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 12.23%/yr vs -31.33%/yr for TMF. At a 0.16 correlation, their price movements are largely independent. 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 11.66% return, which is significantly higher than TMF's -4.67% return.
UTSL
- 1D
- 2.11%
- 1M
- -1.85%
- YTD
- 11.66%
- 6M
- 12.07%
- 1Y
- 24.77%
- 3Y*
- 24.32%
- 5Y*
- 12.23%
- 10Y*
- —
TMF
- 1D
- -0.62%
- 1M
- 4.96%
- YTD
- -4.67%
- 6M
- -5.95%
- 1Y
- -2.80%
- 3Y*
- -21.07%
- 5Y*
- -31.33%
- 10Y*
- -16.87%
UTSL vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UTSL Direxion Daily Utilities Bull 3X Shares | 11.66% | 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 | -4.67% | -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 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year 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 | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.01 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | -0.11 | +0.98 |
| Martin ratioReturn relative to average drawdown | 1.75 | -0.23 | +1.98 |
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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 -92.89%. 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% | -92.89% | +13.34% |
Max Drawdown (1Y)Largest decline over 1 year | -28.45% | -26.51% | -1.94% |
Max Drawdown (3Y)Largest decline over 3 years | -46.22% | -56.09% | +9.87% |
Max Drawdown (5Y)Largest decline over 5 years | -68.01% | -88.81% | +20.80% |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.89% | — |
Current DrawdownCurrent decline from peak | -17.79% | -92.11% | +74.32% |
Average DrawdownAverage peak-to-trough decline | -33.16% | -43.76% | +10.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.20% | 12.26% | +1.94% |
Volatility
UTSL vs. TMF - Volatility Comparison
Direxion Daily Utilities Bull 3X Shares (UTSL) has a higher volatility of 15.77% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 6.50%. 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 | 15.77% | 6.50% | +9.27% |
Volatility (6M)Calculated over the trailing 6-month period | 35.31% | 19.35% | +15.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.76% | 27.91% | +15.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.96% | 46.59% | +5.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.18% | 43.86% | +15.32% |
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 1.63%, less than TMF's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.09% | 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 | 1.63% | 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 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTSL has higher volatility (15.77%) compared to TMF (6.50%). In terms of maximum drawdown, UTSL dropped -79.55% vs TMF's -92.89%.
On 5-year performance, UTSL leads with 12.23% vs -31.33% for TMF. On fees, UTSL is cheaper at 0.99% per year. On volatility, TMF has been the lower-risk option at 6.50%. 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 12.23% return vs -31.33%. 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 4.09%, compared with 1.63% 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 (0.57 vs -0.10), 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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