TMF vs. SPXL
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, TMF returned -17.90%/yr vs 28.76%/yr for SPXL. At a correlation of -0.24, they often move in opposite directions. TMF charges 1.01%/yr vs 0.84%/yr for SPXL.
Performance
TMF vs. SPXL - 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 SPXL's 24.15% return. Over the past 10 years, TMF has underperformed SPXL with an annualized return of -17.90%, while SPXL has yielded a comparatively higher 28.76% annualized 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%
SPXL
- 1D
- -2.31%
- 1M
- 2.62%
- 6M
- 17.57%
- YTD
- 24.15%
- 1Y
- 54.60%
- 3Y*
- 44.34%
- 5Y*
- 20.30%
- 10Y*
- 28.76%
TMF vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | -11.01% | 22.72% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 24.15% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Correlation
The correlation between TMF and SPXL is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.24 |
The correlation between TMF and SPXL shifts across timeframes, from -0.24 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. SPXL — Risk / Return Rank
TMF
SPXL
TMF vs. SPXL - 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 3X ETF (SPXL). 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 | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -2.07 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.25 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | 2.05 | -2.27 |
| Martin ratioReturn relative to average drawdown | -0.46 | 8.10 | -8.56 |
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Drawdowns
TMF vs. SPXL - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for TMF and SPXL.
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Drawdown Indicators
| TMF | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -76.86% | -16.03% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -26.77% | +0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -55.14% | -48.95% | -6.19% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -63.80% | -25.01% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -76.86% | -16.03% |
Current DrawdownCurrent decline from peak | -92.60% | -5.13% | -87.47% |
Average DrawdownAverage peak-to-trough decline | -43.91% | -16.07% | -27.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.82% | 6.76% | +6.06% |
Volatility
TMF vs. SPXL - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 8.51%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 12.75%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 12.75% | -4.24% |
Volatility (6M)Calculated over the trailing 6-month period | 19.94% | 30.07% | -10.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.62% | 37.72% | -10.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.54% | 50.60% | -4.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 53.40% | -9.68% |
TMF vs. SPXL - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
TMF vs. SPXL - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.42%, more than SPXL's 0.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.52% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
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 SPXL have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXL has higher volatility (12.75%) compared to TMF (8.51%). In terms of maximum drawdown, TMF dropped -92.89% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 28.76% vs -17.90% for TMF. On fees, SPXL is cheaper at 0.84% per year. On volatility, TMF has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 28.76% return vs -17.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.42%, compared with 0.52% for SPXL.
TMF is categorized as Leveraged Bonds, while SPXL is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while SPXL tracks S&P 500. Their fees differ too: 1.01% for TMF and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (1.46 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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