TYO vs. TMF
Compare and contrast key facts about Direxion Daily 7-10 Year Treasury Bear 3X (TYO) and Direxion Daily 20-Year Treasury Bull 3X (TMF).
TYO and TMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TYO is a passively managed fund by Direxion that tracks the performance of the NYSE 7-10 Year Treasury Bond Index. It was launched on Apr 16, 2009. TMF is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (300%). It was launched on Apr 16, 2009. Both TYO and TMF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
TYO vs. TMF - Performance Comparison
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TYO vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 3.84% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -1.42% | -8.94% |
TMF Direxion Daily 20-Year Treasury Bull 3X | -2.78% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Returns By Period
In the year-to-date period, TYO achieves a 3.84% return, which is significantly higher than TMF's -2.78% return. Over the past 10 years, TYO has outperformed TMF with an annualized return of 1.01%, while TMF has yielded a comparatively lower -15.78% annualized return.
TYO
- 1D
- -0.22%
- 1M
- 8.42%
- YTD
- 3.84%
- 6M
- 5.01%
- 1Y
- 3.53%
- 3Y*
- 8.35%
- 5Y*
- 10.58%
- 10Y*
- 1.01%
TMF
- 1D
- -0.19%
- 1M
- -13.14%
- YTD
- -2.78%
- 6M
- -8.60%
- 1Y
- -14.86%
- 3Y*
- -23.40%
- 5Y*
- -29.30%
- 10Y*
- -15.78%
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TYO vs. TMF - Expense Ratio Comparison
TYO has a 1.08% expense ratio, which is lower than TMF's 1.09% expense ratio.
Return for Risk
TYO vs. TMF — Risk / Return Rank
TYO
TMF
TYO vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) 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.
| TYO | TMF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.22 | -0.44 | +0.66 |
Sortino ratioReturn per unit of downside risk | 0.43 | -0.41 | +0.84 |
Omega ratioGain probability vs. loss probability | 1.05 | 0.95 | +0.10 |
Calmar ratioReturn relative to maximum drawdown | 0.23 | -0.46 | +0.69 |
Martin ratioReturn relative to average drawdown | 0.38 | -0.74 | +1.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TYO | TMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.22 | -0.44 | +0.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.46 | -0.63 | +1.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.05 | -0.36 | +0.41 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.35 | -0.13 | -0.22 |
Correlation
The correlation between TYO and TMF is -0.89. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
TYO vs. TMF - Dividend Comparison
TYO's dividend yield for the trailing twelve months is around 2.93%, less than TMF's 4.01% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.93% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% | 0.00% |
TMF Direxion Daily 20-Year Treasury Bull 3X | 4.01% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Drawdowns
TYO vs. TMF - Drawdown Comparison
The maximum TYO drawdown since its inception was -89.25%, roughly equal to the maximum TMF drawdown of -92.61%. Use the drawdown chart below to compare losses from any high point for TYO and TMF.
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Drawdown Indicators
| TYO | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.25% | -92.61% | +3.36% |
Max Drawdown (1Y)Largest decline over 1 year | -11.86% | -27.13% | +15.27% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -88.37% | +63.97% |
Max Drawdown (10Y)Largest decline over 10 years | -52.21% | -92.61% | +40.40% |
Current DrawdownCurrent decline from peak | -78.07% | -91.95% | +13.88% |
Average DrawdownAverage peak-to-trough decline | -71.03% | -43.13% | -27.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.10% | 16.93% | -9.83% |
Volatility
TYO vs. TMF - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) is 5.92%, while Direxion Daily 20-Year Treasury Bull 3X (TMF) has a volatility of 10.85%. This indicates that TYO 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
| TYO | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.92% | 10.85% | -4.93% |
Volatility (6M)Calculated over the trailing 6-month period | 9.68% | 19.51% | -9.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.40% | 33.89% | -17.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.19% | 46.85% | -23.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.22% | 44.00% | -23.78% |