TMF max drawdown: 92.3%
Direxion 20+ Year Treasury Bull 3x. From its 2020-07-31 peak, TMF fell 92.3% to the 2026-07-31 trough and has not yet made a new high. Computed from 679 months of history starting 1970-01-31, including extended pre-ETF data where available.
3x daily long Treasuries, down more than 90 percent in the 2020-2023 rate cycle.
TMF drawdown statistics
2020-07-31 peak to 2026-07-31 trough.
Still below the prior peak.
Share of all months spent below a prior high.
Rolling year ending 2022-10-31.
For context, SPY (the S&P 500 baseline) had a maximum drawdown of 50.8% over the same kind of monthly-close analysis.
The biggest TMF drawdowns on record
| Depth | Peak | Trough | Recovered | Peak to trough | Total underwater |
|---|---|---|---|---|---|
| -92.3% | 2020-07-31 | 2026-07-31 | not yet | 72 mo | 6.0 years |
| -90.1% | 1972-12-31 | 1981-09-30 | 1986-03-31 | 105 mo | 13.3 years |
| -66.3% | 1986-08-31 | 1990-04-30 | 1993-08-31 | 44 mo | 7.0 years |
| -61.9% | 2008-12-31 | 2010-03-31 | 2012-05-31 | 15 mo | 3.4 years |
| -49.7% | 2012-07-31 | 2013-12-31 | 2015-01-31 | 17 mo | 2.5 years |
Methodology: monthly closing prices, peak-to-trough on total return where available. History extends before the ETF's launch via documented proxy chains (index funds, indices, and academic series), the same data that powers BestFolio's strategy backtests. Educational information, not investment advice.
Drawdowns are the reason tactical strategies exist
Buy-and-hold TMF means living through every number on this page. BestFolio tracks published TAA strategies whose whole job is cutting these drawdowns, with out-of-sample track records.