TTT vs. TMF
TTT (UltraPro Short 20+ Year Treasury) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both Leveraged Bonds funds - TTT tracks the Barclays Capital U.S. 20+ Year Treasury Index (-300%) while TMF tracks the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, TTT returned -0.81%/yr vs -16.82%/yr for TMF. At a correlation of -0.99, they often move in opposite directions. TTT charges 0.95%/yr vs 1.01%/yr for TMF.
Performance
TTT vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, TTT achieves a 0.95% return, which is significantly higher than TMF's -4.08% return. Over the past 10 years, TTT has outperformed TMF with an annualized return of -0.81%, while TMF has yielded a comparatively lower -16.82% annualized return.
TTT
- 1D
- 1.82%
- 1M
- -5.76%
- YTD
- 0.95%
- 6M
- 1.96%
- 1Y
- -4.56%
- 3Y*
- 10.25%
- 5Y*
- 18.56%
- 10Y*
- -0.81%
TMF
- 1D
- -2.15%
- 1M
- 5.61%
- YTD
- -4.08%
- 6M
- -4.92%
- 1Y
- -1.09%
- 3Y*
- -20.90%
- 5Y*
- -31.19%
- 10Y*
- -16.82%
TTT vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 0.95% | -7.89% | 38.07% | -11.25% | 150.17% | 2.55% | -54.12% | -34.88% | 6.34% | -25.87% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -4.08% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between TTT and TMF is -0.99, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2012 | -0.99 |
The correlation between TTT and TMF has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.
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Return for Risk
TTT vs. TMF — Risk / Return Rank
TTT
TMF
TTT vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UltraPro Short 20+ Year Treasury (TTT) 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.
| TTT | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.02 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | -0.04 | -0.16 |
| Martin ratioReturn relative to average drawdown | -0.38 | -0.09 | -0.30 |
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Drawdowns
TTT vs. TMF - Drawdown Comparison
The maximum TTT drawdown since its inception was -94.00%, roughly equal to the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for TTT and TMF.
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Drawdown Indicators
| TTT | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.00% | -92.89% | -1.11% |
Max Drawdown (1Y)Largest decline over 1 year | -22.18% | -26.51% | +4.33% |
Max Drawdown (3Y)Largest decline over 3 years | -49.69% | -56.09% | +6.40% |
Max Drawdown (5Y)Largest decline over 5 years | -49.69% | -88.81% | +39.12% |
Max Drawdown (10Y)Largest decline over 10 years | -81.76% | -92.89% | +11.13% |
Current DrawdownCurrent decline from peak | -78.83% | -92.06% | +13.23% |
Average DrawdownAverage peak-to-trough decline | -70.37% | -43.75% | -26.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.88% | 12.20% | -0.32% |
Volatility
TTT vs. TMF - Volatility Comparison
UltraPro Short 20+ Year Treasury (TTT) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) have volatilities of 6.37% and 6.48%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TTT | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.37% | 6.48% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 19.81% | 19.39% | +0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.38% | 27.96% | +0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.02% | 46.59% | +0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.39% | 43.92% | -0.53% |
TTT vs. TMF - Expense Ratio Comparison
TTT has a 0.95% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
TTT vs. TMF - Dividend Comparison
TTT's dividend yield for the trailing twelve months is around 9.58%, more than TMF's 4.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.06% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
TTT UltraPro Short 20+ Year Treasury | 9.58% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% | 0.00% |
Frequently Asked Questions
TTT and TMF have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (6.48%) compared to TTT (6.37%). In terms of maximum drawdown, TTT dropped -94.00% vs TMF's -92.89%.
On 10-year performance, TTT leads with -0.81% vs -16.82% for TMF. On fees, TTT is cheaper at 0.95% per year. On volatility, TTT has been the lower-risk option at 6.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TTT has performed better with a -0.81% return vs -16.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TTT is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.
TTT has the higher dividend yield at 9.58%, compared with 4.06% for TMF.
TTT tracks Barclays Capital U.S. 20+ Year Treasury Index (-300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for TTT and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (-0.04 vs -0.16), 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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