TSLS vs. TMF
TSLS (Direxion Daily TSLA Bear 1X ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - TSLS is a Inverse Equities fund tracking the Tesla, Inc. (-100% Daily), 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 3 years, TSLS returned -27.51%/yr vs -20.63%/yr for TMF. Their -0.08 correlation means they have often moved in opposite directions in the past. TSLS charges 0.95%/yr vs 1.01%/yr for TMF.
Performance
TSLS vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, TSLS achieves a 33.30% return, which is significantly higher than TMF's -16.67% return.
TSLS
- 1D
- -0.74%
- 1M
- 22.65%
- 6M
- 27.99%
- YTD
- 33.30%
- 1Y
- -14.97%
- 3Y*
- -27.51%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -25.22%
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $161.82M | $130.43M | $127.82M | |
| $28.97M | $27.46M | $30.88M |
TSLS vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TSLS Direxion Daily TSLA Bear 1X ETF | 33.30% | -34.95% | -55.71% | -60.12% | 105.60% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -16.67% | -2.94% | -35.95% | -13.01% | -43.40% |
Correlation
The correlation between TSLS and TMF is -0.06, 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. | -0.06 |
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
TSLS vs. TMF — Risk / Return Rank
TSLS
TMF
TSLS vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X ETF (TSLS) 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.
| TSLS | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 0.93 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | -0.53 | +0.20 |
| Martin ratioReturn relative to average drawdown | -0.45 | -1.07 | +0.62 |
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Drawdowns
TSLS vs. TMF - Drawdown Comparison
The maximum TSLS drawdown since its inception was -90.73%, roughly equal to the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for TSLS and TMF.
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Drawdown Indicators
| TSLS | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.73% | -93.10% | +2.37% |
Max Drawdown (1Y)Largest decline over 1 year | -41.36% | -28.69% | -12.67% |
Max Drawdown (3Y)Largest decline over 3 years | -84.16% | -50.64% | -33.52% |
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 | -86.56% | -93.10% | +6.54% |
Average DrawdownAverage peak-to-trough decline | -64.44% | -44.07% | -20.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.53% | 14.10% | +15.43% |
Volatility
TSLS vs. TMF - Volatility Comparison
Direxion Daily TSLA Bear 1X ETF (TSLS) has a higher volatility of 19.07% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.21%. This indicates that TSLS'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
| TSLS | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.07% | 7.21% | +11.86% |
Volatility (6M)Calculated over the trailing 6-month period | 33.98% | 19.98% | +14.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.81% | 27.35% | +19.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.98% | 46.36% | +12.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.98% | 43.70% | +15.28% |
TSLS vs. TMF - Expense Ratio Comparison
TSLS has a 0.95% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
TSLS vs. TMF - Dividend Comparison
TSLS's dividend yield for the trailing twelve months is around 2.36%, less than TMF's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.74% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
TSLS Direxion Daily TSLA Bear 1X ETF | 2.36% | 4.30% | 7.62% | 4.52% | 3.46% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSLS and TMF have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLS has higher volatility (19.07%) compared to TMF (7.21%). In terms of maximum drawdown, TSLS dropped -90.73% vs TMF's -93.10%.
On 3-year performance, TMF leads with -20.63% vs -27.51% for TSLS. On fees, TSLS is cheaper at 0.95% per year. On volatility, TMF has been the lower-risk option at 7.21%. 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 -20.63% return vs -27.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSLS is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.74%, compared with 2.36% for TSLS.
TSLS is categorized as Inverse Equities, while TMF is Leveraged Bonds. TSLS tracks Tesla, Inc. (-100% Daily), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 0.95% for TSLS and 1.01% for TMF.
TSLS currently has the higher Sharpe Ratio (-0.28 vs -0.55), 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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