UVIX vs. TMF

Last updated Jun 3, 2026

UVIX (Volatility Shares 2x Long VIX Futures ETF) and TMF (Direxion Daily 20-Year Treasury Bull 3X) are both exchange-traded funds - UVIX is a Volatility fund tracking the Long VIX Futures Index – Benchmark TR Gross (200%), while TMF is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (300%). Both are passively managed. Over the past 3 years, UVIX returned -82.41%/yr vs -20.47%/yr for TMF. At a correlation of -0.09, they often move in opposite directions. UVIX charges 2.78%/yr vs 1.09%/yr for TMF.

Performance

UVIX vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares 2x Long VIX Futures ETF (UVIX) and Direxion Daily 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UVIX achieves a -31.70% return, which is significantly lower than TMF's -5.05% return.

UVIX

• 1D: -2.99%
• 1M: -27.24%
• YTD: -31.70%
• 6M: -52.32%
• 1Y: -86.33%
• 3Y*: -82.41%
• 5Y*: —
• 10Y*: —

TMF

• 1D: 0.63%
• 1M: 0.26%
• YTD: -5.05%
• 6M: -10.01%
• 1Y: 1.66%
• 3Y*: -20.47%
• 5Y*: -29.85%
• 10Y*: -16.47%

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

UVIX vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UVIX Volatility Shares 2x Long VIX Futures ETF	-31.70%	-83.21%	-75.24%	-95.28%	-62.08%
TMF Direxion Daily 20-Year Treasury Bull 3X	-5.05%	-2.94%	-35.95%	-13.01%	-60.27%

Correlation

The correlation between UVIX and TMF is -0.09, 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 (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022	-0.09

Return for Risk

UVIX vs. TMF — Risk / Return Rank

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

UVIX

UVIX Risk / Return Rank: 1
UVIX Sharpe Ratio Rank: 3
UVIX Sortino Ratio Rank: 1
UVIX Omega Ratio Rank: 1
UVIX Calmar Ratio Rank: 0
UVIX Martin Ratio Rank: 2

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 10
TMF Omega Ratio Rank: 10
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.

UVIX vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Long VIX Futures ETF (UVIX) and Direxion Daily 20-Year Treasury Bull 3X (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.

	UVIX	TMF	Difference
Sharpe ratio Return per unit of total volatility	-0.78	0.06	-0.83
Sortino ratio Return per unit of downside risk	-1.74	0.29	-2.03
Omega ratio Gain probability vs. loss probability	0.80	1.03	-0.23
Calmar ratio Return relative to maximum drawdown	-0.99	-0.04	-0.96
Martin ratio Return relative to average drawdown	-1.28	-0.08	-1.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UVIX vs. TMF - Sharpe Ratio Comparison

The current UVIX Sharpe Ratio is -0.78, which is lower than the TMF Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of UVIX and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UVIX	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.78	0.06	-0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.64	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.62	-0.13	-0.48

Drawdowns

UVIX vs. TMF - Drawdown Comparison

The maximum UVIX drawdown since its inception was -99.97%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for UVIX and TMF.

Drawdown Indicators

	UVIX	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-92.89%	-7.08%
Max Drawdown (1Y) Largest decline over 1 year	-87.35%	-26.51%	-60.84%
Max Drawdown (3Y) Largest decline over 3 years	-99.47%	-56.31%	-43.16%
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	-99.97%	-92.14%	-7.83%
Average Drawdown Average peak-to-trough decline	-88.51%	-43.62%	-44.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	67.57%	11.42%	+56.15%

Volatility

UVIX vs. TMF - Volatility Comparison

Volatility Shares 2x Long VIX Futures ETF (UVIX) has a higher volatility of 15.83% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 8.30%. 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.

Volatility by Period

	UVIX	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.83%	8.30%	+7.53%
Volatility (6M) Calculated over the trailing 6-month period	82.35%	19.33%	+63.02%
Volatility (1Y) Calculated over the trailing 1-year period	111.53%	28.86%	+82.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	136.22%	46.75%	+89.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	136.22%	43.92%	+92.30%

UVIX vs. TMF - Expense Ratio Comparison

UVIX has a 2.78% expense ratio, which is higher than TMF's 1.09% 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 4.11%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMF Direxion Daily 20-Year Treasury Bull 3X	4.11%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%
UVIX Volatility Shares 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

Can I hold both UVIX and TMF in my portfolio?

UVIX and TMF have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UVIX or TMF?

UVIX has higher volatility (15.83%) compared to TMF (8.30%). In terms of maximum drawdown, UVIX dropped -99.97% vs TMF's -92.89%.

Which ETF is better, UVIX or TMF?

On 3-year performance, TMF leads with -20.47% vs -82.41% for UVIX. On fees, TMF is cheaper at 1.09% per year. On volatility, TMF has been the lower-risk option at 8.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UVIX or TMF?

Over the 3-year period, TMF has performed better with a -20.47% return vs -82.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UVIX or TMF?

TMF is cheaper with a 1.09% expense ratio, compared with 2.78% for UVIX.

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

TMF has the higher dividend yield at 4.11%, compared with 0.00% for UVIX.

What is the main difference between UVIX and TMF?

UVIX is categorized as Volatility, while TMF is Leveraged Bonds. UVIX tracks Long VIX Futures Index – Benchmark TR Gross (200%), while TMF tracks NYSE 20 Year Plus Treasury Bond Index (300%). They also come from different issuers: Volatility Shares and Direxion. Their fees differ too: 2.78% for UVIX and 1.09% for TMF.

Which has better risk-adjusted returns?

TMF currently has the higher Sharpe Ratio (0.06 vs -0.78), 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.