TMF vs. TPOR
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and TPOR (Direxion Daily Transportation 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 TPOR is a Leveraged Equities fund tracking the Dow Jones Transportation Average Index (300%). Both are passively managed. Over the past 5 years, TMF returned -34.00%/yr vs 3.77%/yr for TPOR. At a correlation of -0.12, they often move in opposite directions. Both charge a 1.01% expense ratio.
Performance
TMF vs. TPOR - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -11.93% return, which is significantly lower than TPOR's 48.91% return.
TMF
- 1D
- -1.01%
- 1M
- -10.16%
- 6M
- -9.78%
- YTD
- -11.93%
- 1Y
- -7.67%
- 3Y*
- -21.85%
- 5Y*
- -34.00%
- 10Y*
- -18.08%
- ALL TIME*
- -6.40%
TPOR
- 1D
- 1.16%
- 1M
- 15.87%
- 6M
- 41.69%
- YTD
- 48.91%
- 1Y
- 66.53%
- 3Y*
- 9.33%
- 5Y*
- 3.77%
- 10Y*
- —
- ALL TIME*
- 8.36%
TMF vs. TPOR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -11.93% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 14.73% |
TPOR Direxion Daily Transportation Bull 3X Shares | 48.91% | 3.26% | -9.12% | 54.60% | -58.70% | 105.18% | -7.30% | 47.92% | -44.95% | 51.65% |
Correlation
The correlation between TMF and TPOR is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since May 3, 2017 | -0.12 |
The correlation between TMF and TPOR shifts across timeframes, from -0.12 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. TPOR — Risk / Return Rank
TMF
TPOR
TMF vs. TPOR - 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 Transportation Bull 3X Shares (TPOR). 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 | TPOR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.39 | ||
| Sortino ratioReturn per unit of downside risk | -1.92 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.21 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 1.97 | -2.26 |
| Martin ratioReturn relative to average drawdown | -0.58 | 5.97 | -6.54 |
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Drawdowns
TMF vs. TPOR - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than TPOR's maximum drawdown of -87.59%. Use the drawdown chart below to compare losses from any high point for TMF and TPOR.
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Drawdown Indicators
| TMF | TPOR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -87.59% | -5.30% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -34.00% | +7.49% |
Max Drawdown (3Y)Largest decline over 3 years | -53.47% | -64.11% | +10.64% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -74.08% | -14.73% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | — | — |
Current DrawdownCurrent decline from peak | -92.71% | -20.63% | -72.08% |
Average DrawdownAverage peak-to-trough decline | -43.98% | -38.50% | -5.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.32% | 11.18% | +2.14% |
Volatility
TMF vs. TPOR - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.32%, while Direxion Daily Transportation Bull 3X Shares (TPOR) has a volatility of 14.35%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than TPOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | TPOR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 14.35% | -7.03% |
Volatility (6M)Calculated over the trailing 6-month period | 19.81% | 47.95% | -28.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.58% | 60.20% | -32.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 67.91% | -21.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 70.83% | -27.11% |
TMF vs. TPOR - Expense Ratio Comparison
Both TMF and TPOR have an expense ratio of 1.01%.
Dividends
TMF vs. TPOR - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.48%, more than TPOR's 0.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.48% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
TPOR Direxion Daily Transportation Bull 3X Shares | 0.50% | 0.91% | 1.43% | 1.51% | 0.00% | 0.00% | 0.10% | 0.96% | 1.22% | 8.70% |
Frequently Asked Questions
TMF and TPOR have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TPOR has higher volatility (14.35%) compared to TMF (7.32%). In terms of maximum drawdown, TMF dropped -92.89% vs TPOR's -87.59%.
On 5-year performance, TPOR leads with 3.77% vs -34.00% for TMF. Both ETFs have the same 1.01% expense ratio. On volatility, TMF has been the lower-risk option at 7.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TPOR has performed better with a 3.77% return vs -34.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF and TPOR have the same expense ratio: 1.01% per year.
TMF has the higher dividend yield at 4.48%, compared with 0.50% for TPOR.
TMF is categorized as Leveraged Bonds, while TPOR is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while TPOR tracks Dow Jones Transportation Average Index (300%).
TPOR currently has the higher Sharpe Ratio (1.11 vs -0.28), 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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