YANG vs. TMF
YANG (Direxion Daily China 3x Bear Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - YANG is a Leveraged Equities fund tracking the FTSE China 50 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 10 years, YANG returned -37.83%/yr vs -16.87%/yr for TMF. At a 0.19 correlation, their price movements are largely independent. YANG charges 1.07%/yr vs 1.01%/yr for TMF.
Performance
YANG vs. TMF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, YANG achieves a 45.69% return, which is significantly higher than TMF's -4.67% return. Over the past 10 years, YANG has underperformed TMF with an annualized return of -37.83%, while TMF has yielded a comparatively higher -16.87% annualized return.
YANG
- 1D
- 4.97%
- 1M
- 21.92%
- YTD
- 45.69%
- 6M
- 48.59%
- 1Y
- 15.02%
- 3Y*
- -43.76%
- 5Y*
- -31.21%
- 10Y*
- -37.83%
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%
YANG vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YANG Direxion Daily China 3x Bear Shares | 45.69% | -62.77% | -71.41% | 11.95% | -41.34% | 25.90% | -58.66% | -40.72% | 13.14% | -64.93% |
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% | 22.72% |
Correlation
The correlation between YANG and TMF is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2009 | 0.19 |
The correlation between YANG and TMF shifts across timeframes, from -0.11 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
YANG vs. TMF — Risk / Return Rank
YANG
TMF
YANG vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bear Shares (YANG) 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.
| YANG | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.01 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.43 | -0.11 | +0.53 |
| Martin ratioReturn relative to average drawdown | 0.72 | -0.23 | +0.95 |
Loading charts...
Drawdowns
YANG vs. TMF - Drawdown Comparison
The maximum YANG drawdown since its inception was -99.98%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for YANG and TMF.
Loading charts...
Drawdown Indicators
| YANG | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -92.89% | -7.09% |
Max Drawdown (1Y)Largest decline over 1 year | -35.33% | -26.51% | -8.82% |
Max Drawdown (3Y)Largest decline over 3 years | -94.02% | -56.09% | -37.93% |
Max Drawdown (5Y)Largest decline over 5 years | -97.38% | -88.81% | -8.57% |
Max Drawdown (10Y)Largest decline over 10 years | -99.53% | -92.89% | -6.64% |
Current DrawdownCurrent decline from peak | -99.97% | -92.11% | -7.86% |
Average DrawdownAverage peak-to-trough decline | -90.53% | -43.76% | -46.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.47% | 12.26% | +9.21% |
Volatility
YANG vs. TMF - Volatility Comparison
Direxion Daily China 3x Bear Shares (YANG) has a higher volatility of 17.73% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 6.50%. This indicates that YANG'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.
Loading charts...
Volatility by Period
| YANG | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.73% | 6.50% | +11.23% |
Volatility (6M)Calculated over the trailing 6-month period | 43.44% | 19.35% | +24.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.03% | 27.91% | +31.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.55% | 46.59% | +47.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.91% | 43.86% | +38.05% |
YANG vs. TMF - Expense Ratio Comparison
YANG has a 1.07% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
YANG vs. TMF - Dividend Comparison
YANG's dividend yield for the trailing twelve months is around 2.80%, 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% |
YANG Direxion Daily China 3x Bear Shares | 2.80% | 4.03% | 9.42% | 3.66% | 0.00% | 0.00% | 0.67% | 1.54% | 0.56% | 0.00% |
Frequently Asked Questions
YANG and TMF have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YANG has higher volatility (17.73%) compared to TMF (6.50%). In terms of maximum drawdown, YANG dropped -99.98% vs TMF's -92.89%.
On 10-year performance, TMF leads with -16.87% vs -37.83% for YANG. On fees, TMF is cheaper at 1.01% 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 10-year period, TMF has performed better with a -16.87% return vs -37.83%. 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 YANG.
TMF has the higher dividend yield at 4.09%, compared with 2.80% for YANG.
YANG is categorized as Leveraged Equities, while TMF is Leveraged Bonds. YANG tracks FTSE China 50 Index (-300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.07% for YANG and 1.01% for TMF.
YANG currently has the higher Sharpe Ratio (0.26 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.
Find the right allocation for YANG and TMF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer