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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Direxion Daily 20-Year Treasury Bear 3X, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
Direxion Daily 20-Year Treasury Bear 3X (TMV) has returned 1.55% so far this year and 10.47% over the past 12 months. Over the last ten years, TMV has returned -1.93% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.
Direxion Daily 20-Year Treasury Bear 3X
- 1D
- 0.35%
- 1M
- 13.94%
- YTD
- 1.55%
- 6M
- 8.04%
- 1Y
- 10.47%
- 3Y*
- 15.75%
- 5Y*
- 16.67%
- 10Y*
- -1.93%
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Apr 16, 2009, TMV's average daily return is -0.02%, while the average monthly return is -0.65%.
Historically, 49% of months were positive and 51% were negative. The best month was Apr 2022 with a return of +32.8%, while the worst month was Sep 2011 at -33.9%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 8 months.
On a daily basis, TMV closed higher 47% of trading days. The best single day was Mar 17, 2020 with a return of +20.2%, while the worst single day was Mar 20, 2020 at -20.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.86% | -11.63% | 13.94% | 1.55% | |||||||||
| 2025 | -0.40% | -15.06% | 4.59% | 3.40% | 11.72% | -7.28% | 4.28% | 1.19% | -9.53% | -3.11% | 0.32% | 9.45% | -3.75% |
| 2024 | 7.87% | 7.67% | -1.26% | 22.75% | -7.20% | -4.80% | -9.28% | -5.74% | -4.75% | 19.47% | -5.59% | 22.31% | 39.76% |
| 2023 | -20.47% | 16.40% | -14.07% | -0.70% | 9.67% | 0.23% | 8.50% | 10.14% | 28.53% | 16.54% | -25.21% | -22.31% | -9.69% |
| 2022 | 10.83% | 3.73% | 14.69% | 32.84% | 4.51% | 1.78% | -8.01% | 13.30% | 26.39% | 19.69% | -20.01% | 6.48% | 150.18% |
| 2021 | 10.83% | 17.21% | 16.12% | -7.55% | -0.49% | -13.06% | -11.72% | 0.14% | 8.16% | -8.03% | -9.65% | 5.20% | 0.83% |
Benchmark Metrics
Direxion Daily 20-Year Treasury Bear 3X has an annualized alpha of -15.27%, beta of 0.78, and R² of 0.09 versus S&P 500 Index. Calculated based on daily prices since April 17, 2009.
- This ETF participated in 79.57% of S&P 500 Index downside but only -16.91% of its upside — more exposed to losses than it benefited from rallies.
- R² of 0.09 means this ETF 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
- -15.27%
- Beta
- 0.78
- R²
- 0.09
- Upside Capture
- -16.91%
- Downside Capture
- 79.57%
Expense Ratio
TMV has a high expense ratio of 1.04%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
TMV ranks 19 for risk / return — in the bottom 19% of ETFs 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
The table below present risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and compare them to a chosen benchmark (S&P 500 Index).
| TMV | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.31 | 0.90 | -0.59 |
Sortino ratioReturn per unit of downside risk | 0.71 | 1.39 | -0.68 |
Omega ratioGain probability vs. loss probability | 1.08 | 1.21 | -0.13 |
Calmar ratioReturn relative to maximum drawdown | 0.30 | 1.40 | -1.10 |
Martin ratioReturn relative to average drawdown | 0.53 | 6.61 | -6.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore TMV risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Direxion Daily 20-Year Treasury Bear 3X provided a 2.70% dividend yield over the last twelve months, with an annual payout of $1.01 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.01 | $1.06 | $1.36 | $1.14 | $0.00 | $0.00 | $0.05 | $0.47 | $0.28 |
Dividend yield | 2.70% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
Monthly Dividends
The table displays the monthly dividend distributions for Direxion Daily 20-Year Treasury Bear 3X. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.38 | $0.38 | |||||||||
| 2025 | $0.00 | $0.00 | $0.43 | $0.00 | $0.00 | $0.28 | $0.00 | $0.00 | $0.23 | $0.00 | $0.00 | $0.12 | $1.06 |
| 2024 | $0.00 | $0.00 | $0.49 | $0.00 | $0.00 | $0.40 | $0.00 | $0.00 | $0.32 | $0.00 | $0.00 | $0.15 | $1.36 |
| 2023 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.32 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.27 | $1.14 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $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 Direxion Daily 20-Year Treasury Bear 3X. 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 Direxion Daily 20-Year Treasury Bear 3X was 98.96%, occurring on Aug 4, 2020. The portfolio has not yet recovered.
The current Direxion Daily 20-Year Treasury Bear 3X drawdown is 96.06%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -98.96% | Jun 11, 2009 | 2807 | Aug 4, 2020 | — | — | — |
| -13.94% | May 28, 2009 | 2 | May 29, 2009 | 8 | Jun 10, 2009 | 10 |
| -11.52% | May 8, 2009 | 5 | May 14, 2009 | 5 | May 21, 2009 | 10 |
| -5.34% | Apr 20, 2009 | 1 | Apr 20, 2009 | 2 | Apr 22, 2009 | 3 |
| -2.03% | Apr 27, 2009 | 1 | Apr 27, 2009 | 1 | Apr 28, 2009 | 2 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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