TMF vs. SOXS
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and SOXS (Direxion Daily Semiconductor Bear 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 SOXS is a Leveraged Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, TMF returned -16.56%/yr vs -78.92%/yr for SOXS. At a 0.20 correlation, their price movements are largely independent. TMF charges 1.01%/yr vs 1.08%/yr for SOXS.
Performance
TMF vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -6.13% return, which is significantly higher than SOXS's -92.10% return. Over the past 10 years, TMF has outperformed SOXS with an annualized return of -16.56%, while SOXS has yielded a comparatively lower -78.92% annualized 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%
SOXS
- 1D
- -5.03%
- 1M
- -62.97%
- YTD
- -92.10%
- 6M
- -91.70%
- 1Y
- -97.75%
- 3Y*
- -86.64%
- 5Y*
- -79.66%
- 10Y*
- -78.92%
TMF vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -6.13% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -92.10% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
Correlation
The correlation between TMF and SOXS is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010 | 0.20 |
The correlation between TMF and SOXS shifts across timeframes, from -0.09 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. SOXS — Risk / Return Rank
TMF
SOXS
TMF vs. SOXS - 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 Semiconductor Bear 3x Shares (SOXS). 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 | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +4.20 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.58 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | -1.00 | +1.04 |
| Martin ratioReturn relative to average drawdown | 0.08 | -1.44 | +1.52 |
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 | SOXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.03 | -0.96 | +0.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | -0.74 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.38 | -0.79 | +0.41 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.14 | -0.79 | +0.65 |
Drawdowns
TMF vs. SOXS - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, smaller than the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TMF and SOXS.
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Drawdown Indicators
| TMF | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -100.00% | +7.11% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -97.68% | +71.17% |
Max Drawdown (3Y)Largest decline over 3 years | -56.31% | -99.80% | +43.49% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -99.97% | +11.16% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -100.00% | +7.11% |
Current DrawdownCurrent decline from peak | -92.23% | -100.00% | +7.77% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -92.60% | +48.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.49% | 68.64% | -57.15% |
Volatility
TMF vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 8.09%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 44.22%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than SOXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.09% | 44.22% | -36.13% |
Volatility (6M)Calculated over the trailing 6-month period | 19.01% | 83.94% | -64.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.76% | 102.18% | -73.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.75% | 108.21% | -61.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.92% | 100.48% | -56.56% |
TMF vs. SOXS - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is lower than SOXS's 1.08% expense ratio.
Dividends
TMF vs. SOXS - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.15%, less than SOXS's 68.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 68.34% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% | 0.00% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 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 SOXS have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (44.22%) compared to TMF (8.09%). In terms of maximum drawdown, TMF dropped -92.89% vs SOXS's -100.00%.
On 10-year performance, TMF leads with -16.56% vs -78.92% for SOXS. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 8.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMF has performed better with a -16.56% return vs -78.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 68.34%, compared with 4.15% for TMF.
TMF is categorized as Leveraged Bonds, while SOXS is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 1.01% for TMF and 1.08% for SOXS.
TMF currently has the higher Sharpe Ratio (0.03 vs -0.96), 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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