TMF vs. TYO
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and TYO (Direxion Daily 7-10 Year Treasury Bear 3X) are both Leveraged Bonds funds from Direxion - TMF tracks the ICE U.S. Treasury 20+ Year Bond Index (300%) while TYO tracks the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, TMF returned -16.56%/yr vs 1.79%/yr for TYO. At a correlation of -0.89, they often move in opposite directions. TMF charges 1.01%/yr vs 1.08%/yr for TYO.
Performance
TMF vs. TYO - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -6.13% return, which is significantly lower than TYO's 8.03% return. Over the past 10 years, TMF has underperformed TYO with an annualized return of -16.56%, while TYO has yielded a comparatively higher 1.79% annualized return.
TMF
- 1D
- -1.14%
- 1M
- 1.22%
- YTD
- -6.13%
- 6M
- -11.63%
- 1Y
- 0.90%
- 3Y*
- -20.78%
- 5Y*
- -30.52%
- 10Y*
- -16.56%
TYO
- 1D
- 1.07%
- 1M
- 1.54%
- YTD
- 8.03%
- 6M
- 11.18%
- 1Y
- 3.00%
- 3Y*
- 7.71%
- 5Y*
- 12.51%
- 10Y*
- 1.79%
TMF vs. TYO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -6.13% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 8.03% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -1.42% | -8.94% |
Correlation
The correlation between TMF and TYO is -0.90, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| 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 | -0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.87 |
Correlation (All Time) Calculated using the full available price history since Apr 17, 2009 | -0.89 |
The correlation between TMF and TYO has been stable across timeframes, ranging from -0.92 to -0.87 - a consistent structural relationship.
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Return for Risk
TMF vs. TYO — Risk / Return Rank
TMF
TYO
TMF vs. TYO - 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 Bear 3X (TYO). 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.
| TMF | TYO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.05 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | 0.29 | -0.25 |
| Martin ratioReturn relative to average drawdown | 0.08 | 0.51 | -0.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TMF | TYO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.03 | 0.21 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | 0.54 | -1.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.38 | 0.09 | -0.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.14 | -0.34 | +0.20 |
Drawdowns
TMF vs. TYO - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, roughly equal to the maximum TYO drawdown of -89.25%. Use the drawdown chart below to compare losses from any high point for TMF and TYO.
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Drawdown Indicators
| TMF | TYO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -89.25% | -3.64% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -10.48% | -16.03% |
Max Drawdown (3Y)Largest decline over 3 years | -56.31% | -24.40% | -31.91% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -24.40% | -64.41% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -52.21% | -40.68% |
Current DrawdownCurrent decline from peak | -92.23% | -77.19% | -15.04% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -71.09% | +27.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.49% | 5.85% | +5.64% |
Volatility
TMF vs. TYO - Volatility Comparison
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a higher volatility of 8.09% compared to Direxion Daily 7-10 Year Treasury Bear 3X (TYO) at 4.94%. This indicates that TMF's price experiences larger fluctuations and is considered to be riskier than TYO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | TYO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.09% | 4.94% | +3.15% |
Volatility (6M)Calculated over the trailing 6-month period | 19.01% | 10.14% | +8.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.76% | 14.56% | +14.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.75% | 23.23% | +23.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.92% | 20.19% | +23.73% |
TMF vs. TYO - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is lower than TYO's 1.08% expense ratio.
Dividends
TMF vs. TYO - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.15%, more than TYO's 2.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.15% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.82% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% | 0.00% |
Frequently Asked Questions
TMF and TYO have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (8.09%) compared to TYO (4.94%). In terms of maximum drawdown, TMF dropped -92.89% vs TYO's -89.25%.
On 10-year performance, TYO leads with 1.79% vs -16.56% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TYO has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TYO has performed better with a 1.79% return vs -16.56%. 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 1.08% for TYO.
TMF has the higher dividend yield at 4.15%, compared with 2.82% for TYO.
TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while TYO tracks NYSE 7-10 Year Treasury Bond Index. Their fees differ too: 1.01% for TMF and 1.08% for TYO.
TYO currently has the higher Sharpe Ratio (0.21 vs 0.03), 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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