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 -18.33%/yr vs 45.72%/yr for TECL. Their -0.20 correlation means they have often moved in opposite directions in the past. 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 -15.88% return, which is significantly lower than TECL's 54.56% return. Over the past 10 years, TMF has underperformed TECL with an annualized return of -18.33%, while TECL has yielded a comparatively higher 45.72% 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%
TECL
- 1D
- 4.43%
- 1M
- -7.18%
- 6M
- 53.20%
- YTD
- 54.56%
- 1Y
- 99.73%
- 3Y*
- 56.77%
- 5Y*
- 25.61%
- 10Y*
- 45.72%
- ALL TIME*
- 46.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $142.34M | $148.61M | $225.94M | |
| $168.22M | $133.63M | $127.70M |
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 | -15.88% | -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 | 54.56% | 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 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 0.14 (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 | -1.98 | ||
| Sortino ratioReturn per unit of downside risk | -2.68 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.24 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 2.15 | -2.77 |
| Martin ratioReturn relative to average drawdown | -1.25 | 5.10 | -6.34 |
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Drawdowns
TMF vs. TECL - Drawdown Comparison
The maximum TMF drawdown since its inception was -93.10%, 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 | -93.10% | -77.96% | -15.14% |
Max Drawdown (1Y)Largest decline over 1 year | -28.69% | -46.58% | +17.89% |
Max Drawdown (3Y)Largest decline over 3 years | -50.64% | -66.58% | +15.94% |
Max Drawdown (5Y)Largest decline over 5 years | -89.14% | -77.96% | -11.18% |
Max Drawdown (10Y)Largest decline over 10 years | -93.10% | -77.96% | -15.14% |
Current DrawdownCurrent decline from peak | -93.04% | -33.62% | -59.42% |
Average DrawdownAverage peak-to-trough decline | -44.08% | -18.45% | -25.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.21% | 19.63% | -5.42% |
Volatility
TMF vs. TECL - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.36%, while Direxion Daily Technology Bull 3X Shares (TECL) has a volatility of 27.41%. 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 | 7.36% | 27.41% | -20.05% |
Volatility (6M)Calculated over the trailing 6-month period | 19.96% | 65.16% | -45.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.08% | 76.18% | -49.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 76.67% | -30.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.71% | 73.61% | -29.90% |
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 4.69%, more than TECL's 4.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TECL Direxion Daily Technology Bull 3X Shares | 4.61% | 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 | 4.69% | 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 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECL has higher volatility (27.41%) compared to TMF (7.36%). In terms of maximum drawdown, TMF dropped -93.10% vs TECL's -77.96%.
On 10-year performance, TECL leads with 45.72% vs -18.33% for TMF. On fees, TECL is cheaper at 0.91% 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, TECL has performed better with a 45.72% return vs -18.33%. 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 4.69%, compared with 4.61% 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 (1.32 vs -0.66), 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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