DRV vs. TMF
DRV (Direxion Daily Real Estate Bear 3x Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - DRV is a REIT fund tracking the MSCI US REIT Index (-300%), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, DRV returned -29.40%/yr vs -16.87%/yr for TMF. At a 0.01 correlation, their price movements are largely independent. DRV charges 1.08%/yr vs 1.01%/yr for TMF.
Performance
DRV vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, DRV achieves a -29.93% return, which is significantly lower than TMF's -4.67% return. Over the past 10 years, DRV has underperformed TMF with an annualized return of -29.40%, while TMF has yielded a comparatively higher -16.87% annualized return.
DRV
- 1D
- -4.91%
- 1M
- -4.37%
- YTD
- -29.93%
- 6M
- -30.51%
- 1Y
- -22.15%
- 3Y*
- -27.14%
- 5Y*
- -17.01%
- 10Y*
- -29.40%
TMF
- 1D
- -0.62%
- 1M
- 4.96%
- YTD
- -4.67%
- 6M
- -5.95%
- 1Y
- -2.80%
- 3Y*
- -21.07%
- 5Y*
- -31.33%
- 10Y*
- -16.87%
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 | -29.93% | -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 ETF | -4.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between DRV and TMF is -0.29, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2009 | 0.01 |
The correlation between DRV and TMF shifts across timeframes, from -0.38 (3 years) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DRV vs. TMF — Risk / Return Rank
DRV
TMF
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 ETF (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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DRV | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.01 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | -0.11 | -0.57 |
| Martin ratioReturn relative to average drawdown | -1.47 | -0.23 | -1.24 |
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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 -92.89%. Use the drawdown chart below to compare losses from any high point for DRV and TMF.
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Drawdown Indicators
| DRV | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -92.89% | -7.10% |
Max Drawdown (1Y)Largest decline over 1 year | -32.86% | -26.51% | -6.35% |
Max Drawdown (3Y)Largest decline over 3 years | -71.93% | -56.09% | -15.84% |
Max Drawdown (5Y)Largest decline over 5 years | -74.35% | -88.81% | +14.46% |
Max Drawdown (10Y)Largest decline over 10 years | -97.42% | -92.89% | -4.53% |
Current DrawdownCurrent decline from peak | -99.99% | -92.11% | -7.88% |
Average DrawdownAverage peak-to-trough decline | -97.75% | -43.76% | -53.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.12% | 12.26% | +2.86% |
Volatility
DRV vs. TMF - Volatility Comparison
Direxion Daily Real Estate Bear 3x Shares (DRV) has a higher volatility of 16.42% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 6.50%. 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.
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Volatility by Period
| DRV | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.42% | 6.50% | +9.92% |
Volatility (6M)Calculated over the trailing 6-month period | 31.89% | 19.35% | +12.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.62% | 27.91% | +14.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.12% | 46.59% | +10.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.82% | 43.86% | +18.96% |
DRV vs. TMF - Expense Ratio Comparison
DRV has a 1.08% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
DRV vs. TMF - Dividend Comparison
DRV's dividend yield for the trailing twelve months is around 4.00%, less than TMF's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DRV Direxion Daily Real Estate Bear 3x Shares | 4.00% | 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 ETF | 4.09% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
DRV and TMF have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRV has higher volatility (16.42%) compared to TMF (6.50%). In terms of maximum drawdown, DRV dropped -99.99% vs TMF's -92.89%.
On 10-year performance, TMF leads with -16.87% vs -29.40% for DRV. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 6.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMF has performed better with a -16.87% return vs -29.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.08% for DRV.
TMF has the higher dividend yield at 4.09%, compared with 4.00% for DRV.
DRV is categorized as REIT, while TMF is Leveraged Bonds. DRV tracks MSCI US REIT Index (-300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.08% for DRV and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (-0.10 vs -0.52), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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