TYO vs. TMF
TYO (Direxion Daily 7-10 Year Treasury Bear 3X) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both Leveraged Bonds funds from Direxion - TYO 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, TYO returned 2.43%/yr vs -17.90%/yr for TMF. At a correlation of -0.89, they often move in opposite directions. TYO charges 1.08%/yr vs 1.01%/yr for TMF.
Performance
TYO vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, TYO achieves a 10.78% return, which is significantly higher than TMF's -10.63% return. Over the past 10 years, TYO has outperformed TMF with an annualized return of 2.43%, while TMF has yielded a comparatively lower -17.90% annualized return.
TYO
- 1D
- 1.40%
- 1M
- 3.20%
- 6M
- 10.70%
- YTD
- 10.78%
- 1Y
- 6.55%
- 3Y*
- 7.57%
- 5Y*
- 14.33%
- 10Y*
- 2.43%
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%
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 | 10.78% | -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 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 TYO and TMF is -0.89, 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 | -0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.87 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.89 |
The correlation between TYO and TMF has been stable across timeframes, ranging from -0.92 to -0.87 - a consistent structural relationship.
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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 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.
| TYO | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.99 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | -0.22 | +0.88 |
| Martin ratioReturn relative to average drawdown | 1.20 | -0.46 | +1.65 |
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Drawdowns
TYO vs. TMF - Drawdown Comparison
The maximum TYO drawdown since its inception was -89.25%, roughly equal to the maximum TMF drawdown of -92.89%. 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% | -92.89% | +3.64% |
Max Drawdown (1Y)Largest decline over 1 year | -10.00% | -26.51% | +16.51% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -55.14% | +30.74% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -88.81% | +64.41% |
Max Drawdown (10Y)Largest decline over 10 years | -52.21% | -92.89% | +40.68% |
Current DrawdownCurrent decline from peak | -76.60% | -92.60% | +16.00% |
Average DrawdownAverage peak-to-trough decline | -71.11% | -43.91% | -27.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.48% | 12.82% | -7.34% |
Volatility
TYO vs. TMF - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) is 4.73%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 8.51%. 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 | 4.73% | 8.51% | -3.78% |
Volatility (6M)Calculated over the trailing 6-month period | 10.88% | 19.94% | -9.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.28% | 27.62% | -13.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.21% | 46.54% | -23.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.15% | 43.72% | -23.57% |
TYO vs. TMF - Expense Ratio Comparison
TYO has a 1.08% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
TYO vs. TMF - Dividend Comparison
TYO's dividend yield for the trailing twelve months is around 2.52%, less than TMF's 4.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.52% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% | 0.00% |
Frequently Asked Questions
TYO 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 TYO (4.73%). In terms of maximum drawdown, TYO dropped -89.25% vs TMF's -92.89%.
On 10-year performance, TYO leads with 2.43% vs -17.90% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TYO has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TYO has performed better with a 2.43% 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 1.08% for TYO.
TMF has the higher dividend yield at 4.42%, compared with 2.52% for TYO.
TYO tracks NYSE 7-10 Year Treasury Bond Index, while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.08% for TYO and 1.01% for TMF.
TYO currently has the higher Sharpe Ratio (0.46 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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