TMF vs. UVIX
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and UVIX (2x Long VIX Futures ETF) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while UVIX is a Volatility fund tracking the Long VIX Futures Index (200% Daily). Both are passively managed. Over the past 3 years, TMF returned -18.84%/yr vs -81.87%/yr for UVIX. Their -0.09 correlation means they have often moved in opposite directions in the past. TMF charges 1.01%/yr vs 2.78%/yr for UVIX.
Performance
TMF vs. UVIX - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -15.88% return, which is significantly higher than UVIX's -52.21% return.
TMF
- 1D
- 0.95%
- 1M
- -11.21%
- 6M
- -14.16%
- YTD
- -15.88%
- 1Y
- -17.67%
- 3Y*
- -18.84%
- 5Y*
- -35.05%
- 10Y*
- -18.33%
- ALL TIME*
- -6.63%
UVIX
- 1D
- -2.05%
- 1M
- -11.91%
- 6M
- -48.80%
- YTD
- -52.21%
- 1Y
- -86.41%
- 3Y*
- -81.87%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.90%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $168.22M | $133.63M | $127.70M | |
| $104.04M | $96.41M | $155.15M |
TMF vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -15.88% | -2.94% | -35.95% | -13.01% | -59.28% |
UVIX 2x Long VIX Futures ETF | -52.21% | -83.21% | -75.24% | -95.28% | -61.86% |
Correlation
The correlation between TMF and UVIX is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.14 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | -0.09 |
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Return for Risk
TMF vs. UVIX — Risk / Return Rank
TMF
UVIX
TMF vs. UVIX - 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 2x Long VIX Futures ETF (UVIX). 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 | UVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.81 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | -1.02 | +0.41 |
| Martin ratioReturn relative to average drawdown | -1.25 | -1.43 | +0.19 |
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Drawdowns
TMF vs. UVIX - Drawdown Comparison
The maximum TMF drawdown since its inception was -93.10%, smaller than the maximum UVIX drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for TMF and UVIX.
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Drawdown Indicators
| TMF | UVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.10% | -99.98% | +6.88% |
Max Drawdown (1Y)Largest decline over 1 year | -28.69% | -84.53% | +55.84% |
Max Drawdown (3Y)Largest decline over 3 years | -50.64% | -99.42% | +48.78% |
Max Drawdown (5Y)Largest decline over 5 years | -89.14% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -93.10% | — | — |
Current DrawdownCurrent decline from peak | -93.04% | -99.98% | +6.94% |
Average DrawdownAverage peak-to-trough decline | -44.08% | -88.87% | +44.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.21% | 64.63% | -50.42% |
Volatility
TMF vs. UVIX - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.36%, while 2x Long VIX Futures ETF (UVIX) has a volatility of 28.43%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than UVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | UVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.36% | 28.43% | -21.07% |
Volatility (6M)Calculated over the trailing 6-month period | 19.96% | 85.88% | -65.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.08% | 113.77% | -86.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 135.10% | -88.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.71% | 135.10% | -91.39% |
TMF vs. UVIX - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is lower than UVIX's 2.78% expense ratio.
Dividends
TMF vs. UVIX - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.69%, while UVIX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.69% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
UVIX 2x Long VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TMF and UVIX have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVIX has higher volatility (28.43%) compared to TMF (7.36%). In terms of maximum drawdown, TMF dropped -93.10% vs UVIX's -99.98%.
On 3-year performance, TMF leads with -18.84% vs -81.87% for UVIX. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TMF has performed better with a -18.84% return vs -81.87%. 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 2.78% for UVIX.
TMF has the higher dividend yield at 4.69%, compared with 0.00% for UVIX.
TMF is categorized as Leveraged Bonds, while UVIX is Volatility. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while UVIX tracks Long VIX Futures Index (200% Daily). They also come from different issuers: Direxion and Volatility Shares. Their fees differ too: 1.01% for TMF and 2.78% for UVIX.
TMF currently has the higher Sharpe Ratio (-0.66 vs -0.76), 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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