TPOR vs. TMF
TPOR (Direxion Daily Transportation Bull 3X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - TPOR is a Leveraged Equities fund tracking the Dow Jones Transportation Average Index (300%), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 5 years, TPOR returned -0.87%/yr vs -31.33%/yr for TMF. At a correlation of -0.13, they often move in opposite directions. Both charge a 1.01% expense ratio.
Performance
TPOR vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, TPOR achieves a 28.21% return, which is significantly higher than TMF's -4.67% return.
TPOR
- 1D
- -2.19%
- 1M
- 7.81%
- YTD
- 28.21%
- 6M
- 23.96%
- 1Y
- 67.02%
- 3Y*
- 13.97%
- 5Y*
- -0.87%
- 10Y*
- —
TMF
- 1D
- -0.62%
- 1M
- 4.96%
- YTD
- -4.67%
- 6M
- -5.95%
- 1Y
- -2.80%
- 3Y*
- -21.07%
- 5Y*
- -31.33%
- 10Y*
- -16.87%
TPOR vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TPOR Direxion Daily Transportation Bull 3X Shares | 28.21% | 3.26% | -9.12% | 54.60% | -58.70% | 105.18% | -7.30% | 47.92% | -44.95% | 51.65% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -4.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 14.73% |
Correlation
The correlation between TPOR and TMF is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since May 3, 2017 | -0.13 |
The correlation between TPOR and TMF shifts across timeframes, from -0.13 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TPOR vs. TMF — Risk / Return Rank
TPOR
TMF
TPOR vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Transportation Bull 3X Shares (TPOR) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). 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.
| TPOR | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.22 | ||
| Sortino ratioReturn per unit of downside risk | +1.65 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.01 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | -0.11 | +2.09 |
| Martin ratioReturn relative to average drawdown | 5.63 | -0.23 | +5.86 |
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Drawdowns
TPOR vs. TMF - Drawdown Comparison
The maximum TPOR drawdown since its inception was -87.59%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for TPOR and TMF.
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Drawdown Indicators
| TPOR | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.59% | -92.89% | +5.30% |
Max Drawdown (1Y)Largest decline over 1 year | -34.00% | -26.51% | -7.49% |
Max Drawdown (3Y)Largest decline over 3 years | -64.11% | -56.09% | -8.02% |
Max Drawdown (5Y)Largest decline over 5 years | -74.08% | -88.81% | +14.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.89% | — |
Current DrawdownCurrent decline from peak | -31.66% | -92.11% | +60.45% |
Average DrawdownAverage peak-to-trough decline | -38.63% | -43.76% | +5.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.94% | 12.26% | -0.32% |
Volatility
TPOR vs. TMF - Volatility Comparison
Direxion Daily Transportation Bull 3X Shares (TPOR) has a higher volatility of 20.81% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 6.50%. This indicates that TPOR's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TPOR | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.81% | 6.50% | +14.31% |
Volatility (6M)Calculated over the trailing 6-month period | 47.27% | 19.35% | +27.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.65% | 27.91% | +32.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.03% | 46.59% | +21.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.97% | 43.86% | +27.11% |
TPOR vs. TMF - Expense Ratio Comparison
Both TPOR and TMF have an expense ratio of 1.01%.
Dividends
TPOR vs. TMF - Dividend Comparison
TPOR's dividend yield for the trailing twelve months is around 0.71%, less than TMF's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.09% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
TPOR Direxion Daily Transportation Bull 3X Shares | 0.71% | 0.91% | 1.43% | 1.51% | 0.00% | 0.00% | 0.10% | 0.96% | 1.22% | 8.70% |
Frequently Asked Questions
TPOR and TMF have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TPOR has higher volatility (20.81%) compared to TMF (6.50%). In terms of maximum drawdown, TPOR dropped -87.59% vs TMF's -92.89%.
On 5-year performance, TPOR leads with -0.87% vs -31.33% for TMF. Both ETFs have the same 1.01% expense ratio. On volatility, TMF has been the lower-risk option at 6.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TPOR has performed better with a -0.87% return vs -31.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TPOR and TMF have the same expense ratio: 1.01% per year.
TMF has the higher dividend yield at 4.09%, compared with 0.71% for TPOR.
TPOR is categorized as Leveraged Equities, while TMF is Leveraged Bonds. TPOR tracks Dow Jones Transportation Average Index (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%).
TPOR currently has the higher Sharpe Ratio (1.11 vs -0.10), 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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