TSLL vs. TMF

Last updated Jun 4, 2026

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 9.79%/yr vs -20.78%/yr for TMF. At a 0.08 correlation, their price movements are largely independent. TSLL charges 0.83%/yr vs 1.01%/yr for TMF.

Performance

TSLL vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bull 2X ETF (TSLL) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLL achieves a -20.85% return, which is significantly lower than TMF's -6.13% return.

TSLL

• 1D: 0.00%
• 1M: 13.88%
• YTD: -20.85%
• 6M: -21.38%
• 1Y: 7.17%
• 3Y*: 9.79%
• 5Y*: —
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TSLL vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLL Direxion Daily TSLA Bull 2X ETF	-20.85%	-26.80%	99.63%	139.86%	-73.85%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-6.13%	-2.94%	-35.95%	-13.01%	-42.81%

Correlation

The correlation between TSLL and TMF is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	0.08

TSLL vs. TMF - Sectors Allocation Comparison

Sectors	TSLL	TMF
Consumer Cyclical	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	18.7%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

TSLL vs. TMF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TSLL

TSLL Risk / Return Rank: 12
TSLL Sharpe Ratio Rank: 9
TSLL Sortino Ratio Rank: 15
TSLL Omega Ratio Rank: 15
TSLL Calmar Ratio Rank: 10
TSLL Martin Ratio Rank: 10

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 9
TMF Omega Ratio Rank: 9
TMF Calmar Ratio Rank: 9
TMF Martin Ratio Rank: 9

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	TSLL	TMF	Difference
Sharpe ratio: Return per unit of total volatility	0.08	0.03	+0.05
Sortino ratio: Return per unit of downside risk	0.77	0.25	+0.52
Omega ratio: Gain probability vs. loss probability	1.09	1.03	+0.07
Calmar ratio: Return relative to maximum drawdown	0.13	0.03	+0.10
Martin ratio: Return relative to average drawdown	0.27	0.08	+0.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSLL vs. TMF - Sharpe Ratio Comparison

The current TSLL Sharpe Ratio is 0.08, which is higher than the TMF Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of TSLL and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TSLL	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	0.03	+0.05
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	-0.08	-0.14	+0.06

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.

Drawdown Indicators

	TSLL	TMF	Difference
Max Drawdown Largest 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%	-56.31%	-26.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-88.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.89%	—
Current Drawdown Current decline from peak	-60.03%	-92.23%	+32.20%
Average Drawdown Average peak-to-trough decline	-53.82%	-43.63%	-10.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.72%	11.49%	+15.23%

Volatility

TSLL vs. TMF - Volatility Comparison

Direxion Daily TSLA Bull 2X ETF (TSLL) has a higher volatility of 24.26% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.09%. 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.

Volatility by Period

	TSLL	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.26%	8.09%	+16.17%
Volatility (6M) Calculated over the trailing 6-month period	54.47%	19.01%	+35.46%
Volatility (1Y) Calculated over the trailing 1-year period	92.38%	28.76%	+63.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.87%	46.75%	+60.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.87%	43.92%	+62.95%

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 6.46%, more than TMF's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	4.15%	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	6.46%	5.00%	2.47%	4.44%	1.57%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSLL and TMF in my portfolio?

TSLL and TMF have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLL or TMF?

TSLL has higher volatility (24.26%) compared to TMF (8.09%). In terms of maximum drawdown, TSLL dropped -82.88% vs TMF's -92.89%.

Which ETF is better, TSLL or TMF?

On 3-year performance, TSLL leads with 9.79% vs -20.78% for TMF. On fees, TSLL is cheaper at 0.83% 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.

Which ETF has performed better, TSLL or TMF?

Over the 3-year period, TSLL has performed better with a 9.79% return vs -20.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLL or TMF?

TSLL is cheaper with a 0.83% expense ratio, compared with 1.01% for TMF.

Which ETF pays a higher dividend yield, TSLL or TMF?

TSLL has the higher dividend yield at 6.46%, compared with 4.15% for TMF.

What is the main difference between TSLL and 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.

Which has better risk-adjusted returns?

TSLL currently has the higher Sharpe Ratio (0.08 vs 0.03), 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.