TMF vs. SPY
Compare and contrast key facts about Direxion Daily 20-Year Treasury Bull 3X (TMF) and State Street SPDR S&P 500 ETF (SPY).
TMF and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TMF is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (300%). It was launched on Apr 16, 2009. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both TMF and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
TMF vs. SPY - Performance Comparison
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TMF vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20-Year Treasury Bull 3X | -2.78% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, TMF achieves a -2.78% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, TMF has underperformed SPY with an annualized return of -15.78%, while SPY has yielded a comparatively higher 13.98% annualized return.
TMF
- 1D
- -0.19%
- 1M
- -13.14%
- YTD
- -2.78%
- 6M
- -8.60%
- 1Y
- -14.86%
- 3Y*
- -23.40%
- 5Y*
- -29.30%
- 10Y*
- -15.78%
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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TMF vs. SPY - Expense Ratio Comparison
TMF has a 1.09% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
TMF vs. SPY — Risk / Return Rank
TMF
SPY
TMF vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bull 3X (TMF) and State Street SPDR S&P 500 ETF (SPY). 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.
| TMF | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.44 | 0.93 | -1.37 |
Sortino ratioReturn per unit of downside risk | -0.41 | 1.45 | -1.86 |
Omega ratioGain probability vs. loss probability | 0.95 | 1.22 | -0.27 |
Calmar ratioReturn relative to maximum drawdown | -0.46 | 1.53 | -1.98 |
Martin ratioReturn relative to average drawdown | -0.74 | 7.30 | -8.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TMF | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.44 | 0.93 | -1.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.63 | 0.69 | -1.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.36 | 0.78 | -1.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.13 | 0.56 | -0.69 |
Correlation
The correlation between TMF and SPY is -0.25. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
TMF vs. SPY - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.01%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20-Year Treasury Bull 3X | 4.01% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
TMF vs. SPY - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.61%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TMF and SPY.
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Drawdown Indicators
| TMF | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.61% | -55.19% | -37.42% |
Max Drawdown (1Y)Largest decline over 1 year | -27.13% | -12.05% | -15.08% |
Max Drawdown (5Y)Largest decline over 5 years | -88.37% | -24.50% | -63.87% |
Max Drawdown (10Y)Largest decline over 10 years | -92.61% | -33.72% | -58.89% |
Current DrawdownCurrent decline from peak | -91.95% | -6.24% | -85.71% |
Average DrawdownAverage peak-to-trough decline | -43.13% | -9.09% | -34.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.93% | 2.52% | +14.41% |
Volatility
TMF vs. SPY - Volatility Comparison
Direxion Daily 20-Year Treasury Bull 3X (TMF) has a higher volatility of 10.85% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. This indicates that TMF's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.85% | 5.31% | +5.54% |
Volatility (6M)Calculated over the trailing 6-month period | 19.51% | 9.47% | +10.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.89% | 19.05% | +14.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.85% | 17.06% | +29.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.00% | 17.92% | +26.08% |