TSLL vs. TMF
TSLL (Direxion Daily TSLA Bull 2X ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - TSLL is a Leveraged Equities fund actively managed by Direxion, while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). TSLL is actively managed, while TMF is passively managed. Over the past 3 years, TSLL returned -7.94%/yr vs -19.78%/yr for TMF. At a 0.07 correlation, their price movements are largely independent. TSLL charges 0.83%/yr vs 1.01%/yr for TMF.
Performance
TSLL vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, TSLL achieves a -39.31% return, which is significantly lower than TMF's 0.08% return.
TSLL
- 1D
- -3.38%
- 1M
- -24.58%
- YTD
- -39.31%
- 6M
- -48.10%
- 1Y
- -11.43%
- 3Y*
- -7.94%
- 5Y*
- —
- 10Y*
- —
TMF
- 1D
- 3.90%
- 1M
- 10.18%
- YTD
- 0.08%
- 6M
- -2.86%
- 1Y
- -0.04%
- 3Y*
- -19.78%
- 5Y*
- -30.25%
- 10Y*
- -16.47%
TSLL vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TSLL Direxion Daily TSLA Bull 2X ETF | -39.31% | -26.80% | 99.63% | 139.86% | -74.99% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 0.08% | -2.94% | -35.95% | -13.01% | -43.40% |
Correlation
The correlation between TSLL and TMF is 0.05, 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 | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.07 |
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Return for Risk
TSLL vs. TMF — Risk / Return Rank
TSLL
TMF
TSLL vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bull 2X ETF (TSLL) 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.
| TSLL | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.02 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | -0.00 | -0.21 |
| Martin ratioReturn relative to average drawdown | -0.42 | -0.00 | -0.42 |
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Drawdowns
TSLL vs. TMF - Drawdown Comparison
The maximum TSLL drawdown since its inception was -82.88%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for TSLL and TMF.
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Drawdown Indicators
| TSLL | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.88% | -92.89% | +10.01% |
Max Drawdown (1Y)Largest decline over 1 year | -54.75% | -26.51% | -28.24% |
Max Drawdown (3Y)Largest decline over 3 years | -82.88% | -56.09% | -26.79% |
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 | -69.35% | -91.71% | +22.36% |
Average DrawdownAverage peak-to-trough decline | -53.93% | -43.78% | -10.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.51% | 12.28% | +15.23% |
Volatility
TSLL vs. TMF - Volatility Comparison
Direxion Daily TSLA Bull 2X ETF (TSLL) has a higher volatility of 28.32% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.26%. This indicates that TSLL'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
| TSLL | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.32% | 7.26% | +21.06% |
Volatility (6M)Calculated over the trailing 6-month period | 56.74% | 19.68% | +37.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.53% | 28.15% | +59.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 106.85% | 46.63% | +60.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 106.85% | 43.87% | +62.98% |
TSLL vs. TMF - Expense Ratio Comparison
TSLL has a 0.83% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
TSLL vs. TMF - Dividend Comparison
TSLL's dividend yield for the trailing twelve months is around 8.63%, more than TMF's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 3.95% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
TSLL Direxion Daily TSLA Bull 2X ETF | 8.63% | 5.00% | 2.47% | 4.44% | 1.57% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSLL and TMF have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLL has higher volatility (28.32%) compared to TMF (7.26%). In terms of maximum drawdown, TSLL dropped -82.88% vs TMF's -92.89%.
On 3-year performance, TSLL leads with -7.94% vs -19.78% for TMF. On fees, TSLL is cheaper at 0.83% per year. On volatility, TMF has been the lower-risk option at 7.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TSLL has performed better with a -7.94% return vs -19.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSLL is cheaper with a 0.83% expense ratio, compared with 1.01% for TMF.
TSLL has the higher dividend yield at 8.63%, compared with 3.95% for TMF.
TSLL is categorized as Leveraged Equities, while TMF is Leveraged Bonds. Their fees differ too: 0.83% for TSLL and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (-0.00 vs -0.13), 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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