UGLD vs. TMF

Last updated Jun 30, 2026

UGLD (Direxion Daily Gold Bull 2X ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - UGLD is a Leveraged Commodities fund actively managed by Direxion, while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). UGLD is actively managed, while TMF is passively managed. At a 0.14 correlation, their price movements are largely independent. UGLD charges 1.07%/yr vs 1.01%/yr for TMF.

Performance

UGLD vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Bull 2X ETF (UGLD) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UGLD

• 1D: -2.66%
• 1M: -23.12%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMF

• 1D: 0.27%
• 1M: 6.27%
• YTD: 0.10%
• 6M: -2.84%
• 1Y: 0.22%
• 3Y*: -19.40%
• 5Y*: -30.88%
• 10Y*: -17.37%

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

UGLD vs. TMF - Yearly Performance Comparison

	2026 (YTD)
UGLD Direxion Daily Gold Bull 2X ETF	-19.30%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	7.81%

Correlation

The correlation between UGLD and TMF is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.14

Return for Risk

UGLD vs. TMF — Risk / Return Rank

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

UGLD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 9
TMF Omega Ratio Rank: 9
TMF Calmar Ratio Rank: 9
TMF Martin Ratio Rank: 9

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.

UGLD vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Bull 2X ETF (UGLD) 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.

	UGLD	TMF	Difference
Sharpe ratio: Return per unit of total volatility	—	0.01	—
Sortino ratio: Return per unit of downside risk	—	0.21	—
Omega ratio: Gain probability vs. loss probability	—	1.02	—
Calmar ratio: Return relative to maximum drawdown	—	0.01	—
Martin ratio: Return relative to average drawdown	—	0.02	—

Drawdowns

UGLD vs. TMF - Drawdown Comparison

The maximum UGLD drawdown since its inception was -24.16%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for UGLD and TMF.

Drawdown Indicators

	UGLD	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-24.16%	-92.89%	+68.73%
Max Drawdown (1Y) Largest decline over 1 year	—	-26.51%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-55.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-88.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.89%	—
Current Drawdown Current decline from peak	-23.12%	-91.71%	+68.59%
Average Drawdown Average peak-to-trough decline	-12.33%	-43.81%	+31.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.38%	—

Volatility

Volatility by Period

	UGLD	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.11%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.60%	—
Volatility (1Y) Calculated over the trailing 1-year period	59.10%	28.04%	+31.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.10%	46.59%	+12.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.10%	43.80%	+15.30%

UGLD vs. TMF - Expense Ratio Comparison

UGLD has a 1.07% expense ratio, which is higher than TMF's 1.01% expense ratio.

Dividends

UGLD vs. TMF - Dividend Comparison

UGLD's dividend yield for the trailing twelve months is around 0.24%, less than TMF's 3.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	3.94%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%
UGLD Direxion Daily Gold Bull 2X ETF	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UGLD and TMF in my portfolio?

UGLD and TMF have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UGLD or TMF?

On fees, TMF is cheaper at 1.01% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UGLD or TMF?

TMF is cheaper with a 1.01% expense ratio, compared with 1.07% for UGLD.

Which ETF pays a higher dividend yield, UGLD or TMF?

TMF has the higher dividend yield at 3.94%, compared with 0.24% for UGLD.

What is the main difference between UGLD and TMF?

UGLD is categorized as Leveraged Commodities, while TMF is Leveraged Bonds. Their fees differ too: 1.07% for UGLD and 1.01% for TMF.