{"url":"https://etfiq.com/compare/leverage/tbt-vs-tmf","section":"compare","title":"TBT vs TMF: which held to its multiple? | ETFIQ","description":"TBT sets out to return -2 times TLT each day and TMF +3 times. Over the three months to Sep 30, 2026 they finished +4.2 pts and \u22120.3 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, TBT or TMF?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, TBT finished 4.2 points from what its multiple implies and TMF finished 0.3 points from its own, so TMF came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are TBT and TMF levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on 20-year Treasuries, TBT at -2 times and TMF at +3 times the daily move."}},{"@type":"Question","name":"Which one decays faster, TBT or TMF?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window TBT\u2019s moved at 10% annualized and TMF\u2019s at 10%, so TBT has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold TBT or TMF for a year?","acceptedAnswer":{"@type":"Answer","text":"Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}},{"@type":"Question","name":"Which is cheaper, TBT or TMF?","acceptedAnswer":{"@type":"Answer","text":"TBT charges 0.93% a year and TMF charges 0.90%, so TMF is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"TBT vs TMF","item":"https://etfiq.com/compare/leverage/tbt-vs-tmf"}]},{"@type":"WebPage","name":"TBT vs TMF: which held to its multiple?","description":"TBT sets out to return -2 times TLT each day and TMF +3 times. Over the three months to Sep 30, 2026 they finished +4.2 pts and \u22120.3 pts away.","url":"https://etfiq.com/compare/leverage/tbt-vs-tmf","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, TBT finished 2.7 points over and TMF 1.8 points short.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of TBT and TMF","description":"TBT sets out to return -2 times TLT each day and TMF +3 times. Over the three months to Sep 30, 2026 they finished +4.2 pts and \u22120.3 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/tbt-vs-tmf","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":7018,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / TBT vs TMF \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n TBT vs TMF: which held to its multiple?\n\n Over three months against its own daily promise, TBT finished 2.7 points over and TMF 1.8 points short.\n Copy this for sharing \n \n ProShares UltraShort 20+ Year Treasury and Direxion Daily 20+ Year Treasury Bull 3X ETF.\n\n Download as PDF \n\n +20.8% TBT returned, 3 months \n \u221225.3% TMF returned, 3 months \n +4.2 pts TBT from its stated multiple \n \u22120.3 pts TMF from its stated multiple \n\n ETFIQ Decay Resistance Score: TBT scores higher\n ","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/tbt-vs-tmf","a":{"ticker":"TBT","name":"ProShares UltraShort 20+ Year Treasury","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: TBT returned +20.8% where its own daily promise gave +18.1%, 2.7 points over.","url":"https://etfiq.com/funds/tbt","key_facts":[{"label":"What TLT did","value":"\u22128.3%","as_of":"2026-09-30","source":null},{"label":"What \u22122 times a day gives","value":"+18.1%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+20.8%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+2.7 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$359m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.93%","as_of":"2026-09-30","source":"485BPOS XBRL, Sep 25, 2026"}]},"b":{"ticker":"TMF","name":"Direxion Daily 20+ Year Treasury Bull 3X ETF","issuer":"Direxion","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: TMF returned \u221225.3% where its own daily promise gave \u221223.6%, 1.8 points short.","url":"https://etfiq.com/funds/tmf","key_facts":[{"label":"What TLT did","value":"\u22128.3%","as_of":"2026-09-30","source":null},{"label":"What 3 times a day gives","value":"\u221223.6%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u221225.3%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22121.8 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$2.0bn","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.90%","as_of":"2026-09-30","source":"485BPOS XBRL, Feb 26, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/tbt-vs-tmf"}