DRV vs. TMF

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily Real Estate Bear 3x Shares (DRV) and Direxion Daily 20-Year Treasury Bull 3X (TMF).

DRV and TMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DRV is a passively managed fund by Direxion that tracks the performance of the MSCI US REIT Index (-300%). It was launched on Jul 16, 2009. TMF is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (300%). It was launched on Apr 16, 2009. Both DRV and TMF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DRV vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Real Estate Bear 3x Shares (DRV) and Direxion Daily 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

DRV vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DRV Direxion Daily Real Estate Bear 3x Shares	-4.84%	-7.27%	-10.50%	-33.74%	68.51%	-68.77%	-60.48%	-51.70%	5.07%	-17.10%
TMF Direxion Daily 20-Year Treasury Bull 3X	-2.78%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	22.72%

Returns By Period

In the year-to-date period, DRV achieves a -4.84% return, which is significantly lower than TMF's -2.78% return. Over the past 10 years, DRV has underperformed TMF with an annualized return of -27.91%, while TMF has yielded a comparatively higher -15.78% annualized return.

DRV

• 1D: -4.51%
• 1M: 21.51%
• YTD: -4.84%
• 6M: 6.92%
• 1Y: -2.33%
• 3Y*: -16.64%
• 5Y*: -17.08%
• 10Y*: -27.91%

TMF

• 1D: -0.19%
• 1M: -13.14%
• YTD: -2.78%
• 6M: -8.60%
• 1Y: -14.86%
• 3Y*: -23.40%
• 5Y*: -29.30%
• 10Y*: -15.78%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DRV vs. TMF - Expense Ratio Comparison

DRV has a 1.08% expense ratio, which is lower than TMF's 1.09% expense ratio.

TMF

Direxion Daily 20-Year Treasury Bull 3X

DRV

Direxion Daily Real Estate Bear 3x Shares

Return for Risk

DRV vs. TMF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DRV

DRV Risk / Return Rank: 12
DRV Sharpe Ratio Rank: 11
DRV Sortino Ratio Rank: 15
DRV Omega Ratio Rank: 15
DRV Calmar Ratio Rank: 10
DRV Martin Ratio Rank: 11

TMF

TMF Risk / Return Rank: 5
TMF Sharpe Ratio Rank: 5
TMF Sortino Ratio Rank: 5
TMF Omega Ratio Rank: 5
TMF Calmar Ratio Rank: 5
TMF Martin Ratio Rank: 7

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DRV vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Real Estate Bear 3x Shares (DRV) and Direxion Daily 20-Year Treasury Bull 3X (TMF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	DRV	TMF	Difference
Sharpe ratio Return per unit of total volatility	-0.05	-0.44	+0.39
Sortino ratio Return per unit of downside risk	0.29	-0.41	+0.70
Omega ratio Gain probability vs. loss probability	1.04	0.95	+0.09
Calmar ratio Return relative to maximum drawdown	-0.12	-0.46	+0.34
Martin ratio Return relative to average drawdown	-0.17	-0.74	+0.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DRV vs. TMF - Sharpe Ratio Comparison

The current DRV Sharpe Ratio is -0.05, which is higher than the TMF Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of DRV and TMF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DRV	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.05	-0.44	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.30	-0.63	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.45	-0.36	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	-0.13	-0.54

Correlation

The correlation between DRV and TMF is 0.02, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

DRV vs. TMF - Dividend Comparison

DRV's dividend yield for the trailing twelve months is around 2.95%, less than TMF's 4.01% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DRV Direxion Daily Real Estate Bear 3x Shares	2.95%	2.88%	4.57%	5.35%	0.38%	0.00%	0.58%	1.71%	0.42%	0.00%
TMF Direxion Daily 20-Year Treasury Bull 3X	4.01%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Drawdowns

DRV vs. TMF - Drawdown Comparison

The maximum DRV drawdown since its inception was -99.99%, which is greater than TMF's maximum drawdown of -92.61%. Use the drawdown chart below to compare losses from any high point for DRV and TMF.

Drawdown Indicators

	DRV	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-92.61%	-7.38%
Max Drawdown (1Y) Largest decline over 1 year	-43.54%	-27.13%	-16.41%
Max Drawdown (5Y) Largest decline over 5 years	-71.31%	-88.37%	+17.06%
Max Drawdown (10Y) Largest decline over 10 years	-97.19%	-92.61%	-4.58%
Current Drawdown Current decline from peak	-99.99%	-91.95%	-8.04%
Average Drawdown Average peak-to-trough decline	-97.75%	-43.13%	-54.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.46%	16.93%	+14.53%

Volatility

DRV vs. TMF - Volatility Comparison

Direxion Daily Real Estate Bear 3x Shares (DRV) has a higher volatility of 13.49% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 10.85%. This indicates that DRV's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRV	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.49%	10.85%	+2.64%
Volatility (6M) Calculated over the trailing 6-month period	28.29%	19.51%	+8.78%
Volatility (1Y) Calculated over the trailing 1-year period	49.18%	33.89%	+15.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.93%	46.85%	+10.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.66%	44.00%	+18.66%