TMF vs. SPXS
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and SPXS (Direxion Daily S&P 500 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 SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, TMF returned -18.33%/yr vs -41.26%/yr for SPXS. Their 0.24 correlation means their historical movements had little consistent relationship. TMF charges 1.01%/yr vs 1.08%/yr for SPXS.
Performance
TMF vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -15.88% return, which is significantly higher than SPXS's -26.94% return. Over the past 10 years, TMF has outperformed SPXS with an annualized return of -18.33%, while SPXS has yielded a comparatively lower -41.26% annualized return.
TMF
- 1D
- 0.95%
- 1M
- -11.21%
- 6M
- -14.16%
- YTD
- -15.88%
- 1Y
- -17.67%
- 3Y*
- -18.84%
- 5Y*
- -35.05%
- 10Y*
- -18.33%
- ALL TIME*
- -6.63%
SPXS
- 1D
- -4.25%
- 1M
- -4.72%
- 6M
- -23.08%
- YTD
- -26.94%
- 1Y
- -43.54%
- 3Y*
- -40.76%
- 5Y*
- -33.22%
- 10Y*
- -41.26%
- ALL TIME*
- -44.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $311.03M | $277.03M | $339.25M | |
| $168.22M | $133.63M | $127.70M |
TMF vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -15.88% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -26.94% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between TMF and SPXS is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | -0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.09 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.24 |
The correlation between TMF and SPXS shifts across timeframes, from -0.23 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. SPXS — Risk / Return Rank
TMF
SPXS
TMF vs. SPXS - 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 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.81 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | -1.04 | +0.42 |
| Martin ratioReturn relative to average drawdown | -1.25 | -1.74 | +0.50 |
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Drawdowns
TMF vs. SPXS - Drawdown Comparison
The maximum TMF drawdown since its inception was -93.10%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TMF and SPXS.
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Drawdown Indicators
| TMF | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.10% | -100.00% | +6.90% |
Max Drawdown (1Y)Largest decline over 1 year | -28.69% | -42.15% | +13.46% |
Max Drawdown (3Y)Largest decline over 3 years | -50.64% | -84.13% | +33.49% |
Max Drawdown (5Y)Largest decline over 5 years | -89.14% | -90.11% | +0.97% |
Max Drawdown (10Y)Largest decline over 10 years | -93.10% | -99.56% | +6.46% |
Current DrawdownCurrent decline from peak | -93.04% | -100.00% | +6.96% |
Average DrawdownAverage peak-to-trough decline | -44.08% | -96.32% | +52.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.21% | 26.84% | -12.63% |
Volatility
TMF vs. SPXS - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.36%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 11.58%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.36% | 11.58% | -4.22% |
Volatility (6M)Calculated over the trailing 6-month period | 19.96% | 30.75% | -10.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.08% | 38.54% | -11.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 50.81% | -4.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.71% | 53.61% | -9.90% |
TMF vs. SPXS - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
TMF vs. SPXS - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.69%, which matches SPXS's 4.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.65% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.69% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
TMF and SPXS 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.
SPXS has higher volatility (11.58%) compared to TMF (7.36%). In terms of maximum drawdown, TMF dropped -93.10% vs SPXS's -100.00%.
On 10-year performance, TMF leads with -18.33% vs -41.26% for SPXS. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.36%. 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 -18.33% return vs -41.26%. 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 SPXS.
TMF has the higher dividend yield at 4.69%, compared with 4.65% for SPXS.
TMF is categorized as Leveraged Bonds, while SPXS is Inverse Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.01% for TMF and 1.08% for SPXS.
TMF currently has the higher Sharpe Ratio (-0.66 vs -1.14), 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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