TZA vs. TMF

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily Small Cap Bear 3X Shares (TZA) and Direxion Daily 20-Year Treasury Bull 3X (TMF).

TZA and TMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TZA is a passively managed fund by Direxion that tracks the performance of the Russell 2000 Index (-300%). It was launched on Nov 5, 2008. 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 TZA 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

TZA vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Small Cap Bear 3X Shares (TZA) and Direxion Daily 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

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	-5.61%	-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	-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, TZA achieves a -5.61% return, which is significantly lower than TMF's -2.78% return. Over the past 10 years, TZA has underperformed TMF with an annualized return of -41.41%, while TMF has yielded a comparatively higher -15.78% annualized return.

TZA

• 1D: -10.46%
• 1M: 13.79%
• YTD: -5.61%
• 6M: -13.23%
• 1Y: -57.70%
• 3Y*: -36.92%
• 5Y*: -24.70%
• 10Y*: -41.41%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TZA vs. TMF - Expense Ratio Comparison

TZA has a 1.11% expense ratio, which is higher than TMF's 1.09% expense ratio.

TZA

Direxion Daily Small Cap Bear 3X Shares

TMF

Direxion Daily 20-Year Treasury Bull 3X

Return for Risk

TZA vs. TMF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TZA

TZA Risk / Return Rank: 2
TZA Sharpe Ratio Rank: 1
TZA Sortino Ratio Rank: 1
TZA Omega Ratio Rank: 1
TZA Calmar Ratio Rank: 2
TZA Martin Ratio Rank: 5

TMF

TMF Risk / Return Rank: 5
TMF Sharpe Ratio Rank: 5
TMF Sortino Ratio Rank: 5
TMF Omega Ratio Rank: 5
TMF Calmar Ratio Rank: 5
TMF Martin Ratio Rank: 7

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 (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.

	TZA	TMF	Difference
Sharpe ratio Return per unit of total volatility	-0.83	-0.44	-0.39
Sortino ratio Return per unit of downside risk	-1.20	-0.41	-0.79
Omega ratio Gain probability vs. loss probability	0.86	0.95	-0.10
Calmar ratio Return relative to maximum drawdown	-0.75	-0.46	-0.29
Martin ratio Return relative to average drawdown	-0.93	-0.74	-0.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TZA vs. TMF - Sharpe Ratio Comparison

The current TZA Sharpe Ratio is -0.83, which is lower than the TMF Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of TZA and TMF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TZA	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.83	-0.44	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	-0.63	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.60	-0.36	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	-0.70	-0.13	-0.57

Correlation

The correlation between TZA and TMF is 0.23, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TZA vs. TMF - Dividend Comparison

TZA's dividend yield for the trailing twelve months is around 3.04%, less than TMF's 4.01% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TZA Direxion Daily Small Cap Bear 3X Shares	3.04%	5.08%	5.40%	5.49%	0.00%	0.00%	1.21%	1.56%	0.63%	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

TZA vs. TMF - Drawdown Comparison

The maximum TZA drawdown since its inception was -100.00%, which is greater than TMF's maximum drawdown of -92.61%. Use the drawdown chart below to compare losses from any high point for TZA and TMF.

Drawdown Indicators

	TZA	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-92.61%	-7.39%
Max Drawdown (1Y) Largest decline over 1 year	-76.19%	-27.13%	-49.06%
Max Drawdown (5Y) Largest decline over 5 years	-87.77%	-88.37%	+0.60%
Max Drawdown (10Y) Largest decline over 10 years	-99.64%	-92.61%	-7.03%
Current Drawdown Current decline from peak	-100.00%	-91.95%	-8.05%
Average Drawdown Average peak-to-trough decline	-97.98%	-43.13%	-54.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	61.07%	16.93%	+44.14%

Volatility

TZA vs. TMF - Volatility Comparison

Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 22.59% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 10.85%. 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.

Volatility by Period

	TZA	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.59%	10.85%	+11.74%
Volatility (6M) Calculated over the trailing 6-month period	43.38%	19.51%	+23.87%
Volatility (1Y) Calculated over the trailing 1-year period	69.32%	33.89%	+35.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.53%	46.85%	+20.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.79%	44.00%	+24.79%