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TMF vs TYD

Direxion Daily 20+ Year Treasury Bull 3X ETF

TMFANYSE Arca

Direxion Daily 7-10 Year Treasury Bull 3X ETF

TYDDNYSE Arca

Overlap

No data

Expense ratio

TMF −0.17pt a year

TMF0.90%TYD1.07%

Avg volume · 30D

TMF 207.0×the volume

TMF5.85MTYD28.2K

10Y return · a year

TYD +10.8pt

TMF−15.8%TYD−5.0%

TMF vs TYD Performance

Nov 9, 2021 – Nov 9, 2026

−88.4%TMF−54.4%TYD

Nov 9, 2021 to Nov 9, 2026. TMF −88.4%. TYD −54.4%. Use the arrow keys to read each point.−40%−20%0%Nov 2021May 2024Nov 2026
Expense ratio
TMF 0.90%, better
TYD 1.07%
Fund size
TMF $1.96B
TYD $31M
1Y total return
TMF −22.7%
TYD −13.7%, better
Yield (12M)
TMF 4.62%, better
TYD 3.76%
Holdings
TMF 14
TYD 8
Avg volume (30D)
TMF 5.85M sh, better
TYD 28.2K sh
NAV per share
TMF $30.21
TYD $21.79
52W range

ETF.net Grade

TMF: Cost 87, Risk 49, Mission not scored, Tradability 83, Holdings 100, Durability 65. TYD: Cost 13, Risk 61, Mission not scored, Tradability 42, Holdings 100, Durability 41.
Pillar letters and Scores for TMF, TYD, with each pillar’s weight
PillarTMFTYD
Cost30% weightA87HigherF13
Mission25% weightNot scoredNot scored
Risk15% weightC49B61Higher
Tradability15% weightA83HigherC42
Holdings10% weightA100A100
Durability5% weightB65HigherC41

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 TYD 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 TYD 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 23DHIBLDirexion Daily S&P 500 High Beta Bull 3X ETFScore 33
  7. Rank 23DTYDDirexion Daily 7-10 Year Treasury Bull 3X ETFScore 33
  8. Rank 25DTPORDirexion Daily Transportation Bull 3X ETFScore 31

Our read on each fund

ETF.net Research

TMFADirexion Daily 20+ Year Treasury Bull 3X ETF

TYDDDirexion Daily 7-10 Year Treasury Bull 3X ETF

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.

TYD Leveraged Treasury trading mostly crowds the long end. TYD aims for 300% of the daily move in the ICE U.S. Treasury 7-10 Year Bond Index instead: a 3x handle on the belly of the curve, running since 2009.

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.

TYD The fund seeks daily investment results equal to 300% of the performance of the ICE U.S. Treasury 7-10 Year Bond Index, before fees and expenses.

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.
  • TYD A rare 3x handle on the belly of the curve: 300% of the daily move in the ICE U.S. Treasury 7-10 Year Bond Index, while most leveraged bond action sits at the 20-year end.direxion.com
  • Trading since 2009, so the daily-reset machinery has run through QE, the taper tantrum and the 2022 rate shock in full public view.
  • Exposure comes from swaps and futures tied to an all-Treasury index, so no corporate credit sits underneath. Distributions go out quarterly.sec.gov
  • Direxion runs a mirror-image bear fund on the same index, so the same 7-10 year view can be expressed in either direction.direxion.com

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.
  • TYD Fee runs 1.07% net of a waiver through September 1, 2027 (1.08% gross), above the typical 3x fund and above sibling TMF, at 0.90% net of a waiver through September 1, 2027.
  • Leverage resets every day. Hold longer than a day and compounding takes over, so results can drift well away from 3x the index move over that stretch, especially in choppy markets.direxion.com
  • One of the smaller, more lightly traded corners of the leveraged shelf, which can mean wider spreads and more care needed when getting in or out.

Full TMF profile⁠

Full TYD profile⁠

TMF vs TYD Holdings

How TMF and TYD differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

  • Asset classBonds100%
  • Countryby domicile100%

Sector

No Sector split for TMF and TYD.

Country, concentration and asset class

Country by domicile

Country weights in TMF and TYD, widest gap first
CountryMore in TMFMore in TYDGap
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • TMF91.3%
  • TYD100.0%

Securities held

  • TMF4
  • TYD3

Asset class

TMF
Bonds
TYD
Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. TMF holds 4 securities, TYD 3.

All 13 TMF holdings⁠All 9 TYD 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 TYD Cost

Overpaying TYD vs TMF

$2,775

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

  • TMF 0.90%

    $17,040

  • TYD 1.07%

    $19,815

$10,000
30 years

Cost over time

  • TMF 0.90%
  • TYD 1.07%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TYD $19,815TMF $17,040

Year by year

YearTMFTYDOverpaying
10$1,593$1,881$288
20$6,015$7,046$1,031
30$17,040$19,815$2,775

Expense ratio

  • 0.90%TMF, cheaper
  • 1.07%TYD
  • Middle half of 3x Leveraged Long funds
  • Median 0.96%

TMF 5th cheapest of 30 funds

TYD 26th cheapest of 30 funds

TMF vs TYD Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
TMF 4.62%, better
TYD 3.76%
Payout (12M)
TMF $1.40
TYD $0.82
Last payment
TMF $0.35
TYD $0.25
Ex-dividend
TMF Sep 22, 2026
TYD Sep 22, 2026
Paid on
TMF Sep 29, 2026
TYD Sep 29, 2026
Frequency
TMF Quarterly
TYD 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
TYDQuarterly · 26 paymentsAll TYD payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Mar 20, 2018 $0.09; Jun 19, 2018 $0.10; Sep 25, 2018 $0.12; Dec 27, 2018 $0.17; Mar 19, 2019 $0.11; Jun 25, 2019 $0.16; Sep 24, 2019 $0.09; Dec 23, 2019 $0.10; Mar 24, 2020 $0.07; Dec 10, 2020 $5.74; Dec 20, 2022 $0.16; Mar 21, 2023 $0.08; Jun 21, 2023 $0.22; Sep 19, 2023 $0.17; Dec 21, 2023 $0.29; Mar 19, 2024 $0.03; Jun 25, 2024 $0.25; Sep 24, 2024 $0.21; Dec 23, 2024 $0.24; Mar 25, 2025 $0.12; Jun 24, 2025 $0.19; Sep 23, 2025 $0.20; Dec 23, 2025 $0.25; Mar 24, 2026 $0.13; Jun 23, 2026 $0.20; Sep 22, 2026 $0.25. Use the arrow keys to read each point.$0$52017202020232026YTD

TMF vs TYD Risk

Fall from peak · 5 years

  • TMF
  • TYD
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
TMF 40.2%TYD 19.9%, better
Return per unit of riskSharpe ratio, 3 years
TMF −0.07TYD −0.06, better
Worst fallMax drawdown, 5 years
TMF −90.9%TYD −59.1%, better
Market sensitivityBeta, 5 years
TMF 7.22TYD 3.48

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