DrawdownAverage peak-to-trough decline | -43.76% | -1.53% | -42.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.26% | 0.41% | +11.85% |
Volatility
TMF vs. SHYL - Volatility Comparison
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a higher volatility of 6.50% compared to Xtrackers Short Duration High Yield Bond ETF (SHYL) at 0.74%. This indicates that TMF's price experiences larger fluctuations and is considered to be riskier than SHYL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | SHYL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.50% | 0.74% | +5.76% |
Volatility (6M)Calculated over the trailing 6-month period | 19.35% | 2.50% | +16.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.91% | 3.21% | +24.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.59% | 5.85% | +40.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.86% | 6.67% | +37.19% |
TMF vs. SHYL - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than SHYL's 0.20% expense ratio.
Dividends
TMF vs. SHYL - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.09%, less than SHYL's 6.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SHYL Xtrackers Short Duration High Yield Bond ETF | 6.92% | 7.02% | 7.26% | 6.60% | 5.52% | 4.65% | 6.16% | 5.93% | 5.54% | 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
TMF and SHYL have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (6.50%) compared to SHYL (0.74%). In terms of maximum drawdown, TMF dropped -92.89% vs SHYL's -19.26%.
On 5-year performance, SHYL leads with 4.86% vs -31.33% for TMF. On fees, SHYL is cheaper at 0.20% per year. On volatility, SHYL has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SHYL has performed better with a 4.86% return vs -31.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHYL is cheaper with a 0.20% expense ratio, compared with 1.01% for TMF.
SHYL has the higher dividend yield at 6.92%, compared with 4.09% for TMF.
TMF is categorized as Leveraged Bonds, while SHYL is High Yield Bonds. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while SHYL tracks Solactive USD High Yield Corporates Total Market 0-5 Year Index. They also come from different issuers: Direxion and Deutsche Bank. Their fees differ too: 1.01% for TMF and 0.20% for SHYL.
SHYL currently has the higher Sharpe Ratio (1.71 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.
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