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HIBL vs TMF

Direxion Daily S&P 500 High Beta Bull 3X ETF

HIBLDNYSE Arca

Direxion Daily 20+ Year Treasury Bull 3X ETF

TMFANYSE Arca

Overlap

Expense ratio

TMF −0.08pt a year

HIBL0.98%TMF0.90%

Avg volume · 30D

TMF 107.3×the volume

HIBL54.5KTMF5.85M

5Y return · a year

HIBL +32.7pt

HIBL−2.3%TMF−35.0%

HIBL vs TMF Performance

Nov 9, 2021 – Nov 9, 2026

−11.0%HIBL−88.4%TMF

Nov 9, 2021 to Nov 9, 2026. HIBL −11.0%. TMF −88.4%. Use the arrow keys to read each point.−50%25%50%75%Nov 2021May 2024Nov 2026
Expense ratio
HIBL 0.98%
TMF 0.90%, better
Fund size
HIBL $57M
TMF $1.96B
1Y total return
HIBL +22.3%, better
TMF −22.7%
Yield (12M)
HIBL 2.02%
TMF 4.62%, better
Holdings
HIBL 107
TMF 14
Avg volume (30D)
HIBL 54.5K sh
TMF 5.85M sh, better
NAV per share
HIBL $62.86
TMF $30.21
52W range

ETF.net Grade

HIBL: Cost 38, Risk 31, Mission not scored, Tradability 26, Holdings not scored, Durability 30. TMF: Cost 87, Risk 49, Mission not scored, Tradability 83, Holdings 100, Durability 65.
Pillar letters and Scores for HIBL, TMF, with each pillar’s weight
PillarHIBLTMF
Cost30% weightD38A87Higher
Mission25% weightNot scoredNot scored
Risk15% weightD31C49Higher
Tradability15% weightD26A83Higher
Holdings10% weightNot scoredA100
Durability5% weightD30B65Higher

Rank among 3x Leveraged Long funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. HIBL and TMF are both graded against the same 30 3x Leveraged Long funds, so their Grades compare head to head.

3x Leveraged Long⁠

Category · 30 funds
See all 30 ›

TMF ranks 4th and HIBL 23rd of 30 funds in the 3x Leveraged Long Category.

  1. Rank 1ATQQQProShares UltraPro QQQScore 83
  2. Rank 2AFASDirexion Daily Financial Bull 3X ETFScore 80
  3. Rank 2AUDOWProShares UltraPro Dow30Score 80
  4. Rank 4ATMFDirexion Daily 20+ Year Treasury Bull 3X ETFScore 75
  5. Rank 5ASOXLDirexion Daily Semiconductor Bull 3X ETFScore 72
  6. Rank 22DEURLDirexion Daily FTSE Europe Bull 3X ETFScore 36
  7. Rank 23DHIBLDirexion Daily S&P 500 High Beta Bull 3X ETFScore 33
  8. Rank 23DTYDDirexion Daily 7-10 Year Treasury Bull 3X ETFScore 33

Our read on each fund

ETF.net Research

HIBLDDirexion Daily S&P 500 High Beta Bull 3X ETF

TMFADirexion Daily 20+ Year Treasury Bull 3X ETF

In short

HIBL Most 3x funds lever a sector you can name. HIBL levers a factor: the 100 jumpiest stocks in the S&P 500, weighted by how hard they swing, then geared to 300% of that index's daily move.

TMF Three times the daily move of long-dated Treasuries, reset every day. Where most 3x funds aim at stocks, TMF points its leverage at the 20-year-plus end of the curve, and has been doing it since 2009.

Stated mandate

HIBL The fund seeks daily investment results equal to 300% of the performance of the S&P 500 High Beta Index, before fees and expenses. Its objective applies for a single day and is not intended to provide three times the index's cumulative return over longer periods.

TMF The Fund seeks pre-fee and expense investment results equal to 300% of the daily performance of the ICE U.S. Treasury 20+ Year Bond Index. It is designed for a single trading day, and longer-period results may differ because daily returns compound.

Why people hold it

  • HIBL S&P picks the 100 S&P 500 names with the highest beta over the past year and weights them by that beta, so the roster rotates as market sensitivity moves.sec.govspglobal.com
  • 0.98% net of a waiver through September 1, 2027 (1.01% gross) sits near the 3x category median, though SOXL (0.75% net of a waiver through September 1, 2027) runs cheaper.
  • The filings are blunt: the 300% target applies to one day only and is not meant to deliver 3x the index over longer stretches.direxion.com
  • Trading since 2019, with a bear twin (HIBS) targeting -300% of the same index for the other side of the trade.direxion.com
  • TMF A rate bet without an options account: it targets 300% of the daily move of the ICE U.S. Treasury 20+ Year Bond Index.
  • 0.90% net of a waiver through September 1, 2027 (1.01% gross), below the category median for 3x funds.
  • One of the more heavily traded funds in the leveraged group, which generally helps keep spreads thin for in-and-out trading.
  • Running since 2009, among the longest-lived 3x funds, through several very different rate regimes.

