Direxion Daily 20+ Year Treasury Bull 3X Shares (TMF) Performance
TMF total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −19.1% since Dec 31, 2025
- 1 year
- −29.2% total return
- 5 years
- −33.6% a year
- 10 years
- −17.8% a year
- Since first price
- −6.7% a year since 2009
TMF trailing returns vs AGG, TLT, SPY
| Period | TMF total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +3.2% | +3.2% | +0.9% | +1.5% | −1.0% |
| 3 months | −6.5% | −7.6% | −0.4% | −1.0% | +3.2% |
| 6 months | −16.8% | −18.6% | −1.5% | −3.8% | +7.8% |
| YTD | −19.1% | −21.3% | −1.0% | −3.4% | +12.3% |
| 1 year | −29.2% | −32.0% | −1.1% | −6.9% | +14.4% |
| 3 years | −20.4%−7.3%/yr | −28.6% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | −87.1%−33.6%/yr | −88.8% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | −85.9%−17.8%/yr | −88.4% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | −75.6%−9.0%/yr | −80.1% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionApr 16, 2009 | −70.4%−6.7%/yr | −79.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: TMF vs AGG
From Apr 16, 2009: TMF grew to $2,956, AGG to $15,638.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TMF returns by calendar year
7 of 16 full years positive. Best 2011 (+109.2%), worst 2022 (−72.6%). 2026 is year to date.
TMF annual returns table
| Year | TMF | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −19.1% | −38.0% | −1.0% | −3.4% | +12.3% |
| 2025 | −2.9% | −27.1% | +7.2% | +4.3% | +17.7% |
| 2024 | −35.9% | −37.0% | +1.3% | −8.1% | +24.9% |
| 2023 | −13.0% | −59.4% | +5.7% | +2.8% | +26.2% |
| 2022 | −72.6% | −75.7% | −13.0% | −31.2% | −18.2% |
| 2021 | −19.8% | −39.2% | −1.8% | −4.6% | +28.7% |
| 2020 | +39.0% | −43.8% | +7.5% | +18.2% | +18.3% |
| 2019 | +34.7% | −24.6% | +8.5% | +14.1% | +31.2% |
| 2018 | −11.0% | −29.1% | +0.1% | −1.6% | −4.6% |
| 2017 | +22.7% | −15.1% | +3.6% | +9.2% | +21.7% |
| 2016 | −2.5% | −46.3% | +2.4% | +1.2% | +12.0% |
| 2015 | −13.7% | −42.5% | +0.5% | −1.8% | +1.2% |
| 2014 | +97.3% | −14.7% | +6.0% | +27.3% | +13.5% |
| 2013 | −39.0% | −44.5% | −2.0% | −13.4% | +32.3% |
| 2012 | +0.6% | −28.2% | +3.8% | +2.6% | +16.0% |
| 2011 | +109.2% | −30.2% | +7.7% | +34.0% | +1.9% |
| 2010 | +16.1% | −41.5% | +6.4% | +9.0% | +15.1% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
TMF largest drawdowns
Now 93.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 9, 2020 | −94.3% | Oct 5, 2026 | not yet | 6.6 years | 6.6 years so far |
| Jul 25, 2012 | −53.3% | Aug 21, 2013 | Jan 5, 2015 | 1.1 years | 2.4 years |
| Jul 8, 2016 | −51.1% | Nov 2, 2018 | Aug 12, 2019 | 2.3 years | 3.1 years |
| Aug 26, 2010 | −46.2% | Feb 10, 2011 | Aug 10, 2011 | 6 months | 11 months |
| Apr 20, 2009 | −44.6% | Apr 5, 2010 | Aug 19, 2010 | 11 months | 1.3 years |
| Jan 30, 2015 | −42.5% | Jun 26, 2015 | Jun 27, 2016 | 5 months | 1.4 years |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
TMF risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2009 |
|---|---|---|---|---|
| Annualized return | −15.9% | −35.4% | −19.6% | −6.5% |
| Volatility (annualized) | 40.3% | 43.2% | 40.5% | 40.7% |
| Sharpe ratio | -0.34 | -0.86 | -0.39 | 0.00 |
| Sortino ratio | -0.48 | -1.06 | -0.53 | 0.00 |
| Best month | +29.4% | +29.4% | +35.1% | +41.4% |
| Worst month | −19.4% | −26.6% | −26.6% | −26.6% |
| Best 12 months | +24.3% | +24.3% | +115.6% | +127.4% |
| Worst 12 months | −35.9% | −75.1% | −75.1% | −75.1% |
| Positive months | 47% | 38% | 45% | 47% |
| Beta vs S&P 500 | 1.54 | 1.51 | 0.49 | — |
| Correlation with S&P 500 | 0.48 | 0.55 | 0.18 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
TMF rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 199 | −75.1% | −4.6% | +127.4% | 44% |
| 3-year (a year) | 175 | −51.1% | +4.4% | +35.9% | 55% |
| 5-year (a year) | 151 | −38.1% | +2.9% | +29.1% | 60% |
| 10-year (a year) | 91 | −19.6% | −5.3% | +19.7% | 40% |
Every holding period starting at a month-end since 2009. Returns for 3 years and longer are annualized.
TMF performance overview
Direxion Daily 20+ Year Treasury Bull 3X Shares (TMF) returned −29.2% over the past year and −17.8% a year over ten years, with distributions reinvested. Since its first recorded price in 2009 it has returned −6.7% a year, turning $10,000 into about $2,956. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −94.3%, from Mar 9, 2020 to Oct 5, 2026; the fund has not yet regained that high. TMF finished 7 of its 16 full calendar years with a gain; the best year was 2011 (+109.2%) and the worst 2022 (−72.6%). Volatility has been 40.7% a year.
Related: TMF chart, TMF dividends, TMF bond profile. See the TMF overview for the latest quote and fund facts.
TMF performance FAQ
What is the TMF return over the past year?
TMF returned −29.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 32.0%.
What is the average annual return of TMF?
TMF has returned −33.6% a year over 5 years, −17.8% a year over 10 years, −6.7% a year since April 16, 2009 (total return, distributions reinvested).
How much would $10,000 invested in TMF be worth?
$10,000 invested in TMF at its first recorded close on April 16, 2009 would be worth about $2,956 on October 23, 2026 with distributions reinvested.
What was the worst year for TMF?
The worst calendar year was 2022, with a total return of −72.6%. The best was 2011 at +109.2%.
What is the biggest drawdown of TMF?
The largest peak-to-trough decline was −94.3% between March 9, 2020 and October 5, 2026. It has not yet recovered to that high; it is 93.3% below its peak.
How volatile is TMF?
Over the past 3 years TMF had an annualized volatility of 40.3% and a Sharpe ratio of -0.34 (excess return over 1–3 month T-bills per unit of risk).