WEBS vs. TMF
WEBS (Daily Dow Jones Internet Bear 3X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - WEBS is a Leveraged Equities fund tracking the Dow Jones Internet Composite 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, WEBS returned -33.85%/yr vs -33.44%/yr for TMF. At a correlation of -0.03, they often move in opposite directions. WEBS charges 1.07%/yr vs 1.01%/yr for TMF.
Performance
WEBS vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, WEBS achieves a -11.73% return, which is significantly lower than TMF's -10.00% return.
WEBS
- 1D
- 4.75%
- 1M
- -3.57%
- 6M
- -16.73%
- YTD
- -11.73%
- 1Y
- -16.44%
- 3Y*
- -44.25%
- 5Y*
- -33.85%
- 10Y*
- —
TMF
- 1D
- -0.03%
- 1M
- -6.57%
- 6M
- -13.01%
- YTD
- -10.00%
- 1Y
- -2.84%
- 3Y*
- -21.08%
- 5Y*
- -33.44%
- 10Y*
- -17.81%
WEBS vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
WEBS Daily Dow Jones Internet Bear 3X Shares | -11.73% | -40.66% | -56.62% | -75.58% | 117.15% | -39.82% | -87.18% | -10.90% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -10.00% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | -5.89% |
Correlation
The correlation between WEBS and TMF is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | -0.03 |
The correlation between WEBS and TMF shifts across timeframes, from -0.15 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
WEBS vs. TMF — Risk / Return Rank
WEBS
TMF
WEBS vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Daily Dow Jones Internet Bear 3X Shares (WEBS) 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.
| WEBS | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.01 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.31 | -0.11 | -0.20 |
| Martin ratioReturn relative to average drawdown | -0.68 | -0.22 | -0.47 |
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Drawdowns
WEBS vs. TMF - Drawdown Comparison
The maximum WEBS drawdown since its inception was -99.63%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for WEBS and TMF.
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Drawdown Indicators
| WEBS | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.63% | -92.89% | -6.74% |
Max Drawdown (1Y)Largest decline over 1 year | -53.54% | -26.51% | -27.03% |
Max Drawdown (3Y)Largest decline over 3 years | -90.33% | -55.14% | -35.19% |
Max Drawdown (5Y)Largest decline over 5 years | -97.09% | -88.81% | -8.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.89% | — |
Current DrawdownCurrent decline from peak | -99.57% | -92.55% | -7.02% |
Average DrawdownAverage peak-to-trough decline | -91.18% | -43.94% | -47.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.10% | 13.06% | +11.04% |
Volatility
WEBS vs. TMF - Volatility Comparison
Daily Dow Jones Internet Bear 3X Shares (WEBS) has a higher volatility of 18.31% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.49%. This indicates that WEBS'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
| WEBS | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.31% | 7.49% | +10.82% |
Volatility (6M)Calculated over the trailing 6-month period | 47.79% | 19.82% | +27.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.11% | 27.47% | +32.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.26% | 46.49% | +35.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 89.49% | 43.70% | +45.79% |
WEBS vs. TMF - Expense Ratio Comparison
WEBS has a 1.07% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
WEBS vs. TMF - Dividend Comparison
WEBS's dividend yield for the trailing twelve months is around 3.10%, less than TMF's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.39% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
WEBS Daily Dow Jones Internet Bear 3X Shares | 3.10% | 3.77% | 8.02% | 8.51% | 0.20% | 0.00% | 1.11% | 0.11% | 0.00% | 0.00% |
Frequently Asked Questions
WEBS and TMF have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WEBS has higher volatility (18.31%) compared to TMF (7.49%). In terms of maximum drawdown, WEBS dropped -99.63% vs TMF's -92.89%.
On 5-year performance, TMF leads with -33.44% vs -33.85% for WEBS. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TMF has performed better with a -33.44% return vs -33.85%. 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 1.07% for WEBS.
TMF has the higher dividend yield at 4.39%, compared with 3.10% for WEBS.
WEBS is categorized as Leveraged Equities, while TMF is Leveraged Bonds. WEBS tracks Dow Jones Internet Composite Index (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.07% for WEBS and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (-0.10 vs -0.27), 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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