UVIX vs. TMF
UVIX (2x Long VIX Futures ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - UVIX is a Volatility fund tracking the Long VIX Futures Index (200% Daily), 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 3 years, UVIX returned -80.36%/yr vs -20.63%/yr for TMF. Their -0.09 correlation means they have often moved in opposite directions in the past. UVIX charges 2.78%/yr vs 1.01%/yr for TMF.
Performance
UVIX vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, UVIX achieves a -51.21% return, which is significantly lower than TMF's -16.67% return.
UVIX
- 1D
- -5.70%
- 1M
- -10.07%
- 6M
- -52.70%
- YTD
- -51.21%
- 1Y
- -86.13%
- 3Y*
- -80.36%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.88%
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 | |
| $106.53M | $96.18M | $159.38M |
UVIX vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UVIX 2x Long VIX Futures ETF | -51.21% | -83.21% | -75.24% | -95.28% | -61.86% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -16.67% | -2.94% | -35.95% | -13.01% | -59.28% |
Correlation
The correlation between UVIX and TMF is -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.13 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | -0.09 |
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Return for Risk
UVIX vs. TMF — Risk / Return Rank
UVIX
TMF
UVIX vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 2x Long VIX Futures ETF (UVIX) 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.
| UVIX | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.93 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.53 | -0.45 |
| Martin ratioReturn relative to average drawdown | -1.30 | -1.07 | -0.23 |
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Drawdowns
UVIX vs. TMF - Drawdown Comparison
The maximum UVIX drawdown since its inception was -99.98%, which is greater than TMF's maximum drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for UVIX and TMF.
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Drawdown Indicators
| UVIX | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -93.10% | -6.88% |
Max Drawdown (1Y)Largest decline over 1 year | -86.37% | -28.69% | -57.68% |
Max Drawdown (3Y)Largest decline over 3 years | -99.42% | -50.64% | -48.78% |
Max Drawdown (5Y)Largest decline over 5 years | — | -89.14% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.10% | — |
Current DrawdownCurrent decline from peak | -99.98% | -93.10% | -6.88% |
Average DrawdownAverage peak-to-trough decline | -88.86% | -44.07% | -44.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 64.40% | 14.10% | +50.30% |
Volatility
UVIX vs. TMF - Volatility Comparison
2x Long VIX Futures ETF (UVIX) has a higher volatility of 28.39% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.21%. This indicates that UVIX'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
| UVIX | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.39% | 7.21% | +21.18% |
Volatility (6M)Calculated over the trailing 6-month period | 85.91% | 19.98% | +65.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 114.84% | 27.35% | +87.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 135.16% | 46.36% | +88.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 135.16% | 43.70% | +91.46% |
UVIX vs. TMF - Expense Ratio Comparison
UVIX has a 2.78% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
UVIX vs. TMF - Dividend Comparison
UVIX has not paid dividends to shareholders, while TMF's dividend yield for the trailing twelve months is around 4.74%.
| 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% |
UVIX 2x Long VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UVIX and TMF have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVIX has higher volatility (28.39%) compared to TMF (7.21%). In terms of maximum drawdown, UVIX dropped -99.98% vs TMF's -93.10%.
On 3-year performance, TMF leads with -20.63% vs -80.36% for UVIX. On fees, TMF is cheaper at 1.01% 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 3-year period, TMF has performed better with a -20.63% return vs -80.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 2.78% for UVIX.
TMF has the higher dividend yield at 4.74%, compared with 0.00% for UVIX.
UVIX is categorized as Volatility, while TMF is Leveraged Bonds. UVIX tracks Long VIX Futures Index (200% Daily), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). They also come from different issuers: Volatility Shares and Direxion. Their fees differ too: 2.78% for UVIX and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (-0.55 vs -0.73), 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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