TMF vs. URTY
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and URTY (ProShares UltraPro Russell2000) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while URTY is a Leveraged Equities fund tracking the Russell 2000 Index (300%). Both are passively managed. Over the past 10 years, TMF returned -16.87%/yr vs 8.63%/yr for URTY. At a correlation of -0.22, they often move in opposite directions. TMF charges 1.01%/yr vs 0.95%/yr for URTY.
Performance
TMF vs. URTY - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -5.18% return, which is significantly lower than URTY's 52.87% return. Over the past 10 years, TMF has underperformed URTY with an annualized return of -16.87%, while URTY has yielded a comparatively higher 8.63% annualized return.
TMF
- 1D
- -0.93%
- 1M
- 7.62%
- YTD
- -5.18%
- 6M
- -5.04%
- 1Y
- -1.79%
- 3Y*
- -19.82%
- 5Y*
- -31.10%
- 10Y*
- -16.87%
URTY
- 1D
- 2.47%
- 1M
- 15.09%
- YTD
- 52.87%
- 6M
- 39.91%
- 1Y
- 129.22%
- 3Y*
- 25.18%
- 5Y*
- -7.00%
- 10Y*
- 8.63%
TMF vs. URTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -5.18% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
URTY ProShares UltraPro Russell2000 | 52.87% | 9.26% | 7.38% | 24.43% | -62.81% | 28.47% | -7.72% | 72.37% | -39.59% | 38.85% |
Correlation
The correlation between TMF and URTY is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.22 |
The correlation between TMF and URTY shifts across timeframes, from -0.22 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. URTY — Risk / Return Rank
TMF
URTY
TMF vs. URTY - 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 ProShares UltraPro Russell2000 (URTY). 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 | URTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -2.51 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.29 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | 3.60 | -3.78 |
| Martin ratioReturn relative to average drawdown | -0.41 | 11.78 | -12.19 |
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Drawdowns
TMF vs. URTY - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than URTY's maximum drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for TMF and URTY.
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Drawdown Indicators
| TMF | URTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -88.09% | -4.80% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -32.56% | +6.05% |
Max Drawdown (3Y)Largest decline over 3 years | -56.31% | -65.85% | +9.54% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -82.76% | -6.05% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -88.09% | -4.80% |
Current DrawdownCurrent decline from peak | -92.15% | -37.07% | -55.08% |
Average DrawdownAverage peak-to-trough decline | -43.70% | -34.79% | -8.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.96% | 9.94% | +2.02% |
Volatility
TMF vs. URTY - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 8.43%, while ProShares UltraPro Russell2000 (URTY) has a volatility of 21.54%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than URTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | URTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.43% | 21.54% | -13.11% |
Volatility (6M)Calculated over the trailing 6-month period | 19.46% | 42.72% | -23.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.49% | 58.94% | -30.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.72% | 67.69% | -20.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.92% | 69.44% | -25.52% |
TMF vs. URTY - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than URTY's 0.95% expense ratio.
Dividends
TMF vs. URTY - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.11%, more than URTY's 0.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.11% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% |
URTY ProShares UltraPro Russell2000 | 0.62% | 1.02% | 1.16% | 0.55% | 0.28% | 0.00% | 0.00% | 0.18% | 0.28% | 0.00% | 0.03% |
Frequently Asked Questions
TMF and URTY have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
URTY has higher volatility (21.54%) compared to TMF (8.43%). In terms of maximum drawdown, TMF dropped -92.89% vs URTY's -88.09%.
On 10-year performance, URTY leads with 8.63% vs -16.87% for TMF. On fees, URTY is cheaper at 0.95% per year. On volatility, TMF has been the lower-risk option at 8.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, URTY has performed better with a 8.63% return vs -16.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
URTY is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.11%, compared with 0.62% for URTY.
TMF is categorized as Leveraged Bonds, while URTY is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while URTY tracks Russell 2000 Index (300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.01% for TMF and 0.95% for URTY.
URTY currently has the higher Sharpe Ratio (1.99 vs -0.17), 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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