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 -33.16%/yr vs 4.80%/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 -10.63% return, which is significantly lower than SHYL's 1.41% return.
TMF
- 1D
- -1.85%
- 1M
- -5.74%
- 6M
- -11.74%
- YTD
- -10.63%
- 1Y
- -5.83%
- 3Y*
- -21.26%
- 5Y*
- -33.16%
- 10Y*
- -17.90%
SHYL
- 1D
- -0.18%
- 1M
- 0.05%
- 6M
- 0.99%
- YTD
- 1.41%
- 1Y
- 4.92%
- 3Y*
- 7.92%
- 5Y*
- 4.80%
- 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 | -10.63% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -4.25% |
SHYL Xtrackers Short Duration High Yield Bond ETF | 1.41% | 7.78% | 8.52% | 11.39% | -5.21% | 4.60% | 3.64% | 10.16% | -0.67% |
Correlation
The correlation between TMF and SHYL is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
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 (0.42) 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 | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -2.47 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.31 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | 3.10 | -3.32 |
| Martin ratioReturn relative to average drawdown | -0.46 | 12.16 | -12.61 |
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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 | -55.14% | -4.73% | -50.41% |
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 | -92.60% | -0.39% | -92.21% |
Average DrawdownAverage peak-to-trough decline | -43.91% | -1.52% | -42.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.82% | 0.41% | +12.41% |
Volatility
TMF vs. SHYL - Volatility Comparison
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a higher volatility of 8.51% compared to Xtrackers Short Duration High Yield Bond ETF (SHYL) at 0.66%. 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 | 8.51% | 0.66% | +7.85% |
Volatility (6M)Calculated over the trailing 6-month period | 19.94% | 2.51% | +17.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.62% | 3.18% | +24.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.54% | 5.85% | +40.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 6.65% | +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 4.42%, 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 ETF | 4.42% | 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 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (8.51%) compared to SHYL (0.66%). In terms of maximum drawdown, TMF dropped -92.89% vs SHYL's -19.26%.
On 5-year performance, SHYL leads with 4.80% vs -33.16% for TMF. On fees, SHYL is cheaper at 0.20% per year. On volatility, SHYL has been the lower-risk option at 0.66%. 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 4.80% return vs -33.16%. 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 6.94%, compared with 4.42% 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 (1.56 vs -0.21), 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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