TMF vs. SHYL
TMF (Direxion Daily 20-Year Treasury Bull 3X) and SHYL (Xtrackers Short Duration High Yield Bond ETF) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury 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 -30.52%/yr vs 4.87%/yr for SHYL. At a 0.15 correlation, their price movements are largely independent. TMF charges 1.09%/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 -6.13% return, which is significantly lower than SHYL's 1.15% return.
TMF
- 1D
- -1.14%
- 1M
- 1.22%
- YTD
- -6.13%
- 6M
- -11.63%
- 1Y
- 0.90%
- 3Y*
- -20.78%
- 5Y*
- -30.52%
- 10Y*
- -16.56%
SHYL
- 1D
- -0.20%
- 1M
- 0.16%
- YTD
- 1.15%
- 6M
- 1.57%
- 1Y
- 6.04%
- 3Y*
- 8.28%
- 5Y*
- 4.87%
- 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 | -6.13% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -4.07% |
SHYL Xtrackers Short Duration High Yield Bond ETF | 1.15% | 7.78% | 8.52% | 11.39% | -5.21% | 4.60% | 3.64% | 10.16% | -0.67% |
Correlation
The correlation between TMF and SHYL is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2018 | 0.15 |
Over the past year, TMF and SHYL have become more correlated (0.41) 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 (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.
| TMF | SHYL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.87 | ||
| Sortino ratioReturn per unit of downside risk | -2.63 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.38 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | 3.81 | -3.78 |
| Martin ratioReturn relative to average drawdown | 0.08 | 15.01 | -14.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TMF | SHYL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.03 | 1.90 | -1.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | 0.84 | -1.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.38 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.14 | 0.72 | -0.85 |
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 | -56.31% | -4.73% | -51.58% |
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 | -92.23% | -0.23% | -92.00% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -1.54% | -42.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.49% | 0.40% | +11.09% |
Volatility
TMF vs. SHYL - Volatility Comparison
Direxion Daily 20-Year Treasury Bull 3X (TMF) has a higher volatility of 8.09% compared to Xtrackers Short Duration High Yield Bond ETF (SHYL) at 0.85%. 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 | 8.09% | 0.85% | +7.24% |
Volatility (6M)Calculated over the trailing 6-month period | 19.01% | 2.45% | +16.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.76% | 3.20% | +25.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.75% | 5.84% | +40.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.92% | 6.69% | +37.23% |
TMF vs. SHYL - Expense Ratio Comparison
TMF has a 1.09% 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 4.15%, less than SHYL's 6.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SHYL Xtrackers Short Duration High Yield Bond ETF | 6.94% | 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 | 4.15% | 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 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (8.09%) compared to SHYL (0.85%). In terms of maximum drawdown, TMF dropped -92.89% vs SHYL's -19.26%.
On 5-year performance, SHYL leads with 4.87% vs -30.52% for TMF. On fees, SHYL is cheaper at 0.20% per year. On volatility, SHYL has been the lower-risk option at 0.85%. 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 4.87% return vs -30.52%. 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 1.09% for TMF.
SHYL has the higher dividend yield at 6.94%, compared with 4.15% for TMF.
TMF is categorized as Leveraged Bonds, while SHYL is High Yield Bonds. TMF tracks NYSE 20 Year Plus Treasury 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: 1.09% for TMF and 0.20% for SHYL.
SHYL currently has the higher Sharpe Ratio (1.90 vs 0.03), 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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