TMF vs. TECL
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and TECL (Direxion Daily Technology Bull 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 TECL is a Leveraged Equities fund tracking the Technology Select Sector Index (300%). Both are passively managed. Over the past 10 years, TMF returned -16.87%/yr vs 52.52%/yr for TECL. At a correlation of -0.20, they often move in opposite directions. TMF charges 1.01%/yr vs 0.91%/yr for TECL.
Performance
TMF vs. TECL - 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 TECL's 79.13% return. Over the past 10 years, TMF has underperformed TECL with an annualized return of -16.87%, while TECL has yielded a comparatively higher 52.52% 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%
TECL
- 1D
- -12.35%
- 1M
- 1.15%
- YTD
- 79.13%
- 6M
- 71.47%
- 1Y
- 169.88%
- 3Y*
- 65.84%
- 5Y*
- 33.78%
- 10Y*
- 52.52%
TMF vs. TECL - 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% |
TECL Direxion Daily Technology Bull 3X Shares | 79.13% | 38.60% | 36.15% | 203.14% | -74.32% | 112.80% | 69.46% | 185.58% | -24.03% | 124.82% |
Correlation
The correlation between TMF and TECL is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.20 |
The correlation between TMF and TECL shifts across timeframes, from -0.20 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. TECL — Risk / Return Rank
TMF
TECL
TMF vs. TECL - 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 Technology Bull 3X Shares (TECL). 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 | TECL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.50 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.34 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 3.67 | -3.78 |
| Martin ratioReturn relative to average drawdown | -0.23 | 10.12 | -10.35 |
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Drawdowns
TMF vs. TECL - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than TECL's maximum drawdown of -77.96%. Use the drawdown chart below to compare losses from any high point for TMF and TECL.
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Drawdown Indicators
| TMF | TECL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -77.96% | -14.93% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -46.58% | +20.07% |
Max Drawdown (3Y)Largest decline over 3 years | -56.09% | -66.58% | +10.49% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -77.96% | -10.85% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -77.96% | -14.93% |
Current DrawdownCurrent decline from peak | -92.11% | -23.07% | -69.04% |
Average DrawdownAverage peak-to-trough decline | -43.76% | -18.38% | -25.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.26% | 16.85% | -4.59% |
Volatility
TMF vs. TECL - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 6.50%, while Direxion Daily Technology Bull 3X Shares (TECL) has a volatility of 38.27%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than TECL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | TECL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.50% | 38.27% | -31.77% |
Volatility (6M)Calculated over the trailing 6-month period | 19.35% | 59.36% | -40.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.91% | 70.05% | -42.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.59% | 75.49% | -28.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.86% | 73.01% | -29.15% |
TMF vs. TECL - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than TECL's 0.91% expense ratio.
Dividends
TMF vs. TECL - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.09%, more than TECL's 3.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TECL Direxion Daily Technology Bull 3X Shares | 3.97% | 7.19% | 0.29% | 0.28% | 0.22% | 0.32% | 0.52% | 0.25% | 0.47% | 0.10% |
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 TECL have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECL has higher volatility (38.27%) compared to TMF (6.50%). In terms of maximum drawdown, TMF dropped -92.89% vs TECL's -77.96%.
On 10-year performance, TECL leads with 52.52% vs -16.87% for TMF. On fees, TECL is cheaper at 0.91% 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, TECL has performed better with a 52.52% return vs -16.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TECL is cheaper with a 0.91% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.09%, compared with 3.97% for TECL.
TMF is categorized as Leveraged Bonds, while TECL is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while TECL tracks Technology Select Sector Index (300%). Their fees differ too: 1.01% for TMF and 0.91% for TECL.
TECL currently has the higher Sharpe Ratio (2.44 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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