UTSL vs. TMF
UTSL (Direxion Daily Utilities Bull 3X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - UTSL is a Leveraged Equities fund tracking the Utilities Select Sector 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 5 years, UTSL returned 8.32%/yr vs -34.74%/yr for TMF. Their 0.16 correlation means their historical movements had little consistent relationship. UTSL charges 0.99%/yr vs 1.01%/yr for TMF.
Performance
UTSL vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, UTSL achieves a 4.80% return, which is significantly higher than TMF's -16.67% return.
UTSL
- 1D
- -2.23%
- 1M
- -10.12%
- 6M
- 1.79%
- YTD
- 4.80%
- 1Y
- 1.29%
- 3Y*
- 20.22%
- 5Y*
- 8.32%
- 10Y*
- —
- ALL TIME*
- 8.16%
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $161.82M | $130.43M | $127.82M | |
| $4.76M | $4.30M | $4.57M |
UTSL vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UTSL Direxion Daily Utilities Bull 3X Shares | 4.80% | 29.03% | 54.24% | -35.55% | -14.06% | 48.16% | -38.58% | 81.07% | -2.27% | 11.00% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -16.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 14.73% |
Correlation
The correlation between UTSL and TMF is 0.19, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.19 |
Correlation (3Y) Balances recent behavior with more history. | 0.29 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.23 |
Correlation (All Time) Calculated using the full available price history since May 3, 2017 | 0.16 |
The correlation between UTSL and TMF shifts across timeframes, from 0.16 (all time) to 0.29 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
UTSL vs. TMF — Risk / Return Rank
UTSL
TMF
UTSL vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Utilities Bull 3X Shares (UTSL) 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.
| UTSL | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.93 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | -0.53 | +0.58 |
| Martin ratioReturn relative to average drawdown | 0.10 | -1.07 | +1.16 |
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Drawdowns
UTSL vs. TMF - Drawdown Comparison
The maximum UTSL drawdown since its inception was -79.55%, smaller than the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for UTSL and TMF.
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Drawdown Indicators
| UTSL | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.55% | -93.10% | +13.55% |
Max Drawdown (1Y)Largest decline over 1 year | -28.45% | -28.69% | +0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -35.97% | -50.64% | +14.67% |
Max Drawdown (5Y)Largest decline over 5 years | -68.01% | -89.14% | +21.13% |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.10% | — |
Current DrawdownCurrent decline from peak | -22.83% | -93.10% | +70.27% |
Average DrawdownAverage peak-to-trough decline | -32.96% | -44.07% | +11.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.17% | 14.10% | +1.07% |
Volatility
UTSL vs. TMF - Volatility Comparison
Direxion Daily Utilities Bull 3X Shares (UTSL) has a higher volatility of 13.70% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.21%. This indicates that UTSL'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
| UTSL | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.70% | 7.21% | +6.49% |
Volatility (6M)Calculated over the trailing 6-month period | 36.19% | 19.98% | +16.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.78% | 27.35% | +17.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.07% | 46.36% | +5.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.06% | 43.70% | +15.36% |
UTSL vs. TMF - Expense Ratio Comparison
UTSL has a 0.99% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
UTSL vs. TMF - Dividend Comparison
UTSL's dividend yield for the trailing twelve months is around 1.68%, less than TMF's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.74% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
UTSL Direxion Daily Utilities Bull 3X Shares | 1.68% | 1.69% | 1.61% | 3.61% | 1.15% | 1.19% | 1.40% | 5.01% | 1.46% | 0.57% |
Frequently Asked Questions
UTSL and TMF have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTSL has higher volatility (13.70%) compared to TMF (7.21%). In terms of maximum drawdown, UTSL dropped -79.55% vs TMF's -93.10%.
On 5-year performance, UTSL leads with 8.32% vs -34.74% for TMF. On fees, UTSL is cheaper at 0.99% per year. On volatility, TMF has been the lower-risk option at 7.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UTSL has performed better with a 8.32% return vs -34.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTSL is cheaper with a 0.99% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.74%, compared with 1.68% for UTSL.
UTSL is categorized as Leveraged Equities, while TMF is Leveraged Bonds. UTSL tracks Utilities Select Sector Index (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 0.99% for UTSL and 1.01% for TMF.
UTSL currently has the higher Sharpe Ratio (0.03 vs -0.55), 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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