TMF vs. SPUU
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, TMF returned -16.87%/yr vs 24.81%/yr for SPUU. At a correlation of -0.14, they often move in opposite directions. TMF charges 1.01%/yr vs 0.60%/yr for SPUU.
Performance
TMF vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -4.67% return, which is significantly lower than SPUU's 13.33% return. Over the past 10 years, TMF has underperformed SPUU with an annualized return of -16.87%, while SPUU has yielded a comparatively higher 24.81% annualized return.
TMF
- 1D
- -0.62%
- 1M
- 4.96%
- YTD
- -4.67%
- 6M
- -5.95%
- 1Y
- -2.80%
- 3Y*
- -21.07%
- 5Y*
- -31.33%
- 10Y*
- -16.87%
SPUU
- 1D
- -2.91%
- 1M
- -3.20%
- YTD
- 13.33%
- 6M
- 10.95%
- 1Y
- 43.00%
- 3Y*
- 34.33%
- 5Y*
- 18.44%
- 10Y*
- 24.81%
TMF vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -4.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 13.33% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
Correlation
The correlation between TMF and SPUU is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014 | -0.14 |
The correlation between TMF and SPUU shifts across timeframes, from -0.14 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. SPUU — Risk / Return Rank
TMF
SPUU
TMF vs. SPUU - 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 S&P 500 Bull 2X ETF (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.82 | ||
| Sortino ratioReturn per unit of downside risk | -2.20 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.30 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 2.38 | -2.48 |
| Martin ratioReturn relative to average drawdown | -0.23 | 10.11 | -10.33 |
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Drawdowns
TMF vs. SPUU - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for TMF and SPUU.
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Drawdown Indicators
| TMF | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -59.35% | -33.54% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -18.19% | -8.32% |
Max Drawdown (3Y)Largest decline over 3 years | -56.09% | -35.18% | -20.91% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -46.59% | -42.22% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -59.35% | -33.54% |
Current DrawdownCurrent decline from peak | -92.11% | -6.62% | -85.49% |
Average DrawdownAverage peak-to-trough decline | -43.76% | -9.48% | -34.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.26% | 4.27% | +7.99% |
Volatility
TMF vs. SPUU - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 6.50%, while Direxion Daily S&P 500 Bull 2X ETF (SPUU) has a volatility of 9.70%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.50% | 9.70% | -3.20% |
Volatility (6M)Calculated over the trailing 6-month period | 19.35% | 19.93% | -0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.91% | 25.22% | +2.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.59% | 33.67% | +12.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.86% | 35.81% | +8.05% |
TMF vs. SPUU - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
TMF vs. SPUU - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.09%, more than SPUU's 1.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.42% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.09% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% | 0.00% |
Frequently Asked Questions
TMF and SPUU have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPUU has higher volatility (9.70%) compared to TMF (6.50%). In terms of maximum drawdown, TMF dropped -92.89% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 24.81% vs -16.87% for TMF. On fees, SPUU is cheaper at 0.60% per year. On volatility, TMF has been the lower-risk option at 6.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPUU has performed better with a 24.81% return vs -16.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.09%, compared with 1.42% for SPUU.
TMF is categorized as Leveraged Bonds, while SPUU is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while SPUU tracks S&P 500 Index (200% Daily). Their fees differ too: 1.01% for TMF and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.72 vs -0.10), 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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