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 -16.87%/yr vs 30.27%/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
Loading charts...
Returns By Period
In the year-to-date period, TMF achieves a -4.67% return, which is significantly lower than SPXL's 17.21% return. Over the past 10 years, TMF has underperformed SPXL with an annualized return of -16.87%, while SPXL has yielded a comparatively higher 30.27% 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%
SPXL
- 1D
- -4.48%
- 1M
- -5.53%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.56%
- 3Y*
- 46.39%
- 5Y*
- 20.70%
- 10Y*
- 30.27%
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 | -4.67% | -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 | 17.21% | 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 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
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 0.23 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -1.79 | ||
| Sortino ratioReturn per unit of downside risk | -2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.28 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 2.35 | -2.46 |
| Martin ratioReturn relative to average drawdown | -0.23 | 9.57 | -9.80 |
Loading charts...
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.
Loading charts...
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 | -56.09% | -48.95% | -7.14% |
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 | -92.11% | -10.44% | -81.67% |
Average DrawdownAverage peak-to-trough decline | -43.76% | -16.09% | -27.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.26% | 6.56% | +5.70% |
Volatility
TMF vs. SPXL - 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 3X ETF (SPXL) has a volatility of 14.70%. 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.
Loading charts...
Volatility by Period
| TMF | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.50% | 14.70% | -8.20% |
Volatility (6M)Calculated over the trailing 6-month period | 19.35% | 29.55% | -10.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.91% | 37.43% | -9.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.59% | 50.54% | -3.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.86% | 53.47% | -9.61% |
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 4.09%, more than SPXL's 0.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.57% | 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 | 4.09% | 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 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXL has higher volatility (14.70%) compared to TMF (6.50%). In terms of maximum drawdown, TMF dropped -92.89% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 30.27% vs -16.87% for TMF. On fees, SPXL is cheaper at 0.84% 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, SPXL has performed better with a 30.27% return vs -16.87%. 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 4.09%, compared with 0.57% 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 (1.69 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.
Find the right allocation for TMF and SPXL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer