Asset Allocation
| Position | Category/Sector | Target Weight |
|---|---|---|
TMF Direxion Daily 20-Year Treasury Bull 3X | Leveraged Bonds, Leveraged | 50% |
TMV Direxion Daily 20-Year Treasury Bear 3X | Leveraged Bonds, Leveraged | 50% |
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in TMF + TMV, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Every 3 months.
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The earliest data available for this chart is Apr 16, 2009, corresponding to the inception date of TMF
Returns By Period
As of Apr 7, 2026, the TMF + TMV returned -0.57% Year-To-Date and -0.21% of annualized return in the last 10 years.
| 1D | 1M | YTD | 6M | 1Y | 3Y* | 5Y* | 10Y* | |
|---|---|---|---|---|---|---|---|---|
Benchmark S&P 500 Index | 0.44% | -1.90% | -3.41% | -1.91% | 30.31% | 17.22% | 10.14% | 12.44% |
Portfolio TMF + TMV | 0.02% | -0.32% | -0.57% | -0.50% | -2.56% | 2.17% | -0.63% | -0.21% |
| Portfolio components: | ||||||||
TMF Direxion Daily 20-Year Treasury Bull 3X | -0.38% | -6.02% | -1.89% | -6.48% | -19.87% | -24.85% | -29.02% | -15.95% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 0.43% | 5.57% | 0.63% | 5.49% | 17.55% | 17.94% | 16.19% | -1.69% |
Monthly Returns
Based on dividend-adjusted daily data since Apr 17, 2009, TMF + TMV's average daily return is 0.00%, while the average monthly return is -0.08%.
Historically, 33% of months were positive and 67% were negative. The best month was Sep 2011 with a return of +13.6%, while the worst month was Feb 2015 at -4.6%. The longest winning streak lasted 4 consecutive months, and the longest losing streak was 8 months.
On a daily basis, TMF + TMV closed higher 49% of trading days. The best single day was Sep 22, 2011 with a return of +7.2%, while the worst single day was Mar 10, 2020 at -9.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.07% | 0.32% | -0.82% | 0.00% | -0.57% | ||||||||
| 2025 | -0.29% | 0.59% | -1.01% | -1.15% | 0.45% | -0.71% | -0.31% | -0.04% | -0.02% | -0.05% | 0.02% | 0.17% | -2.34% |
| 2024 | 0.03% | 0.50% | -0.38% | 1.74% | -1.50% | -1.33% | -0.46% | -0.31% | 0.61% | 1.55% | -1.85% | 4.23% | 2.72% |
| 2023 | 0.20% | -2.26% | -0.80% | -0.51% | -0.88% | -0.03% | -0.37% | 0.18% | 6.79% | -0.45% | -2.55% | 5.49% | 4.47% |
| 2022 | -0.52% | -0.37% | 1.87% | 2.79% | 0.02% | 0.51% | -0.56% | -2.00% | 1.05% | 1.19% | -4.03% | -1.48% | -1.71% |
| 2021 | -0.06% | 1.97% | 4.10% | -0.68% | -0.41% | 0.72% | -0.27% | -0.71% | -1.56% | -0.48% | -0.49% | -1.84% | 0.14% |
Benchmark Metrics
TMF + TMV has an annualized alpha of 1.19%, beta of -0.14, and R² of 0.06 versus S&P 500 Index. Calculated based on daily prices since April 17, 2009.
- This portfolio tended to rise when S&P 500 Index fell (downside capture of -16.70%), but participation in market rallies was also limited (-9.34%) — a profile typical of counter-cyclical assets.
- Beta of -0.14 may look defensive, but with R² of 0.06 this portfolio is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this portfolio's risk.
- R² of 0.06 means this portfolio moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 1.19%
- Beta
- -0.14
- R²
- 0.06
- Upside Capture
- -9.34%
- Downside Capture
- -16.70%
Expense Ratio
TMF + TMV has a high expense ratio of 1.07%, indicating above-average management fees. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.
Return for Risk
Risk / Return Rank
TMF + TMV ranks 1 for risk / return — in the bottom 1% of portfolios on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
| Portfolio | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.90 | 1.84 | -2.75 |
Sortino ratioReturn per unit of downside risk | -1.13 | 2.97 | -4.10 |
Omega ratioGain probability vs. loss probability | 0.83 | 1.40 | -0.57 |
Calmar ratioReturn relative to maximum drawdown | -0.79 | 1.82 | -2.61 |
Martin ratioReturn relative to average drawdown | -1.06 | 7.76 | -8.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.
| Risk / Return Rank | Sharpe ratio | Sortino ratio | Omega ratio | Calmar ratio | Martin ratio | |
|---|---|---|---|---|---|---|
TMF Direxion Daily 20-Year Treasury Bull 3X | 3 | -0.60 | -0.65 | 0.92 | -0.59 | -0.94 |
TMV Direxion Daily 20-Year Treasury Bear 3X | 22 | 0.52 | 1.00 | 1.11 | 0.49 | 0.87 |
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Dividends
Dividend yield
TMF + TMV provided a 3.35% dividend yield over the last twelve months.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 3.35% | 3.45% | 3.85% | 3.34% | 0.81% | 0.06% | 1.30% | 1.27% | 1.06% | 0.20% |
| Portfolio components: | ||||||||||
TMF Direxion Daily 20-Year Treasury Bull 3X | 3.97% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.72% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% | 0.00% |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the TMF + TMV. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the TMF + TMV was 35.42%, occurring on Mar 18, 2020. The portfolio has not yet recovered.
The current TMF + TMV drawdown is 29.43%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -35.42% | Sep 23, 2011 | 2134 | Mar 18, 2020 | — | — | — |
| -16.33% | Jun 11, 2009 | 535 | Jul 25, 2011 | 41 | Sep 21, 2011 | 576 |
| -5.81% | May 28, 2009 | 2 | May 29, 2009 | 8 | Jun 10, 2009 | 10 |
| -3.04% | May 8, 2009 | 5 | May 14, 2009 | 6 | May 22, 2009 | 11 |
| -0.65% | Apr 17, 2009 | 6 | Apr 24, 2009 | 2 | Apr 28, 2009 | 8 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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Diversification
Diversification Metrics
Number of Effective Assets
The portfolio contains 2 assets, with an effective number of assets of 2.00, reflecting the diversification based on asset allocation. This number of effective assets suggests a highly concentrated portfolio, where a few assets dominate the allocation, potentially increasing the portfolio's risk due to lack of diversification.
Asset Correlations Table
| Benchmark | TMF | TMV | Portfolio | |
|---|---|---|---|---|
| Benchmark | 1.00 | -0.25 | 0.25 | -0.15 |
| TMF | -0.25 | 1.00 | -1.00 | -0.02 |
| TMV | 0.25 | -1.00 | 1.00 | 0.05 |
| Portfolio | -0.15 | -0.02 | 0.05 | 1.00 |