TYD vs. TMF
TYD (Direxion Daily 7-10 Year Treasury Bull 3X) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both Leveraged Bonds funds from Direxion - TYD tracks the NYSE 7-10 Year Treasury Bond Index while TMF tracks the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, TYD returned -5.51%/yr vs -17.90%/yr for TMF. Their correlation of 0.83 suggests significant overlap in exposure. TYD charges 1.09%/yr vs 1.01%/yr for TMF.
Performance
TYD vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, TYD achieves a -8.30% return, which is significantly higher than TMF's -10.63% return. Over the past 10 years, TYD has outperformed TMF with an annualized return of -5.51%, while TMF has yielded a comparatively lower -17.90% annualized return.
TYD
- 1D
- -0.90%
- 1M
- -2.66%
- 6M
- -8.14%
- YTD
- -8.30%
- 1Y
- -2.67%
- 3Y*
- -4.77%
- 5Y*
- -14.07%
- 10Y*
- -5.51%
TMF
- 1D
- -1.85%
- 1M
- -5.74%
- 6M
- -11.74%
- YTD
- -10.63%
- 1Y
- -5.83%
- 3Y*
- -21.26%
- 5Y*
- -33.16%
- 10Y*
- -17.90%
TYD vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -8.30% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 5.64% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -10.63% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between TYD and TMF is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.83 |
The correlation between TYD and TMF has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.
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Return for Risk
TYD vs. TMF — Risk / Return Rank
TYD
TMF
TYD vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) 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.
| TYD | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 0.99 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | -0.22 | +0.02 |
| Martin ratioReturn relative to average drawdown | -0.45 | -0.46 | +0.01 |
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Drawdowns
TYD vs. TMF - Drawdown Comparison
The maximum TYD drawdown since its inception was -64.28%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for TYD and TMF.
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Drawdown Indicators
| TYD | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.28% | -92.89% | +28.61% |
Max Drawdown (1Y)Largest decline over 1 year | -13.54% | -26.51% | +12.97% |
Max Drawdown (3Y)Largest decline over 3 years | -23.96% | -55.14% | +31.18% |
Max Drawdown (5Y)Largest decline over 5 years | -59.84% | -88.81% | +28.97% |
Max Drawdown (10Y)Largest decline over 10 years | -64.28% | -92.89% | +28.61% |
Current DrawdownCurrent decline from peak | -60.15% | -92.60% | +32.45% |
Average DrawdownAverage peak-to-trough decline | -22.16% | -43.91% | +21.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.95% | 12.82% | -6.87% |
Volatility
TYD vs. TMF - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) is 4.65%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 8.51%. This indicates that TYD experiences smaller price fluctuations and is considered to be less risky 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
| TYD | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.65% | 8.51% | -3.86% |
Volatility (6M)Calculated over the trailing 6-month period | 10.29% | 19.94% | -9.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.84% | 27.62% | -13.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.98% | 46.54% | -23.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.20% | 43.72% | -23.52% |
TYD vs. TMF - Expense Ratio Comparison
TYD has a 1.09% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
TYD vs. TMF - Dividend Comparison
TYD's dividend yield for the trailing twelve months is around 3.36%, less than TMF's 4.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.42% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% | 0.00% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.36% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
Frequently Asked Questions
TYD and TMF have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (8.51%) compared to TYD (4.65%). In terms of maximum drawdown, TYD dropped -64.28% vs TMF's -92.89%.
On 10-year performance, TYD leads with -5.51% vs -17.90% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TYD has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TYD has performed better with a -5.51% return vs -17.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.09% for TYD.
TMF has the higher dividend yield at 4.42%, compared with 3.36% for TYD.
TYD tracks NYSE 7-10 Year Treasury Bond Index, while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.09% for TYD and 1.01% for TMF.
TYD currently has the higher Sharpe Ratio (-0.19 vs -0.21), 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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