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 -18.06%/yr vs -5.49%/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 -8.94% return, which is significantly lower than TYD's -7.46% return. Over the past 10 years, TMF has underperformed TYD with an annualized return of -18.06%, while TYD has yielded a comparatively higher -5.49% annualized return.
TMF
- 1D
- -0.03%
- 1M
- -4.85%
- 6M
- -10.90%
- YTD
- -8.94%
- 1Y
- -4.05%
- 3Y*
- -19.45%
- 5Y*
- -32.83%
- 10Y*
- -18.06%
TYD
- 1D
- -0.48%
- 1M
- -2.10%
- 6M
- -7.61%
- YTD
- -7.46%
- 1Y
- -1.78%
- 3Y*
- -3.30%
- 5Y*
- -13.88%
- 10Y*
- -5.49%
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 | -8.94% | -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 | -7.46% | 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, 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 | 0.89 |
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 | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.97 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.31 | -0.24 | -0.06 |
| Martin ratioReturn relative to average drawdown | -0.64 | -0.56 | -0.08 |
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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 | -55.14% | -23.96% | -31.18% |
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 | -92.46% | -59.78% | -32.68% |
Average DrawdownAverage peak-to-trough decline | -43.90% | -22.16% | -21.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.78% | 5.90% | +6.88% |
Volatility
TMF vs. TYD - Volatility Comparison
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a higher volatility of 8.37% compared to Direxion Daily 7-10 Year Treasury Bull 3X (TYD) at 4.56%. 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 | 8.37% | 4.56% | +3.81% |
Volatility (6M)Calculated over the trailing 6-month period | 19.92% | 10.29% | +9.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.83% | 13.87% | +13.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.53% | 22.97% | +23.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.76% | 20.21% | +23.55% |
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 4.34%, more than TYD's 3.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.34% | 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 | 3.33% | 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 (8.37%) compared to TYD (4.56%). In terms of maximum drawdown, TMF dropped -92.89% vs TYD's -64.28%.
On 10-year performance, TYD leads with -5.49% vs -18.06% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TYD has been the lower-risk option at 4.56%. 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 -5.49% return vs -18.06%. 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 4.34%, compared with 3.33% 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 (-0.24 vs -0.29), 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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