Worth knowing

  • HIBL Leverage on leverage. A high-beta basket already swings harder than the S&P 500, and the daily reset means choppy stretches can grind returns down.sec.gov
  • One of the smaller, less actively traded funds in the 3x lineup, so spreads and trading costs matter more than with the headline names.
  • The reference index is a factor cut of the S&P 500, so it can behave quite differently from the index itself before any leverage is applied.spglobal.com
  • TMF Daily reset: over more than one day, results can drift well away from 3x the index's move, and choppy stretches grind compounded returns down.
  • Triple duration cuts both ways. A 1% day in the index becomes roughly 3% here, up or down.
  • Distributions come quarterly, and the prospectus frames the fund as a single-day tool rather than a hold-and-forget position.

Full HIBL profile⁠

Full TMF profile⁠

HIBL vs TMF Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HIBL vs TMF Cost

Overpaying HIBL vs TMF

$1,322

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • HIBL 0.98%

    $18,362

  • TMF 0.90%

    $17,040

$10,000
30 years

Cost over time

  • HIBL 0.98%
  • TMF 0.90%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530HIBL $18,362TMF $17,040

Year by year

YearHIBLTMFOverpaying
10$1,729$1,593$136
20$6,504$6,015$489
30$18,362$17,040$1,322

Expense ratio

  • 0.98%HIBL
  • 0.90%TMF, cheaper
  • Middle half of 3x Leveraged Long funds
  • Median 0.96%

TMF 5th cheapest of 30 funds

HIBL 18th cheapest of 30 funds

HIBL vs TMF Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
HIBL 2.02%
TMF 4.62%, better
Payout (12M)
HIBL $1.49
TMF $1.40
Last payment
HIBL $0.07
TMF $0.35
Ex-dividend
HIBL Jun 23, 2026
TMF Sep 22, 2026
Paid on
HIBL Jun 30, 2026
TMF Sep 29, 2026
Frequency
HIBL Twice a year
TMF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

HIBLTwice a year · 15 paymentsAll HIBL payments⁠
One bar per payment. 15 payments from 2017 to 2026 YTD. Dec 23, 2019 $0.08; Mar 24, 2020 $0.06; Mar 23, 2021 $0.0064; Jun 22, 2021 $0.04; Mar 21, 2023 $0.04; Jun 21, 2023 $0.07; Sep 19, 2023 $0.07; Dec 21, 2023 $0.11; Mar 19, 2024 $0.15; Jun 25, 2024 $0.12; Sep 24, 2024 $0.07; Mar 25, 2025 $0.08; Jun 24, 2025 $0.11; Dec 10, 2025 $1.41; Jun 23, 2026 $0.07. Use the arrow keys to read each point.$0$52017202020232026YTD
TMFQuarterly · 35 paymentsAll TMF payments⁠
One bar per payment. 35 payments from 2017 to 2026 YTD. Jun 20, 2017 $0.18; Dec 19, 2017 $0.72; Mar 20, 2018 $0.30; Jun 19, 2018 $1.04; Sep 25, 2018 $0.57; Dec 27, 2018 $0.97; Mar 19, 2019 $0.68; Jun 25, 2019 $0.67; Sep 24, 2019 $0.59; Dec 23, 2019 $0.50; Mar 24, 2020 $0.99; Dec 10, 2020 $6.86; Mar 23, 2021 $0.15; Jun 22, 2021 $0.14; Sep 21, 2021 $0.05; Dec 21, 2021 $0.02; Mar 22, 2022 $0.15; Jun 22, 2022 $0.26; Sep 20, 2022 $0.36; Dec 20, 2022 $0.47; Mar 21, 2023 $0.35; Jun 21, 2023 $0.48; Sep 19, 2023 $0.50; Dec 21, 2023 $0.50; Mar 19, 2024 $0.32; Jun 25, 2024 $0.43; Sep 24, 2024 $0.44; Dec 23, 2024 $0.52; Mar 25, 2025 $0.29; Jun 24, 2025 $0.36; Sep 23, 2025 $0.41; Dec 23, 2025 $0.46; Mar 24, 2026 $0.22; Jun 23, 2026 $0.37; Sep 22, 2026 $0.35. Use the arrow keys to read each point.$0$52017202020232026YTD

HIBL vs TMF Risk

Fall from peak · 5 years

  • HIBL
  • TMF
Nov 9, 2021 to Nov 9, 2026. Worst fall: TMF −90.9% · Oct 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
HIBL 71.5%TMF 40.2%, better
Return per unit of riskSharpe ratio, 3 years
HIBL 0.92, betterTMF −0.07
Worst fallMax drawdown, 5 years
HIBL −81.2%, betterTMF −90.9%
Market sensitivityBeta, 5 years
HIBL 4.49TMF 7.22

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