Which came closer to its stated multiple, TMF or TTT?

Over the window to Sep 30, 2026, TMF finished 0.3 points from what its multiple implies and TTT finished 6.9 points from its own, so TMF came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are TMF and TTT levered on the same thing?

Yes. Both are levered on 20-year Treasuries, TMF at +3 times and TTT at -3 times the daily move.

Which one decays faster, TMF or TTT?

Decay follows how much the underlying moves about. Over this window TMF’s moved at 10% annualized and TTT’s at 10%, so TMF has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold TMF or TTT for a year?

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’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, TMF or TTT?

TMF charges 0.90% a year and TTT charges 0.95%, so TMF is cheaper. Fees come from each fund's prospectus.

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TMF vs TTT: which held to its multiple?

Over three months against its own daily promise, TMF finished 1.8 points short and TTT 4.0 points over. Direxion Daily 20+ Year Treasury Bull 3X ETF and ProShares UltraPro Short 20+ Year Treasury.

−25.3%

TMF returned, 3 months

+31.9%

TTT returned, 3 months

−0.3 pts

TMF from its stated multiple

+6.9 pts

TTT from its stated multiple

TMF · 3 months to Sep 30, 2026On its stated multiple

TMF returned −25.3% while 3 times TLT's move would have been −25.0%

TTT · 3 months to Sep 30, 20266.9 pts ahead of its stated multiple

TTT returned +31.9% while −3 times TLT's move would have been +25.0%

ETFIQ Decay Resistance Score · TTT scores higherDid it keep up with its own daily multiple, compounded day by day?

TMF among the 470 leveraged ETFs, long, over three months

TMF 77.2

0.1, the lowest in this set99.9, the highest

TTT among the 125 inverse ETFs over three months

TTT 93.6

0.4, the lowest in this set99.6, the highest

A percentile among the 470 leveraged ETFs, long, over three months. TTT is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	TMF	TTT	TMF	TTT	TMF	TTT
1 month	−16.0%	+17.7%	−16.1%	+16.1%	+0.1 pts	+1.6 pts
3 months	−25.3%	+31.9%	−25.0%	+25.0%	−0.3 pts	+6.9 pts
6 months	−27.0%	+33.3%	−24.3%	+24.3%	−2.7 pts	+9.0 pts
1 year	−33.5%	+42.3%	−26.9%	+26.9%	−6.6 pts	+15.4 pts
3 years	−40.6%	+15.8%	−1.3%	+1.3%	−39.3 pts	+14.5 pts
Since launch TMF Jan 2010 · TTT Mar 2012	−57.5%	−69.4%	+124.7%	−7.1%	−182.1 pts	−62.3 pts

TMF and TTT over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

TMF

Direxion Daily 20+ Year Treasury Bull 3X ETF · Aims to return three times the daily move of 20-year Treasuries (TLT)

TTT

ProShares UltraPro Short 20+ Year Treasury · Aims to return three times the opposite of the daily move of 20-year Treasuries (TLT)

Issuer Direxion ProShares

Sets out to return +3x -3x

Underlying asset TLT TLT

Segment bond bond

Fund returned, 3 months or since launch −25.3% +31.9%

Underlying returned, over that window −8.3% −8.3%

What the stated multiple implies, over that window −25.0% +25.0%

Difference from stated, over that window −0.3 pts +6.9 pts

Fund returned, 1 year or since launch −33.5% +42.3%

Difference from stated, over that window −6.6 pts +15.4 pts

Underlying volatility 10% 10%

Difference over the days both have traded no shared window +6.9 pts

Expense ratio 0.90% 0.95%

Launched Jan 4, 2010 Mar 29, 2012

Net assets $2.0bn $26m

TMF and TTT on the same fields, as of Sep 30, 2026. Source: ETFIQ.

TMF in plain words

Three months to Sep 30, 2026: TMF returned −25.3% where its own daily promise gave −23.6%, 1.8 points short. Read the multiple against the whole window instead and 3 times TLT's −8.3% implies −25.0%, which makes TMF look 0.3 points short. 1.4 of that is daily compounding, which happens to any 3 times fund over the same path, and the rest is the fund. TMF aims to return +3 times TLT's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. TLT moved at 10% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

TTT in plain words

Three months to Sep 30, 2026: TTT returned +31.9% where its own daily promise gave +27.9%, 4.0 points over. Read the multiple against the whole window instead and −3 times TLT's −8.3% implies +25.0%, which makes TTT look 6.9 points over. 2.9 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. TTT aims to return -3 times TLT's move each day, then resets. Over longer, the daily results compound, so the total is not -3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.

Questions people ask

Which came closer to its stated multiple, TMF or TTT?: Over the window to Sep 30, 2026, TMF finished 0.3 points from what its multiple implies and TTT finished 6.9 points from its own, so TMF came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are TMF and TTT levered on the same thing?: Yes. Both are levered on 20-year Treasuries, TMF at +3 times and TTT at -3 times the daily move.
Which one decays faster, TMF or TTT?: Decay follows how much the underlying moves about. Over this window TMF’s moved at 10% annualized and TTT’s at 10%, so TMF has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold TMF or TTT for a year?: 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’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, TMF or TTT?: TMF charges 0.90% a year and TTT charges 0.95%, so TMF is cheaper. Fees come from each fund's prospectus.

Other comparisons

TMF vs TMV TMF vs UBT TMF vs TBF TMF vs TBT TTT vs UBT TTT vs TBF TTT vs TBT TTT vs TMV

TLT →TMF on its own →TTT on its own →How every figure is computed →Standards and sources →

Where these figures came from

TMF filings on SEC EDGAR ↗TMF prospectus with the expense ratio (SEC) ↗Direxion website ↗TTT filings on SEC EDGAR ↗TTT prospectus with the expense ratio (SEC) ↗ProShares page for TTT ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, TMF against TTT, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tmf-vs-ttt

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.