UNHU vs. TMF

Last updated Jun 5, 2026

UNHU (Direxion Daily UNH Bull 2X ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - UNHU is a Leveraged Equities fund actively managed by Direxion, while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). UNHU is actively managed, while TMF is passively managed. At a 0.08 correlation, their price movements are largely independent. UNHU charges 0.97%/yr vs 1.01%/yr for TMF.

Performance

UNHU vs. TMF - Performance Comparison

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

Returns By Period

UNHU

• 1D: 10.16%
• 1M: 17.42%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMF

• 1D: 0.57%
• 1M: 0.40%
• YTD: -5.59%
• 6M: -9.73%
• 1Y: -3.14%
• 3Y*: -20.49%
• 5Y*: -30.44%
• 10Y*: -16.34%

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

UNHU vs. TMF - Yearly Performance Comparison

	2026 (YTD)
UNHU Direxion Daily UNH Bull 2X ETF	105.67%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-3.47%

Correlation

The correlation between UNHU and TMF is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 26, 2026	0.08

Return for Risk

UNHU vs. TMF — Risk / Return Rank

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

TMF

TMF Risk / Return Rank: 8
TMF Sharpe Ratio Rank: 8
TMF Sortino Ratio Rank: 8
TMF Omega Ratio Rank: 8
TMF Calmar Ratio Rank: 8
TMF Martin Ratio Rank: 8

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.

UNHU vs. TMF - Risk-Adjusted Trends Comparison

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

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

Sharpe Ratios by Period

	UNHU	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.11	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.65	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	57.76	-0.13	+57.90

Drawdowns

UNHU vs. TMF - Drawdown Comparison

The maximum UNHU drawdown since its inception was -11.68%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for UNHU and TMF.

Drawdown Indicators

	UNHU	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-11.68%	-92.89%	+81.21%
Max Drawdown (1Y) Largest decline over 1 year	—	-26.51%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-56.31%	—
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	-2.71%	-92.18%	+89.47%
Average Drawdown Average peak-to-trough decline	-2.99%	-43.64%	+40.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.55%	—

Volatility

Volatility by Period

	UNHU	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.99%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	69.61%	28.76%	+40.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.61%	46.72%	+22.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.61%	43.91%	+25.70%

UNHU vs. TMF - Expense Ratio Comparison

UNHU has a 0.97% expense ratio, which is lower than TMF's 1.01% expense ratio.

Dividends

UNHU vs. TMF - Dividend Comparison

UNHU has not paid dividends to shareholders, while TMF's dividend yield for the trailing twelve months is around 4.13%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	4.13%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%
UNHU Direxion Daily UNH Bull 2X ETF	0.00%	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 UNHU and TMF in my portfolio?

UNHU and TMF have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UNHU or TMF?

On fees, UNHU is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UNHU or TMF?

UNHU is cheaper with a 0.97% expense ratio, compared with 1.01% for TMF.

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

TMF has the higher dividend yield at 4.13%, compared with 0.00% for UNHU.

What is the main difference between UNHU and TMF?

UNHU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. Their fees differ too: 0.97% for UNHU and 1.01% for TMF.