URTY vs. TMF
URTY (ProShares UltraPro Russell2000) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - URTY 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, URTY returned 8.63%/yr vs -16.87%/yr for TMF. At a correlation of -0.22, they often move in opposite directions. URTY charges 0.95%/yr vs 1.01%/yr for TMF.
Performance
URTY vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, URTY achieves a 52.87% return, which is significantly higher than TMF's -5.18% return. Over the past 10 years, URTY has outperformed TMF with an annualized return of 8.63%, while TMF has yielded a comparatively lower -16.87% annualized return.
URTY
- 1D
- 2.47%
- 1M
- 15.09%
- YTD
- 52.87%
- 6M
- 39.91%
- 1Y
- 129.22%
- 3Y*
- 25.18%
- 5Y*
- -7.00%
- 10Y*
- 8.63%
TMF
- 1D
- -0.93%
- 1M
- 7.62%
- YTD
- -5.18%
- 6M
- -5.04%
- 1Y
- -1.79%
- 3Y*
- -19.82%
- 5Y*
- -31.10%
- 10Y*
- -16.87%
URTY vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
URTY ProShares UltraPro Russell2000 | 52.87% | 9.26% | 7.38% | 24.43% | -62.81% | 28.47% | -7.72% | 72.37% | -39.59% | 38.85% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -5.18% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between URTY and TMF is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.22 |
The correlation between URTY and TMF shifts across timeframes, from -0.22 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
URTY vs. TMF — Risk / Return Rank
URTY
TMF
URTY vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Russell2000 (URTY) 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.
| URTY | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.16 | ||
| Sortino ratioReturn per unit of downside risk | +2.51 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.99 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 3.60 | -0.19 | +3.78 |
| Martin ratioReturn relative to average drawdown | 11.78 | -0.41 | +12.19 |
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Drawdowns
URTY vs. TMF - Drawdown Comparison
The maximum URTY drawdown since its inception was -88.09%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for URTY and TMF.
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Drawdown Indicators
| URTY | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.09% | -92.89% | +4.80% |
Max Drawdown (1Y)Largest decline over 1 year | -32.56% | -26.51% | -6.05% |
Max Drawdown (3Y)Largest decline over 3 years | -65.85% | -56.31% | -9.54% |
Max Drawdown (5Y)Largest decline over 5 years | -82.76% | -88.81% | +6.05% |
Max Drawdown (10Y)Largest decline over 10 years | -88.09% | -92.89% | +4.80% |
Current DrawdownCurrent decline from peak | -37.07% | -92.15% | +55.08% |
Average DrawdownAverage peak-to-trough decline | -34.79% | -43.70% | +8.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.94% | 11.96% | -2.02% |
Volatility
URTY vs. TMF - Volatility Comparison
ProShares UltraPro Russell2000 (URTY) has a higher volatility of 21.54% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.43%. This indicates that URTY'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
| URTY | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.54% | 8.43% | +13.11% |
Volatility (6M)Calculated over the trailing 6-month period | 42.72% | 19.46% | +23.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.94% | 28.49% | +30.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.69% | 46.72% | +20.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.44% | 43.92% | +25.52% |
URTY vs. TMF - Expense Ratio Comparison
URTY has a 0.95% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
URTY vs. TMF - Dividend Comparison
URTY's dividend yield for the trailing twelve months is around 0.62%, less than TMF's 4.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.11% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% |
URTY ProShares UltraPro Russell2000 | 0.62% | 1.02% | 1.16% | 0.55% | 0.28% | 0.00% | 0.00% | 0.18% | 0.28% | 0.00% | 0.03% |
Frequently Asked Questions
URTY and TMF have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
URTY has higher volatility (21.54%) compared to TMF (8.43%). In terms of maximum drawdown, URTY dropped -88.09% vs TMF's -92.89%.
On 10-year performance, URTY leads with 8.63% vs -16.87% for TMF. On fees, URTY is cheaper at 0.95% per year. On volatility, TMF has been the lower-risk option at 8.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, URTY has performed better with a 8.63% return vs -16.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
URTY is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.11%, compared with 0.62% for URTY.
URTY is categorized as Leveraged Equities, while TMF is Leveraged Bonds. URTY tracks Russell 2000 Index (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 URTY and 1.01% for TMF.
URTY currently has the higher Sharpe Ratio (1.99 vs -0.17), 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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