TSLS vs. TMF

Last updated Jun 3, 2026

TSLS (Direxion Daily TSLA Bear 1X Shares) and TMF (Direxion Daily 20-Year Treasury Bull 3X) are both exchange-traded funds - TSLS is a Inverse Equities fund tracking the Tesla Inc (--100%), while TMF is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (300%). Both are passively managed. Over the past 3 years, TSLS returned -38.35%/yr vs -20.47%/yr for TMF. At a correlation of -0.08, they often move in opposite directions. TSLS charges 1.07%/yr vs 1.09%/yr for TMF.

Performance

TSLS vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bear 1X Shares (TSLS) and Direxion Daily 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLS achieves a 3.03% return, which is significantly higher than TMF's -5.05% return.

TSLS

• 1D: -1.93%
• 1M: -8.56%
• YTD: 3.03%
• 6M: -2.42%
• 1Y: -29.14%
• 3Y*: -38.35%
• 5Y*: —
• 10Y*: —

TMF

• 1D: 0.63%
• 1M: 0.26%
• YTD: -5.05%
• 6M: -10.01%
• 1Y: 1.66%
• 3Y*: -20.47%
• 5Y*: -29.85%
• 10Y*: -16.47%

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

TSLS vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLS Direxion Daily TSLA Bear 1X Shares	3.03%	-34.95%	-55.71%	-60.12%	100.52%
TMF Direxion Daily 20-Year Treasury Bull 3X	-5.05%	-2.94%	-35.95%	-13.01%	-42.81%

Correlation

The correlation between TSLS and TMF is -0.01, 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	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	-0.08

Return for Risk

TSLS vs. TMF — Risk / Return Rank

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

TSLS

TSLS Risk / Return Rank: 4
TSLS Sharpe Ratio Rank: 4
TSLS Sortino Ratio Rank: 4
TSLS Omega Ratio Rank: 4
TSLS Calmar Ratio Rank: 3
TSLS Martin Ratio Rank: 4

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 10
TMF Omega Ratio Rank: 10
TMF Calmar Ratio Rank: 8
TMF Martin Ratio Rank: 8

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.

TSLS vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X Shares (TSLS) and Direxion Daily 20-Year Treasury Bull 3X (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.

	TSLS	TMF	Difference
Sharpe ratio Return per unit of total volatility	-0.63	0.06	-0.68
Sortino ratio Return per unit of downside risk	-0.72	0.29	-1.01
Omega ratio Gain probability vs. loss probability	0.92	1.03	-0.11
Calmar ratio Return relative to maximum drawdown	-0.62	-0.04	-0.58
Martin ratio Return relative to average drawdown	-0.87	-0.08	-0.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSLS vs. TMF - Sharpe Ratio Comparison

The current TSLS Sharpe Ratio is -0.63, which is lower than the TMF Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of TSLS 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

	TSLS	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	0.06	-0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.64	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	-0.13	-0.40

Drawdowns

TSLS vs. TMF - Drawdown Comparison

The maximum TSLS drawdown since its inception was -90.73%, roughly equal to the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for TSLS and TMF.

Drawdown Indicators

	TSLS	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-90.73%	-92.89%	+2.16%
Max Drawdown (1Y) Largest decline over 1 year	-46.42%	-26.51%	-19.91%
Max Drawdown (3Y) Largest decline over 3 years	-84.16%	-56.31%	-27.85%
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	-89.61%	-92.14%	+2.53%
Average Drawdown Average peak-to-trough decline	-63.47%	-43.62%	-19.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.75%	11.42%	+21.33%

Volatility

TSLS vs. TMF - Volatility Comparison

Direxion Daily TSLA Bear 1X Shares (TSLS) has a higher volatility of 12.05% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 8.30%. 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.

Volatility by Period

	TSLS	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.05%	8.30%	+3.75%
Volatility (6M) Calculated over the trailing 6-month period	27.72%	19.33%	+8.39%
Volatility (1Y) Calculated over the trailing 1-year period	46.68%	28.86%	+17.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.79%	46.75%	+12.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.79%	43.92%	+14.87%

TSLS vs. TMF - Expense Ratio Comparison

TSLS has a 1.07% expense ratio, which is lower than TMF's 1.09% expense ratio.

Dividends

TSLS vs. TMF - Dividend Comparison

TSLS's dividend yield for the trailing twelve months is around 3.39%, less than TMF's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMF Direxion Daily 20-Year Treasury Bull 3X	4.11%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%
TSLS Direxion Daily TSLA Bear 1X Shares	3.39%	4.30%	7.62%	4.52%	3.46%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSLS and TMF in my portfolio?

TSLS and TMF have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLS or TMF?

TSLS has higher volatility (12.05%) compared to TMF (8.30%). In terms of maximum drawdown, TSLS dropped -90.73% vs TMF's -92.89%.

Which ETF is better, TSLS or TMF?

On 3-year performance, TMF leads with -20.47% vs -38.35% for TSLS. On fees, TSLS is cheaper at 1.07% per year. On volatility, TMF has been the lower-risk option at 8.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLS or TMF?

Over the 3-year period, TMF has performed better with a -20.47% return vs -38.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLS or TMF?

TSLS is cheaper with a 1.07% expense ratio, compared with 1.09% for TMF.

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

TMF has the higher dividend yield at 4.11%, compared with 3.39% for TSLS.

What is the main difference between TSLS and TMF?

TSLS is categorized as Inverse Equities, while TMF is Leveraged Bonds. TSLS tracks Tesla Inc (--100%), while TMF tracks NYSE 20 Year Plus Treasury Bond Index (300%). Their fees differ too: 1.07% for TSLS and 1.09% for TMF.

Which has better risk-adjusted returns?

TMF currently has the higher Sharpe Ratio (0.06 vs -0.63), 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.