TMF vs. TSM
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) is Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while TSM (Taiwan Semiconductor Manufacturing Company Limited) is a stock. Over the past 10 years, TMF returned -17.99%/yr vs 33.60%/yr for TSM. At a correlation of -0.17, they often move in opposite directions.
Performance
TMF vs. TSM - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -11.04% return, which is significantly lower than TSM's 33.07% return. Over the past 10 years, TMF has underperformed TSM with an annualized return of -17.99%, while TSM has yielded a comparatively higher 33.60% annualized return.
TMF
- 1D
- -2.07%
- 1M
- -9.25%
- 6M
- -12.35%
- YTD
- -11.04%
- 1Y
- -4.28%
- 3Y*
- -21.59%
- 5Y*
- -33.52%
- 10Y*
- -17.99%
- ALL TIME*
- -6.34%
TSM
- 1D
- 0.99%
- 1M
- -12.94%
- 6M
- 18.10%
- YTD
- 33.07%
- 1Y
- 69.17%
- 3Y*
- 62.80%
- 5Y*
- 29.92%
- 10Y*
- 33.60%
- ALL TIME*
- 16.19%
TMF vs. TSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -11.04% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
TSM Taiwan Semiconductor Manufacturing Company Limited | 33.07% | 55.91% | 92.58% | 42.33% | -36.75% | 12.09% | 92.67% | 64.85% | -3.50% | 41.46% |
Correlation
The correlation between TMF and TSM 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 | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.17 |
The correlation between TMF and TSM shifts across timeframes, from -0.17 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. TSM — Risk / Return Rank
TMF
TSM
TMF vs. TSM - 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 Taiwan Semiconductor Manufacturing Company Limited (TSM). 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 | TSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.39 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.29 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.16 | 3.83 | -3.99 |
| Martin ratioReturn relative to average drawdown | -0.32 | 12.06 | -12.38 |
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Drawdowns
TMF vs. TSM - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, roughly equal to the maximum TSM drawdown of -89.08%. Use the drawdown chart below to compare losses from any high point for TMF and TSM.
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Drawdown Indicators
| TMF | TSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -89.08% | -3.81% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -18.14% | -8.37% |
Max Drawdown (3Y)Largest decline over 3 years | -53.47% | -36.82% | -16.65% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -56.47% | -32.34% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -56.47% | -36.42% |
Current DrawdownCurrent decline from peak | -92.64% | -15.76% | -76.88% |
Average DrawdownAverage peak-to-trough decline | -43.97% | -42.73% | -1.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.22% | 5.76% | +7.46% |
Volatility
TMF vs. TSM - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.53%, while Taiwan Semiconductor Manufacturing Company Limited (TSM) has a volatility of 16.57%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than TSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | TSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.53% | 16.57% | -9.04% |
Volatility (6M)Calculated over the trailing 6-month period | 19.87% | 31.69% | -11.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.62% | 39.45% | -11.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.39% | 38.06% | +8.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 34.60% | +9.12% |
Dividends
TMF vs. TSM - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.44%, more than TSM's 0.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.44% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% | 0.00% |
TSM Taiwan Semiconductor Manufacturing Company Limited | 0.88% | 1.00% | 1.18% | 1.78% | 2.49% | 1.57% | 1.56% | 3.46% | 3.64% | 2.32% | 2.61% | 2.54% |
Frequently Asked Questions
TMF and TSM 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.
TSM has higher volatility (16.57%) compared to TMF (7.53%). In terms of maximum drawdown, TMF dropped -92.89% vs TSM's -89.08%.
TSM currently has the higher Sharpe Ratio (1.77 vs -0.16), 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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