TMF vs SPY

Comparison between DIREXION DAILY 20+ YEAR TREASURY BULL 3X SHARES (TMF, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed TMF, delivering a return of +13.3% compared to -30.0%

TMF vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	TMF(ETF)	SPY(ETF)
Net Assets	$3B	$652B
Expense Ratio	N/A	0.09%
Max Drawdown	93.33%	56.47%
Sharpe Ratio	-0.21	2.07
5Y Beta	0.19	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	-26.36%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

TMF

$3B

Winner

SPY

$652B

Expense Ratio

TMF

N/A

SPY

0.09%

Max Drawdown

TMF

93.33%

Winner

SPY

56.47%

Sharpe Ratio

TMF

-0.21

Winner

SPY

2.07

5Y Beta

Winner

TMF

0.19

SPY

1.00

P/E Ratio

TMF

N/A

SPY

28.24

Forward P/E

TMF

N/A

SPY

21.85

5Y Dividends CAGR

TMF

-26.36%

Winner

SPY

5.43%

5Y EPS CAGR

TMF

N/A

SPY

25.79%

Debt to Equity

TMF

N/A

SPY

22.35%

P/S Ratio

TMF

N/A

SPY

3.55

P/B Ratio

TMF

N/A

SPY

5.29

TMF vs SPY - Holdings Comparison

TMF and SPY have 0 common holdings. Overlap is 0.00%

TMF's top 25 holdings weight is 77.07%. SPY's top 25 holdings weight is 51.32%.

Rank	TMF	SPY
#1	ISHARES 20& YEAR TREASURY BOND ETF (TLT) - 69.74%	NVIDIA CORP (NVDA) - 8.45%
#2	GOLDMAN SACHS FS TREASURY INTMS INSTL (FTIXX) - 7.33%	APPLE INC (AAPL) - 6.48%
#3	N/A	MICROSOFT CORP (MSFT) - 5.20%
#4	N/A	AMAZON.COM INC (AMZN) - 4.14%
#5	N/A	ALPHABET INC CLASS A (GOOGL) - 3.32%
#6	N/A	BROADCOM INC (AVGO) - 3.09%
#7	N/A	ALPHABET INC CLASS C (GOOG) - 2.65%
#8	N/A	META PLATFORMS INC CLASS A (META) - 2.40%
#9	N/A	TESLA INC (TSLA) - 1.73%
#10	N/A	BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.43%
#11	N/A	JPMORGAN CHASE & CO (JPM) - 1.37%
#12	N/A	ELI LILLY AND CO (LLY) - 1.13%
#13	N/A	EXXON MOBIL CORP (XOM) - 1.03%
#14	N/A	MICRON TECHNOLOGY INC (MU) - 0.93%
#15	N/A	WALMART INC (WMT) - 0.91%
#16	N/A	JOHNSON & JOHNSON (JNJ) - 0.90%
#17	N/A	ADVANCED MICRO DEVICES INC (AMD) - 0.86%
#18	N/A	VISA INC CLASS A (V) - 0.85%
#19	N/A	COSTCO WHOLESALE CORP (COST) - 0.72%
#20	N/A	MASTERCARD INC CLASS A (MA) - 0.67%
#21	N/A	INTEL CORP (INTC) - 0.65%
#22	N/A	NETFLIX INC (NFLX) - 0.64%
#23	N/A	CATERPILLAR INC (CAT) - 0.62%
#24	N/A	CHEVRON CORP (CVX) - 0.58%
#25	N/A	PROCTER & GAMBLE CO (PG) - 0.57%
Total Holdings	2	505

TMF vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	TMF	SPY
1 month	-2.95%	+9.11%
3 months	-4.91%	+6.59%
6 months	-11.01%	+10.56%
1 year	-3.60%	+32.04%
5 years(CAGR)	-30.02%	+13.35%
10 years(CAGR)	-15.93%	+15.49%
Max(CAGR)	-5.96%	+8.50%

TMF

-2.95%

Winner

SPY

+9.11%

TMF

-4.91%

Winner

SPY

+6.59%

TMF

-11.01%

Winner

SPY

+10.56%

TMF

-3.60%

Winner

SPY

+32.04%

5Y(CAGR)

TMF

-30.02%

Winner

SPY

+13.35%

10Y(CAGR)

TMF

-15.93%

Winner

SPY

+15.49%

Max(CAGR)

TMF

-5.96%

Winner

SPY

+8.50%

TMF vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	TMF	SPY
2026	-3.47%	+8.27%
2025	-3.69%	+18.00%
2024	-34.61%	+25.59%
2023	-17.42%	+26.72%
2022	-70.36%	-18.64%
2021	-19.51%	+30.52%
2020	+34.34%	+17.28%
2019	+32.62%	+31.09%
2018	-7.97%	-5.24%
2017	+21.53%	+20.78%
2016	-5.33%	+13.59%
2015	-16.30%	+1.31%
2014	+95.37%	+14.56%
2013	-36.52%	+29.00%
2012	+5.23%	+14.17%
2011	+112.97%	+0.85%
2010	+16.06%	+13.14%
2009	-39.24%	+22.67%
2008	N/A	-36.25%
2007	N/A	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

TMF vs SPY Drawdown Comparison

The maximum drawdown for TMF was -92.61%, occurring on May 21, 2025. This drawdown has not yet recovered.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current TMF drawdown is -92.06%.

Rank	TMF	SPY
#1	-92.61% Mar 9, 2020 - May 21, 2025	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-53.33% Jul 25, 2012 - Jan 5, 2015	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-51.11% Jul 8, 2016 - Aug 12, 2019	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-46.17% Aug 26, 2010 - Aug 10, 2011	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-44.57% Apr 20, 2009 - Aug 19, 2010	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-42.46% Jan 30, 2015 - Jun 27, 2016	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-30.94% Oct 3, 2011 - May 30, 2012	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-24.59% Aug 28, 2019 - Feb 24, 2020	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-14.95% Aug 10, 2011 - Aug 18, 2011	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-14.23% Sep 22, 2011 - Oct 3, 2011	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-12.90% Aug 19, 2011 - Sep 2, 2011	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-12.78% Jun 1, 2012 - Jul 23, 2012	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-7.46% Aug 15, 2019 - Aug 27, 2019	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-6.18% Sep 12, 2011 - Sep 19, 2011	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-5.52% Sep 6, 2011 - Sep 9, 2011	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between TMF and SPY is -0.23 which considered as a very weak or no correlation - the stocks move independently of each other.

-0.23

-101

Dividend Comparison (1999 - 2026)

TMF vs SPY dividend yield comparison.

Year	TMF	SPY
2026	0.62%	0.24%
2025	4.06%	1.07%
2024	4.29%	1.21%
2023	2.82%	1.40%
2022	1.62%	1.65%
2021	0.13%	1.20%
2020	2.24%	1.52%
2019	0.94%	1.75%
2018	1.49%	2.04%
2017	0.41%	1.80%
2016	0.00%	2.03%
2015	0.00%	2.06%
2014	0.00%	1.87%
2013	0.57%	1.81%
2012	0.17%	2.18%
2011	0.70%	2.05%
2010	5.12%	1.80%
2009	15.58%	1.95%
2008	0.00%	3.02%
2007	0.00%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%