TZA vs. TMF
TZA (Direxion Daily Small Cap Bear 3X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - TZA is a Leveraged Equities fund tracking the Russell 2000 Index (-300%), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, TZA returned -42.71%/yr vs -17.90%/yr for TMF. At a 0.23 correlation, their price movements are largely independent. TZA charges 1.11%/yr vs 1.01%/yr for TMF.
Performance
TZA vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -44.60% return, which is significantly lower than TMF's -10.63% return. Over the past 10 years, TZA has underperformed TMF with an annualized return of -42.71%, while TMF has yielded a comparatively higher -17.90% annualized return.
TZA
- 1D
- 2.26%
- 1M
- -0.96%
- 6M
- -33.75%
- YTD
- -44.60%
- 1Y
- -61.49%
- 3Y*
- -42.97%
- 5Y*
- -32.31%
- 10Y*
- -42.71%
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%
TZA vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -44.60% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
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 TZA and TMF is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.23 |
The correlation between TZA and TMF shifts across timeframes, from -0.24 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TZA vs. TMF — Risk / Return Rank
TZA
TMF
TZA vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) 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.
| TZA | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.67 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.99 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.22 | -0.69 |
| Martin ratioReturn relative to average drawdown | -1.41 | -0.46 | -0.95 |
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Drawdowns
TZA vs. TMF - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for TZA and TMF.
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Drawdown Indicators
| TZA | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -92.89% | -7.11% |
Max Drawdown (1Y)Largest decline over 1 year | -67.34% | -26.51% | -40.83% |
Max Drawdown (3Y)Largest decline over 3 years | -89.50% | -55.14% | -34.36% |
Max Drawdown (5Y)Largest decline over 5 years | -91.74% | -88.81% | -2.93% |
Max Drawdown (10Y)Largest decline over 10 years | -99.67% | -92.89% | -6.78% |
Current DrawdownCurrent decline from peak | -100.00% | -92.60% | -7.40% |
Average DrawdownAverage peak-to-trough decline | -97.99% | -43.91% | -54.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.61% | 12.82% | +30.79% |
Volatility
TZA vs. TMF - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 14.74% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.51%. This indicates that TZA's price experiences larger fluctuations and is considered to be riskier 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
| TZA | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.74% | 8.51% | +6.23% |
Volatility (6M)Calculated over the trailing 6-month period | 42.49% | 19.94% | +22.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.13% | 27.62% | +30.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.54% | 46.54% | +21.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.81% | 43.72% | +25.09% |
TZA vs. TMF - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
TZA vs. TMF - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.78%, more 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% |
TZA Direxion Daily Small Cap Bear 3X Shares | 4.78% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% | 0.00% |
Frequently Asked Questions
TZA and TMF have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TZA has higher volatility (14.74%) compared to TMF (8.51%). In terms of maximum drawdown, TZA dropped -100.00% vs TMF's -92.89%.
On 10-year performance, TMF leads with -17.90% vs -42.71% for TZA. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMF has performed better with a -17.90% return vs -42.71%. 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 1.11% for TZA.
TZA has the higher dividend yield at 4.78%, compared with 4.42% for TMF.
TZA is categorized as Leveraged Equities, while TMF is Leveraged Bonds. TZA tracks Russell 2000 Index (-300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.11% for TZA and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (-0.21 vs -1.06), 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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