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 Inverse Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, TMF returned -17.81%/yr vs -78.37%/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 -10.00% return, which is significantly higher than SOXS's -91.53% return. Over the past 10 years, TMF has outperformed SOXS with an annualized return of -17.81%, while SOXS has yielded a comparatively lower -78.37% annualized return.
TMF
- 1D
- -0.03%
- 1M
- -6.57%
- 6M
- -13.01%
- YTD
- -10.00%
- 1Y
- -2.84%
- 3Y*
- -21.08%
- 5Y*
- -33.44%
- 10Y*
- -17.81%
SOXS
- 1D
- 13.14%
- 1M
- 13.65%
- 6M
- -87.79%
- YTD
- -91.53%
- 1Y
- -96.24%
- 3Y*
- -84.87%
- 5Y*
- -79.52%
- 10Y*
- -78.37%
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 | -10.00% | -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 | -91.53% | -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 -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.20 |
The correlation between TMF and SOXS shifts across timeframes, from -0.08 (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.
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 | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +2.70 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.72 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | -0.98 | +0.88 |
| Martin ratioReturn relative to average drawdown | -0.22 | -1.41 | +1.19 |
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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% | -97.89% | +71.38% |
Max Drawdown (3Y)Largest decline over 3 years | -55.14% | -99.87% | +44.73% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -99.98% | +11.17% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -100.00% | +7.11% |
Current DrawdownCurrent decline from peak | -92.55% | -100.00% | +7.45% |
Average DrawdownAverage peak-to-trough decline | -43.94% | -92.63% | +48.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.06% | 68.36% | -55.30% |
Volatility
TMF vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.49%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 59.41%. 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 | 7.49% | 59.41% | -51.92% |
Volatility (6M)Calculated over the trailing 6-month period | 19.82% | 109.76% | -89.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.47% | 126.44% | -98.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.49% | 113.26% | -66.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.70% | 103.02% | -59.32% |
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 4.39%, less than SOXS's 43.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 43.65% | 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 | 4.39% | 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 -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (59.41%) compared to TMF (7.49%). In terms of maximum drawdown, TMF dropped -92.89% vs SOXS's -100.00%.
On 10-year performance, TMF leads with -17.81% vs -78.37% for SOXS. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.49%. 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 -17.81% return vs -78.37%. 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 43.65%, compared with 4.39% for TMF.
TMF is categorized as Leveraged Bonds, while SOXS is Inverse 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 (-0.10 vs -0.76), 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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