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 -5.30%/yr vs -16.82%/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 -6.59% return, which is significantly lower than TMF's -4.08% return. Over the past 10 years, TYD has outperformed TMF with an annualized return of -5.30%, while TMF has yielded a comparatively lower -16.82% annualized return.
TYD
- 1D
- -1.17%
- 1M
- 0.77%
- YTD
- -6.59%
- 6M
- -6.82%
- 1Y
- -1.55%
- 3Y*
- -4.77%
- 5Y*
- -13.14%
- 10Y*
- -5.30%
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%
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 | -6.59% | 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 | -4.08% | -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 0.90, 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 | 0.90 |
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 | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.02 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | -0.04 | -0.07 |
| Martin ratioReturn relative to average drawdown | -0.28 | -0.09 | -0.19 |
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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 | -24.62% | -56.09% | +31.47% |
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 | -59.40% | -92.06% | +32.66% |
Average DrawdownAverage peak-to-trough decline | -22.04% | -43.75% | +21.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.49% | 12.20% | -6.71% |
Volatility
TYD vs. TMF - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) is 4.01%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 6.48%. 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 | 4.01% | 6.48% | -2.47% |
Volatility (6M)Calculated over the trailing 6-month period | 9.98% | 19.39% | -9.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.87% | 27.96% | -14.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.98% | 46.59% | -23.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.36% | 43.92% | -23.56% |
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 3.24%, less than TMF's 4.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.24% | 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 0.90, 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 TYD (4.01%). In terms of maximum drawdown, TYD dropped -64.28% vs TMF's -92.89%.
On 10-year performance, TYD leads with -5.30% vs -16.82% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TYD has been the lower-risk option at 4.01%. 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 -5.30% return vs -16.82%. 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 4.06%, compared with 3.24% 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.
TMF currently has the higher Sharpe Ratio (-0.04 vs -0.11), 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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