TSMX vs. TMF

Last updated Aug 3, 2026

TSMX (Direxion Daily TSM Bull 2X ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - TSMX 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%). TSMX is actively managed, while TMF is passively managed. Over the past year, TSMX returned 129.25% vs -18.44% for TMF. Their 0.06 correlation means their historical movements had little consistent relationship. TSMX charges 0.99%/yr vs 1.01%/yr for TMF.

Performance

TSMX vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSM Bull 2X ETF (TSMX) 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, TSMX achieves a 48.80% return, which is significantly higher than TMF's -16.67% return.

TSMX

• 1D: 0.30%
• 1M: -15.56%
• 6M: 28.30%
• YTD: 48.80%
• 1Y: 129.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 87.80%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	$161.82M	$130.43M	$127.82M
TSMX Direxion Daily TSM Bull 2X ETF	$51.36M	$73.43M	$83.39M

TSMX vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMX Direxion Daily TSM Bull 2X ETF	48.80%	81.48%	16.84%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-16.67%	-2.94%	-29.57%

Correlation

The correlation between TSMX and TMF is 0.13, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.13
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.06

Return for Risk

TSMX vs. TMF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSMX

TSMX Risk / Return Rank: 67
TSMX Sharpe Ratio Rank: 62
TSMX Sortino Ratio Rank: 63
TSMX Omega Ratio Rank: 57
TSMX Calmar Ratio Rank: 81
TSMX Martin Ratio Rank: 73

TMF

TMF Risk / Return Rank: 5
TMF Sharpe Ratio Rank: 5
TMF Sortino Ratio Rank: 5
TMF Omega Ratio Rank: 5
TMF Calmar Ratio Rank: 5
TMF Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TSMX vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bull 2X ETF (TSMX) 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.

	TSMX	TMF	Difference
Sharpe ratio: Return per unit of total volatility	1.43	-0.55	+1.98
Sortino ratio: Return per unit of downside risk	2.10	-0.64	+2.74
Omega ratio: Gain probability vs. loss probability	1.25	0.93	+0.32
Calmar ratio: Return relative to maximum drawdown	2.93	-0.53	+3.45
Martin ratio: Return relative to average drawdown	8.89	-1.07	+9.96

TSMX vs. TMF - Sharpe Ratio Comparison

The current TSMX Sharpe Ratio is 1.43, which is higher than the TMF Sharpe Ratio of -0.55. The chart below compares the historical Sharpe Ratios of TSMX 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.

Drawdowns

TSMX vs. TMF - Drawdown Comparison

The maximum TSMX drawdown since its inception was -63.80%, smaller than the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for TSMX and TMF.

Drawdown Indicators

	TSMX	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-63.80%	-93.10%	+29.30%
Max Drawdown (1Y) Largest decline over 1 year	-39.94%	-28.69%	-11.25%
Max Drawdown (3Y) Largest decline over 3 years	—	-50.64%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-93.10%	—
Current Drawdown Current decline from peak	-30.40%	-93.10%	+62.70%
Average Drawdown Average peak-to-trough decline	-15.95%	-44.07%	+28.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.13%	14.10%	-0.97%

Volatility

TSMX vs. TMF - Volatility Comparison

Direxion Daily TSM Bull 2X ETF (TSMX) has a higher volatility of 27.37% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.21%. This indicates that TSMX'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

	TSMX	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.37%	7.21%	+20.16%
Volatility (6M) Calculated over the trailing 6-month period	66.13%	19.98%	+46.15%
Volatility (1Y) Calculated over the trailing 1-year period	81.69%	27.35%	+54.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.12%	46.36%	+37.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	84.12%	43.70%	+40.42%

TSMX vs. TMF - Expense Ratio Comparison

TSMX has a 0.99% expense ratio, which is lower than TMF's 1.01% expense ratio.

Dividends

TSMX vs. TMF - Dividend Comparison

TSMX's dividend yield for the trailing twelve months is around 5.70%, more 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%
TSMX Direxion Daily TSM Bull 2X ETF	5.70%	8.01%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSMX and TMF in my portfolio?

TSMX and TMF have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSMX or TMF?

TSMX has higher volatility (27.37%) compared to TMF (7.21%). In terms of maximum drawdown, TSMX dropped -63.80% vs TMF's -93.10%.

Which ETF is better, TSMX or TMF?

On 1-year performance, TSMX leads with 129.25% vs -18.44% for TMF. On fees, TSMX is cheaper at 0.99% 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.

Which ETF has performed better, TSMX or TMF?

Over the 1-year period, TSMX has performed better with a 129.25% return vs -18.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMX or TMF?

TSMX is cheaper with a 0.99% expense ratio, compared with 1.01% for TMF.

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

TSMX has the higher dividend yield at 5.70%, compared with 4.74% for TMF.

What is the main difference between TSMX and TMF?

TSMX is categorized as Leveraged Equities, while TMF is Leveraged Bonds. Their fees differ too: 0.99% for TSMX and 1.01% for TMF.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (1.43 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.