UDOW vs. TMF
UDOW (ProShares UltraPro Dow30) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - UDOW is a Leveraged Equities fund tracking the Dow Jones Industrial Average (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, UDOW returned 22.70%/yr vs -18.08%/yr for TMF. At a correlation of -0.25, they often move in opposite directions. UDOW charges 0.95%/yr vs 1.01%/yr for TMF.
Performance
UDOW vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, UDOW achieves a 20.56% return, which is significantly higher than TMF's -11.93% return. Over the past 10 years, UDOW has outperformed TMF with an annualized return of 22.70%, while TMF has yielded a comparatively lower -18.08% annualized return.
UDOW
- 1D
- 2.09%
- 1M
- 3.09%
- 6M
- 18.09%
- YTD
- 20.56%
- 1Y
- 47.16%
- 3Y*
- 31.22%
- 5Y*
- 14.35%
- 10Y*
- 22.70%
- ALL TIME*
- 26.28%
TMF
- 1D
- -1.01%
- 1M
- -10.16%
- 6M
- -9.78%
- YTD
- -11.93%
- 1Y
- -7.67%
- 3Y*
- -21.85%
- 5Y*
- -34.00%
- 10Y*
- -18.08%
- ALL TIME*
- -6.40%
UDOW vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UDOW ProShares UltraPro Dow30 | 20.56% | 24.46% | 28.47% | 32.72% | -32.39% | 65.67% | -17.15% | 75.24% | -23.86% | 99.07% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -11.93% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between UDOW and TMF is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.25 |
The correlation between UDOW and TMF shifts across timeframes, from -0.25 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UDOW vs. TMF — Risk / Return Rank
UDOW
TMF
UDOW vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Dow30 (UDOW) 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.
| UDOW | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.57 | ||
| Sortino ratioReturn per unit of downside risk | +2.12 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.98 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | -0.29 | +1.98 |
| Martin ratioReturn relative to average drawdown | 5.97 | -0.58 | +6.54 |
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Drawdowns
UDOW vs. TMF - Drawdown Comparison
The maximum UDOW drawdown since its inception was -80.29%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for UDOW and TMF.
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Drawdown Indicators
| UDOW | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.29% | -92.89% | +12.60% |
Max Drawdown (1Y)Largest decline over 1 year | -28.07% | -26.51% | -1.56% |
Max Drawdown (3Y)Largest decline over 3 years | -44.83% | -53.47% | +8.64% |
Max Drawdown (5Y)Largest decline over 5 years | -55.79% | -88.81% | +33.02% |
Max Drawdown (10Y)Largest decline over 10 years | -80.29% | -92.89% | +12.60% |
Current DrawdownCurrent decline from peak | -5.15% | -92.71% | +87.56% |
Average DrawdownAverage peak-to-trough decline | -14.30% | -43.98% | +29.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.93% | 13.32% | -5.39% |
Volatility
UDOW vs. TMF - Volatility Comparison
The current volatility for ProShares UltraPro Dow30 (UDOW) is 6.93%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 7.32%. This indicates that UDOW 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
| UDOW | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.93% | 7.32% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 28.83% | 19.81% | +9.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.63% | 27.58% | +9.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.17% | 46.37% | -2.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.70% | 43.72% | +7.98% |
UDOW vs. TMF - Expense Ratio Comparison
UDOW has a 0.95% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
UDOW vs. TMF - Dividend Comparison
UDOW's dividend yield for the trailing twelve months is around 1.12%, less than TMF's 4.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.48% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% | 0.00% |
UDOW ProShares UltraPro Dow30 | 1.12% | 1.38% | 0.95% | 0.95% | 0.83% | 0.26% | 0.19% | 0.61% | 0.73% | 0.13% | 0.26% | 0.21% |
Frequently Asked Questions
UDOW and TMF have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (7.32%) compared to UDOW (6.93%). In terms of maximum drawdown, UDOW dropped -80.29% vs TMF's -92.89%.
On 10-year performance, UDOW leads with 22.70% vs -18.08% for TMF. On fees, UDOW is cheaper at 0.95% per year. On volatility, UDOW has been the lower-risk option at 6.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UDOW has performed better with a 22.70% return vs -18.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UDOW is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.48%, compared with 1.12% for UDOW.
UDOW is categorized as Leveraged Equities, while TMF is Leveraged Bonds. UDOW tracks Dow Jones Industrial Average (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UDOW and 1.01% for TMF.
UDOW currently has the higher Sharpe Ratio (1.29 vs -0.28), 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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