TMF vs. UVIX
TMF (Direxion Daily 20-Year Treasury Bull 3X) and UVIX (Volatility Shares 2x Long VIX Futures ETF) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (300%), while UVIX is a Volatility fund tracking the Long VIX Futures Index – Benchmark TR Gross (200%). Both are passively managed. Over the past 3 years, TMF returned -20.78%/yr vs -82.43%/yr for UVIX. At a correlation of -0.09, they often move in opposite directions. TMF charges 1.09%/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 -6.13% return, which is significantly higher than UVIX's -31.87% 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%
UVIX
- 1D
- -0.26%
- 1M
- -29.01%
- YTD
- -31.87%
- 6M
- -51.86%
- 1Y
- -85.80%
- 3Y*
- -82.43%
- 5Y*
- —
- 10Y*
- —
TMF vs. UVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TMF Direxion Daily 20-Year Treasury Bull 3X | -6.13% | -2.94% | -35.95% | -13.01% | -60.27% |
UVIX Volatility Shares 2x Long VIX Futures ETF | -31.87% | -83.21% | -75.24% | -95.28% | -62.08% |
Correlation
The correlation between TMF and UVIX is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 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 (TMF) and Volatility Shares 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.
| TMF | UVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.81 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | -0.98 | +1.02 |
| Martin ratioReturn relative to average drawdown | 0.08 | -1.26 | +1.34 |
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 | UVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.03 | -0.77 | +0.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.38 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.14 | -0.62 | +0.48 |
Drawdowns
TMF vs. UVIX - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, smaller than the maximum UVIX drawdown of -99.97%. 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 | -92.89% | -99.97% | +7.08% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -87.35% | +60.84% |
Max Drawdown (3Y)Largest decline over 3 years | -56.31% | -99.44% | +43.13% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | — | — |
Current DrawdownCurrent decline from peak | -92.23% | -99.97% | +7.74% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -88.52% | +44.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.49% | 67.78% | -56.29% |
Volatility
TMF vs. UVIX - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bull 3X (TMF) is 8.09%, while Volatility Shares 2x Long VIX Futures ETF (UVIX) has a volatility of 15.41%. 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 | 8.09% | 15.41% | -7.32% |
Volatility (6M)Calculated over the trailing 6-month period | 19.01% | 82.35% | -63.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.76% | 111.51% | -82.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.75% | 136.15% | -89.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.92% | 136.15% | -92.23% |
TMF vs. UVIX - Expense Ratio Comparison
TMF has a 1.09% 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 4.15%, 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 | 4.15% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
UVIX Volatility Shares 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 -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVIX has higher volatility (15.41%) compared to TMF (8.09%). In terms of maximum drawdown, TMF dropped -92.89% vs UVIX's -99.97%.
On 3-year performance, TMF leads with -20.78% vs -82.43% for UVIX. On fees, TMF is cheaper at 1.09% per year. On volatility, TMF has been the lower-risk option at 8.09%. 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 -20.78% return vs -82.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.09% expense ratio, compared with 2.78% for UVIX.
TMF has the higher dividend yield at 4.15%, compared with 0.00% for UVIX.
TMF is categorized as Leveraged Bonds, while UVIX is Volatility. TMF tracks NYSE 20 Year Plus Treasury Bond Index (300%), while UVIX tracks Long VIX Futures Index – Benchmark TR Gross (200%). They also come from different issuers: Direxion and Volatility Shares. Their fees differ too: 1.09% for TMF and 2.78% for UVIX.
TMF currently has the higher Sharpe Ratio (0.03 vs -0.77), 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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