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TMF vs TQQQ

Direxion Daily 20+ Year Treasury Bull 3X ETF

TMFANYSE Arca

ProShares UltraPro QQQ

TQQQANasdaq

Overlap

Expense ratio

TQQQ −0.12pt a year

TMF0.90%TQQQ0.78%

Avg volume · 30D

TQQQ 10.0×the volume

TMF5.73MTQQQ57.5M

10Y return · a year

TQQQ +55.1pt

TMF−17.2%TQQQ+37.9%

TMF vs TQQQ Performance

Oct 29, 2021 – Oct 30, 2026

−87.8%TMF+64.2%TQQQ

Oct 29, 2021 to Oct 30, 2026. TMF −87.8%. TQQQ +64.2%. Use the arrow keys to read each point.−50%0%100%Oct 2021Apr 2024Oct 2026
Expense ratio
TMF 0.90%
TQQQ 0.78%, better
Fund size
TMF $1.95B
TQQQ $32.1B
1Y total return
TMF −25.0%
TQQQ +7.1%, better
Yield (12M)
TMF 4.68%, better
TQQQ 0.78%
Holdings
TMF 14
TQQQ 116
Avg volume (30D)
TMF 5.73M sh
TQQQ 57.5M sh, better
NAV per share
TMF $29.47
TQQQ $61.97
52W range

ETF.net Grade

TMF: Cost 87, Risk 49, Mission not scored, Tradability 79, Holdings 100, Durability 65. TQQQ: Cost 97, Risk 57, Mission 84, Tradability 97, Holdings not scored, Durability 79.
Pillar letters and Scores for TMF, TQQQ, with each pillar’s weight
PillarTMFTQQQ
Cost30% weightA87A97Higher
Mission25% weightNot scoredA84
Risk15% weightC49B57Higher
Tradability15% weightA79A97Higher
Holdings10% weightA100Not scored
Durability5% weightB65A79Higher

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. TMF and TQQQ 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 ›

TQQQ ranks 1st and TMF 5th of 30 funds in the 3x Leveraged Long Category.

  1. Rank 1ATQQQProShares UltraPro QQQScore 86
  2. Rank 2AUDOWProShares UltraPro Dow30Score 81
  3. Rank 4ASOXLDirexion Daily Semiconductor Bull 3X ETFScore 76
  4. Rank 5ATMFDirexion Daily 20+ Year Treasury Bull 3X ETFScore 74
  5. Rank 6ATECLDirexion Daily Technology Bull 3X ETFScore 72

Our read on each fund

ETF.net Research

TMFADirexion Daily 20+ Year Treasury Bull 3X ETF

TQQQAProShares UltraPro QQQ

In short

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.

TQQQ The original 3x Nasdaq-100 trade, live since 2010. Leverage resets every day, chasing three times the index's one-day move, and it is one of the most heavily traded names in its corner of the market.

Stated mandate

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.

TQQQ The fund seeks daily investment results, before fees and expenses, equal to three times the daily performance of the Nasdaq-100 Index.

Why people hold it

  • 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.
  • TQQQ Costs 0.78% net of a waiver through September 30, 2027 (0.94% gross), below the median fee for 3x bull funds and below stablemate UDOW at 0.94% with no waiver.
  • A multi-billion-dollar fund and one of the busiest tickers in the leveraged space, which matters when a daily-reset position needs to be entered or exited quickly.
  • Delivers its stated 3x daily target with close day-to-day fidelity, one of the stronger implementations among 3x bull funds.proshares.com
  • Straightforward plumbing: it rebalances exposure to the Nasdaq-100 each day, raising it as the index rises and cutting it as the index falls.sec.gov

Worth knowing

  • 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.
  • TQQQ The prospectus is blunt: this seeks results for a single day only. Hold longer and compounding takes over, so multi-day results can land far from 3x the index move, especially in choppy tape.sec.gov
  • Triple exposure cuts both ways. A rough day for the Nasdaq-100 hits roughly three times as hard here, which is why this scores as one of the riskier structures on our books.
  • The fee break is contractual, not permanent. Should the waiver lapse after September 30, 2027, the cost reverts toward the 0.94% gross rate.

Full TMF profile⁠

Full TQQQ profile⁠

TMF vs TQQQ 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.

TMF vs TQQQ Cost

Overpaying TMF vs TQQQ

$2,038

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

  • TMF 0.90%

    $17,040

  • TQQQ 0.78%

    $15,002

$10,000
30 years

Cost over time

  • TMF 0.90%
  • TQQQ 0.78%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TMF $17,040TQQQ $15,002

Year by year

YearTMFTQQQOverpaying
10$1,593$1,388$205
20$6,015$5,268$747
30$17,040$15,002$2,038

Expense ratio

  • 0.90%TMF
  • 0.78%TQQQ, cheaper
  • Middle half of 3x Leveraged Long funds
  • Median 0.96%

TQQQ 2nd cheapest of 30 funds

TMF 5th cheapest of 30 funds

TMF vs TQQQ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TMF 4.68%, better
TQQQ 0.78%
Payout (12M)
TMF $1.40
TQQQ $0.48
Last payment
TMF $0.35
TQQQ $0.16
Ex-dividend
TMF Sep 22, 2026
TQQQ Sep 23, 2026
Paid on
TMF Sep 29, 2026
TQQQ Sep 29, 2026
Frequency
TMF Quarterly
TQQQ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

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
TQQQQuarterly · 14 paymentsAll TQQQ payments⁠
One bar per payment. 14 payments from 2017 to 2026 YTD. Dec 26, 2018 $0.0051; Mar 20, 2019 $0.0025; Dec 24, 2019 $0.0039; Dec 23, 2020 $0.000035; Dec 22, 2022 $0.05; Jun 26, 2024 $0.14; Dec 23, 2024 $0.14; Mar 26, 2025 $0.10; Jun 25, 2025 $0.11; Sep 24, 2025 $0.05; Dec 24, 2025 $0.09; Mar 25, 2026 $0.07; Jun 24, 2026 $0.17; Sep 23, 2026 $0.16. Use the arrow keys to read each point.$0$52017202020232026YTD

TMF vs TQQQ Risk

Fall from peak · 5 years

  • TMF
  • TQQQ
Oct 29, 2021 to Oct 30, 2026. Worst fall: TMF −90.9% · Oct 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
TMF 40.2%, betterTQQQ 56.9%
Return per unit of riskSharpe ratio, 3 years
TMF −0.07TQQQ 0.98, better
Worst fallMax drawdown, 5 years
TMF −90.9%TQQQ −81.7%, better
Market sensitivityBeta, 5 years
TMF 7.22TQQQ 3.71

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