TMF vs. WEBL
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and WEBL (Daily Dow Jones Internet Bull 3X Shares) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while WEBL is a Leveraged Equities fund tracking the Dow Jones Internet Composite Index (300%). Both are passively managed. Over the past 5 years, TMF returned -34.00%/yr vs -22.59%/yr for WEBL. At a 0.04 correlation, their price movements are largely independent. TMF charges 1.01%/yr vs 1.17%/yr for WEBL.
Performance
TMF vs. WEBL - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with TMF having a -11.93% return and WEBL slightly higher at -11.51%.
TMF
- 1D
- -1.01%
- 1M
- -10.16%
- 6M
- -9.78%
- YTD
- -11.93%
- 1Y
- -7.67%
- 3Y*
- -21.85%
- 5Y*
- -34.00%
- 10Y*
- -18.08%
- ALL TIME*
- -6.40%
WEBL
- 1D
- -0.86%
- 1M
- 3.14%
- 6M
- 4.09%
- YTD
- -11.51%
- 1Y
- -19.70%
- 3Y*
- 25.10%
- 5Y*
- -22.59%
- 10Y*
- —
- ALL TIME*
- 0.07%
TMF vs. WEBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -11.93% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | -5.89% |
WEBL Daily Dow Jones Internet Bull 3X Shares | -11.51% | 2.37% | 76.78% | 165.50% | -91.04% | 2.73% | 132.56% | 10.36% |
Correlation
The correlation between TMF and WEBL is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | 0.04 |
The correlation between TMF and WEBL shifts across timeframes, from 0.04 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. WEBL — Risk / Return Rank
TMF
WEBL
TMF vs. WEBL - 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 Daily Dow Jones Internet Bull 3X Shares (WEBL). 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 | WEBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 0.99 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | -0.35 | +0.06 |
| Martin ratioReturn relative to average drawdown | -0.58 | -0.70 | +0.12 |
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Drawdowns
TMF vs. WEBL - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, roughly equal to the maximum WEBL drawdown of -94.44%. Use the drawdown chart below to compare losses from any high point for TMF and WEBL.
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Drawdown Indicators
| TMF | WEBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -94.44% | +1.55% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -56.57% | +30.06% |
Max Drawdown (3Y)Largest decline over 3 years | -53.47% | -60.82% | +7.35% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -94.44% | +5.63% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | — | — |
Current DrawdownCurrent decline from peak | -92.71% | -73.95% | -18.76% |
Average DrawdownAverage peak-to-trough decline | -43.98% | -59.13% | +15.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.32% | 28.27% | -14.95% |
Volatility
TMF vs. WEBL - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.32%, while Daily Dow Jones Internet Bull 3X Shares (WEBL) has a volatility of 15.82%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than WEBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | WEBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 15.82% | -8.50% |
Volatility (6M)Calculated over the trailing 6-month period | 19.81% | 47.69% | -27.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.58% | 59.30% | -31.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.37% | 81.11% | -34.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 82.56% | -38.84% |
TMF vs. WEBL - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is lower than WEBL's 1.17% expense ratio.
Dividends
TMF vs. WEBL - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.48%, more than WEBL's 0.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.48% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
WEBL Daily Dow Jones Internet Bull 3X Shares | 0.18% | 0.25% | 0.00% | 0.00% | 0.00% | 4.79% | 0.00% | 0.06% | 0.00% | 0.00% |
Frequently Asked Questions
TMF and WEBL 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.
WEBL has higher volatility (15.82%) compared to TMF (7.32%). In terms of maximum drawdown, TMF dropped -92.89% vs WEBL's -94.44%.
On 5-year performance, WEBL leads with -22.59% vs -34.00% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, WEBL has performed better with a -22.59% return vs -34.00%. 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 1.17% for WEBL.
TMF has the higher dividend yield at 4.48%, compared with 0.18% for WEBL.
TMF is categorized as Leveraged Bonds, while WEBL is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while WEBL tracks Dow Jones Internet Composite Index (300%). Their fees differ too: 1.01% for TMF and 1.17% for WEBL.
TMF currently has the higher Sharpe Ratio (-0.28 vs -0.33), 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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