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 -35.05%/yr vs 4.95%/yr for SHYL. Their 0.15 correlation means their historical movements had little consistent relationship. 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 -15.88% return, which is significantly lower than SHYL's 1.70% 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%
SHYL
- 1D
- 0.30%
- 1M
- -0.06%
- 6M
- 1.25%
- YTD
- 1.70%
- 1Y
- 4.98%
- 3Y*
- 8.01%
- 5Y*
- 4.95%
- 10Y*
- —
- ALL TIME*
- 4.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.89M | $2.64M | $1.72M | |
| $168.22M | $133.63M | $127.70M |
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 | -15.88% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -4.25% |
SHYL Xtrackers Short Duration High Yield Bond ETF | 1.70% | 7.78% | 8.52% | 11.39% | -5.21% | 4.60% | 3.64% | 10.16% | -0.67% |
Correlation
The correlation between TMF and SHYL is 0.43, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.43 |
Correlation (3Y) Balances recent behavior with more history. | 0.49 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.39 |
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 (0.43) 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 | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.20 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.31 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 3.14 | -3.76 |
| Martin ratioReturn relative to average drawdown | -1.25 | 11.98 | -13.22 |
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Drawdowns
TMF vs. SHYL - Drawdown Comparison
The maximum TMF drawdown since its inception was -93.10%, 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 | -93.10% | -19.26% | -73.84% |
Max Drawdown (1Y)Largest decline over 1 year | -28.69% | -1.59% | -27.10% |
Max Drawdown (3Y)Largest decline over 3 years | -50.64% | -4.73% | -45.91% |
Max Drawdown (5Y)Largest decline over 5 years | -89.14% | -9.60% | -79.54% |
Max Drawdown (10Y)Largest decline over 10 years | -93.10% | — | — |
Current DrawdownCurrent decline from peak | -93.04% | -0.11% | -92.93% |
Average DrawdownAverage peak-to-trough decline | -44.08% | -1.51% | -42.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.21% | 0.42% | +13.79% |
Volatility
TMF vs. SHYL - Volatility Comparison
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a higher volatility of 7.36% compared to Xtrackers Short Duration High Yield Bond ETF (SHYL) at 0.77%. 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 | 7.36% | 0.77% | +6.59% |
Volatility (6M)Calculated over the trailing 6-month period | 19.96% | 2.55% | +17.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.08% | 3.19% | +23.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 5.84% | +40.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.71% | 6.64% | +37.07% |
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 4.69%, less than SHYL's 6.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SHYL Xtrackers Short Duration High Yield Bond ETF | 6.98% | 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 | 4.69% | 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 0.43, 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 SHYL (0.77%). In terms of maximum drawdown, TMF dropped -93.10% vs SHYL's -19.26%.
On 5-year performance, SHYL leads with 4.95% vs -35.05% for TMF. On fees, SHYL is cheaper at 0.20% per year. On volatility, SHYL has been the lower-risk option at 0.77%. 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 4.95% return vs -35.05%. 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 6.98%, compared with 4.69% 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 (1.57 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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