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 -16.80%/yr vs -4.97%/yr for TYD. Their correlation of 0.83 suggests significant overlap in exposure. 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 -3.67% return, which is significantly higher than TYD's -4.85% return. Over the past 10 years, TMF has underperformed TYD with an annualized return of -16.80%, while TYD has yielded a comparatively higher -4.97% annualized return.
TMF
- 1D
- 1.59%
- 1M
- 9.33%
- YTD
- -3.67%
- 6M
- -5.31%
- 1Y
- 2.45%
- 3Y*
- -20.43%
- 5Y*
- -31.09%
- 10Y*
- -16.80%
TYD
- 1D
- 0.80%
- 1M
- 3.44%
- YTD
- -4.85%
- 6M
- -5.56%
- 1Y
- 2.06%
- 3Y*
- -4.06%
- 5Y*
- -12.70%
- 10Y*
- -4.97%
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 | -3.67% | -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 | -4.85% | 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 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.04 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.09 | 0.15 | -0.06 |
| Martin ratioReturn relative to average drawdown | 0.20 | 0.38 | -0.18 |
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Drawdowns
TMF vs. TYD - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, 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 | -92.89% | -64.28% | -28.61% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -13.54% | -12.97% |
Max Drawdown (3Y)Largest decline over 3 years | -56.31% | -24.62% | -31.69% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -59.84% | -28.97% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -64.28% | -28.61% |
Current DrawdownCurrent decline from peak | -92.03% | -58.65% | -33.38% |
Average DrawdownAverage peak-to-trough decline | -43.72% | -22.02% | -21.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.06% | 5.36% | +6.70% |
Volatility
TMF vs. TYD - Volatility Comparison
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a higher volatility of 7.00% compared to Direxion Daily 7-10 Year Treasury Bull 3X (TYD) at 3.80%. 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 | 7.00% | 3.80% | +3.20% |
Volatility (6M)Calculated over the trailing 6-month period | 19.29% | 9.77% | +9.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.13% | 13.77% | +14.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.73% | 22.96% | +23.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.93% | 20.35% | +23.58% |
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 4.05%, more than TYD's 3.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.05% | 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 | 3.18% | 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
With a correlation of 0.90, TMF and TYD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TMF has higher volatility (7.00%) compared to TYD (3.80%). In terms of maximum drawdown, TMF dropped -92.89% vs TYD's -64.28%.
On 10-year performance, TYD leads with -4.97% vs -16.80% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TYD has been the lower-risk option at 3.80%. 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 -4.97% return vs -16.80%. 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 4.05%, compared with 3.18% 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 (0.15 vs 0.09), 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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