TMF vs. TYD
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and TYD (Direxion Daily 7-10 Year Treasury Bull 3X) are both Leveraged Bonds funds from Direxion - TMF tracks the ICE U.S. Treasury 20+ Year Bond Index (300%) while TYD tracks the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, TMF returned -18.47%/yr vs -5.77%/yr for TYD. Their correlation of 0.83 means they have usually moved in the same direction. TMF charges 1.01%/yr vs 1.09%/yr for TYD.
Performance
TMF vs. TYD - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -16.67% return, which is significantly lower than TYD's -10.03% return. Over the past 10 years, TMF has underperformed TYD with an annualized return of -18.47%, while TYD has yielded a comparatively higher -5.77% annualized return.
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
TYD
- 1D
- -1.01%
- 1M
- -4.64%
- 6M
- -8.59%
- YTD
- -10.03%
- 1Y
- -8.85%
- 3Y*
- -3.83%
- 5Y*
- -14.92%
- 10Y*
- -5.77%
- ALL TIME*
- 0.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $161.82M | $130.43M | $127.82M | |
| $420.72K | $411.37K | $510.43K |
TMF vs. TYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -16.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -10.03% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 5.64% |
Correlation
The correlation between TMF and TYD is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.85 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.83 |
The correlation between TMF and TYD has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.
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Return for Risk
TMF vs. TYD — Risk / Return Rank
TMF
TYD
TMF vs. TYD - 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 7-10 Year Treasury Bull 3X (TYD). 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 | TYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.94 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | -0.39 | -0.13 |
| Martin ratioReturn relative to average drawdown | -1.07 | -0.84 | -0.22 |
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Drawdowns
TMF vs. TYD - Drawdown Comparison
The maximum TMF drawdown since its inception was -93.10%, which is greater than TYD's maximum drawdown of -64.28%. Use the drawdown chart below to compare losses from any high point for TMF and TYD.
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Drawdown Indicators
| TMF | TYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.10% | -64.28% | -28.82% |
Max Drawdown (1Y)Largest decline over 1 year | -28.69% | -14.41% | -14.28% |
Max Drawdown (3Y)Largest decline over 3 years | -50.64% | -22.32% | -28.32% |
Max Drawdown (5Y)Largest decline over 5 years | -89.14% | -59.84% | -29.30% |
Max Drawdown (10Y)Largest decline over 10 years | -93.10% | -64.28% | -28.82% |
Current DrawdownCurrent decline from peak | -93.10% | -60.90% | -32.20% |
Average DrawdownAverage peak-to-trough decline | -44.07% | -22.29% | -21.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.10% | 6.69% | +7.41% |
Volatility
TMF vs. TYD - Volatility Comparison
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a higher volatility of 7.21% compared to Direxion Daily 7-10 Year Treasury Bull 3X (TYD) at 3.45%. This indicates that TMF's price experiences larger fluctuations and is considered to be riskier than TYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | TYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.21% | 3.45% | +3.76% |
Volatility (6M)Calculated over the trailing 6-month period | 19.98% | 10.38% | +9.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.35% | 13.68% | +13.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.36% | 22.92% | +23.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.70% | 20.18% | +23.52% |
TMF vs. TYD - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is lower than TYD's 1.09% expense ratio.
Dividends
TMF vs. TYD - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.74%, more than TYD's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.74% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% | 0.00% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.43% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
Frequently Asked Questions
TMF and TYD have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (7.21%) compared to TYD (3.45%). In terms of maximum drawdown, TMF dropped -93.10% vs TYD's -64.28%.
On 10-year performance, TYD leads with -5.77% vs -18.47% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TYD has been the lower-risk option at 3.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TYD has performed better with a -5.77% return vs -18.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.09% for TYD.
TMF has the higher dividend yield at 4.74%, compared with 3.43% for TYD.
TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while TYD tracks NYSE 7-10 Year Treasury Bond Index. Their fees differ too: 1.01% for TMF and 1.09% for TYD.
TYD currently has the higher Sharpe Ratio (-0.41 vs -0.55), 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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