VOO vs. TMF
VOO (Vanguard S&P 500 ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - VOO is a S&P 500 fund tracking the S&P 500 Index, 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, VOO returned 15.50%/yr vs -16.87%/yr for TMF. At a correlation of -0.22, they often move in opposite directions. VOO charges 0.03%/yr vs 1.01%/yr for TMF.
Performance
VOO vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, VOO achieves a 9.08% return, which is significantly higher than TMF's -5.18% return. Over the past 10 years, VOO has outperformed TMF with an annualized return of 15.50%, while TMF has yielded a comparatively lower -16.87% annualized return.
VOO
- 1D
- 0.55%
- 1M
- 0.37%
- YTD
- 9.08%
- 6M
- 9.44%
- 1Y
- 25.76%
- 3Y*
- 20.95%
- 5Y*
- 13.43%
- 10Y*
- 15.50%
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%
VOO vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VOO Vanguard S&P 500 ETF | 9.08% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
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 VOO 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 | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | -0.22 |
The correlation between VOO and TMF shifts across timeframes, from -0.22 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VOO vs. TMF — Risk / Return Rank
VOO
TMF
VOO vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) 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.
| VOO | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.17 | ||
| Sortino ratioReturn per unit of downside risk | +2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 0.99 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 2.75 | -0.19 | +2.93 |
| Martin ratioReturn relative to average drawdown | 12.42 | -0.41 | +12.83 |
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Drawdowns
VOO vs. TMF - Drawdown Comparison
The maximum VOO drawdown since its inception was -33.99%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for VOO and TMF.
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Drawdown Indicators
| VOO | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.99% | -92.89% | +58.90% |
Max Drawdown (1Y)Largest decline over 1 year | -8.90% | -26.51% | +17.61% |
Max Drawdown (3Y)Largest decline over 3 years | -18.69% | -56.31% | +37.62% |
Max Drawdown (5Y)Largest decline over 5 years | -24.52% | -88.81% | +64.29% |
Max Drawdown (10Y)Largest decline over 10 years | -33.99% | -92.89% | +58.90% |
Current DrawdownCurrent decline from peak | -2.34% | -92.15% | +89.81% |
Average DrawdownAverage peak-to-trough decline | -3.68% | -43.70% | +40.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 11.96% | -9.99% |
Volatility
VOO vs. TMF - Volatility Comparison
The current volatility for Vanguard S&P 500 ETF (VOO) is 4.34%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 8.43%. This indicates that VOO experiences smaller price fluctuations and is considered to be less risky 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
| VOO | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.34% | 8.43% | -4.09% |
Volatility (6M)Calculated over the trailing 6-month period | 9.58% | 19.46% | -9.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.27% | 28.49% | -16.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.88% | 46.72% | -29.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 43.92% | -25.89% |
VOO vs. TMF - Expense Ratio Comparison
VOO has a 0.03% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
VOO vs. TMF - Dividend Comparison
VOO's dividend yield for the trailing twelve months is around 1.05%, less than TMF's 4.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
VOO Vanguard S&P 500 ETF | 1.05% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
VOO 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.
TMF has higher volatility (8.43%) compared to VOO (4.34%). In terms of maximum drawdown, VOO dropped -33.99% vs TMF's -92.89%.
On 10-year performance, VOO leads with 15.50% vs -16.87% for TMF. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOO has performed better with a 15.50% return vs -16.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.11%, compared with 1.05% for VOO.
VOO is categorized as S&P 500, while TMF is Leveraged Bonds. VOO tracks S&P 500 Index, while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). They also come from different issuers: Vanguard and Direxion. Their fees differ too: 0.03% for VOO and 1.01% for TMF.
VOO 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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