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 -18.07%/yr vs -18.06%/yr for TMF. Their 0.08 correlation means their historical movements had little consistent relationship. 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 -58.70% return, which is significantly lower than TMF's -13.43% return.
TSLL
- 1D
- -3.72%
- 1M
- -44.30%
- 6M
- -47.98%
- YTD
- -58.70%
- 1Y
- -23.30%
- 3Y*
- -18.07%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -22.49%
TMF
- 1D
- 0.70%
- 1M
- -8.20%
- 6M
- -11.46%
- YTD
- -13.43%
- 1Y
- -16.55%
- 3Y*
- -18.06%
- 5Y*
- -33.81%
- 10Y*
- -18.10%
- ALL TIME*
- -6.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $174.56M | $137.48M | $128.85M | |
| $799.42M | $664.03M | $919.05M |
TSLL vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TSLL Direxion Daily TSLA Bull 2X ETF | -58.70% | -26.80% | 99.63% | 139.86% | -74.99% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -13.43% | -2.94% | -35.95% | -13.01% | -43.40% |
Correlation
The correlation between TSLL and TMF is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (3Y) Balances recent behavior with more history. | 0.07 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.08 |
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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 | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.92 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.33 | -0.58 | +0.25 |
| Martin ratioReturn relative to average drawdown | -0.72 | -1.16 | +0.44 |
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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 -93.10%. 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% | -93.10% | +10.22% |
Max Drawdown (1Y)Largest decline over 1 year | -70.13% | -28.69% | -41.44% |
Max Drawdown (3Y)Largest decline over 3 years | -82.88% | -50.64% | -32.24% |
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 | -79.15% | -92.83% | +13.68% |
Average DrawdownAverage peak-to-trough decline | -54.44% | -44.10% | -10.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.41% | 14.40% | +18.01% |
Volatility
TSLL vs. TMF - Volatility Comparison
Direxion Daily TSLA Bull 2X ETF (TSLL) has a higher volatility of 38.99% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.36%. 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 | 38.99% | 7.36% | +31.63% |
Volatility (6M)Calculated over the trailing 6-month period | 70.64% | 20.07% | +50.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 92.39% | 27.13% | +65.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 107.70% | 46.38% | +61.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 107.70% | 43.69% | +64.01% |
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 12.68%, more than TMF's 4.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.56% | 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 | 12.68% | 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 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLL has higher volatility (38.99%) compared to TMF (7.36%). In terms of maximum drawdown, TSLL dropped -82.88% vs TMF's -93.10%.
On 3-year performance, TMF leads with -18.06% vs -18.07% for TSLL. On fees, TSLL is cheaper at 0.83% 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 -18.06% return vs -18.07%. 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 12.68%, compared with 4.56% 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.
TSLL currently has the higher Sharpe Ratio (-0.25 vs -0.61), 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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