DRV vs. TMF

Last updated Jun 3, 2026

DRV (Direxion Daily Real Estate Bear 3x Shares) and TMF (Direxion Daily 20-Year Treasury Bull 3X) 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 NYSE 20 Year Plus Treasury Bond Index (300%). Both are passively managed. Over the past 10 years, DRV returned -28.87%/yr vs -16.47%/yr for TMF. At a 0.01 correlation, their price movements are largely independent. DRV charges 1.08%/yr vs 1.09%/yr for TMF.

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.

Returns By Period

In the year-to-date period, DRV achieves a -21.02% return, which is significantly lower than TMF's -5.05% return. Over the past 10 years, DRV has underperformed TMF with an annualized return of -28.87%, while TMF has yielded a comparatively higher -16.47% annualized return.

DRV

• 1D: -1.47%
• 1M: 6.20%
• YTD: -21.02%
• 6M: -18.87%
• 1Y: -16.17%
• 3Y*: -22.75%
• 5Y*: -15.22%
• 10Y*: -28.87%

TMF

• 1D: 0.63%
• 1M: 0.26%
• YTD: -5.05%
• 6M: -10.01%
• 1Y: 1.66%
• 3Y*: -20.47%
• 5Y*: -29.85%
• 10Y*: -16.47%

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

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	-21.02%	-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	-5.05%	-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 -0.31, 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	-0.31
Correlation (3Y) Calculated over the trailing 3-year period	-0.38
Correlation (5Y) Calculated over the trailing 5-year period	-0.26
Correlation (10Y) Calculated over the trailing 10-year period	-0.16
Correlation (All Time) Calculated using the full available price history since Jul 17, 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.

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: 4
DRV Sharpe Ratio Rank: 5
DRV Sortino Ratio Rank: 5
DRV Omega Ratio Rank: 5
DRV Calmar Ratio Rank: 4
DRV Martin Ratio Rank: 3

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 10
TMF Omega Ratio Rank: 10
TMF Calmar Ratio Rank: 8
TMF Martin Ratio Rank: 8

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	-0.40	0.06	-0.46
Sortino ratio Return per unit of downside risk	-0.35	0.29	-0.64
Omega ratio Gain probability vs. loss probability	0.96	1.03	-0.07
Calmar ratio Return relative to maximum drawdown	-0.53	-0.04	-0.50
Martin ratio Return relative to average drawdown	-1.19	-0.08	-1.10
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 -0.40, which is lower than the TMF Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of DRV and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DRV	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.40	0.06	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	-0.64	+0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.46	-0.38	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	-0.68	-0.13	-0.54

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.

Drawdown Indicators

	DRV	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-92.89%	-7.10%
Max Drawdown (1Y) Largest decline over 1 year	-30.02%	-26.51%	-3.51%
Max Drawdown (3Y) Largest decline over 3 years	-70.74%	-56.31%	-14.43%
Max Drawdown (5Y) Largest decline over 5 years	-73.26%	-88.81%	+15.55%
Max Drawdown (10Y) Largest decline over 10 years	-97.31%	-92.89%	-4.42%
Current Drawdown Current decline from peak	-99.99%	-92.14%	-7.85%
Average Drawdown Average peak-to-trough decline	-97.77%	-43.62%	-54.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.45%	11.42%	+2.03%

Volatility

DRV vs. TMF - Volatility Comparison

Direxion Daily Real Estate Bear 3x Shares (DRV) has a higher volatility of 11.56% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 8.30%. 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	11.56%	8.30%	+3.26%
Volatility (6M) Calculated over the trailing 6-month period	29.11%	19.33%	+9.78%
Volatility (1Y) Calculated over the trailing 1-year period	40.37%	28.86%	+11.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.91%	46.75%	+10.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.67%	43.92%	+18.75%

DRV vs. TMF - Expense Ratio Comparison

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

Dividends

DRV vs. TMF - Dividend Comparison

DRV's dividend yield for the trailing twelve months is around 3.55%, less than TMF's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DRV Direxion Daily Real Estate Bear 3x Shares	3.55%	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	4.11%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

Can I hold both DRV and TMF in my portfolio?

DRV and TMF have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DRV or TMF?

DRV has higher volatility (11.56%) compared to TMF (8.30%). In terms of maximum drawdown, DRV dropped -99.99% vs TMF's -92.89%.

Which ETF is better, DRV or TMF?

On 10-year performance, TMF leads with -16.47% vs -28.87% for DRV. On fees, DRV is cheaper at 1.08% per year. On volatility, TMF has been the lower-risk option at 8.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DRV or TMF?

Over the 10-year period, TMF has performed better with a -16.47% return vs -28.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DRV or TMF?

DRV is cheaper with a 1.08% expense ratio, compared with 1.09% for TMF.

Which ETF pays a higher dividend yield, DRV or TMF?

TMF has the higher dividend yield at 4.11%, compared with 3.55% for DRV.

What is the main difference between DRV and TMF?

DRV is categorized as REIT, while TMF is Leveraged Bonds. DRV tracks MSCI US REIT Index (-300%), while TMF tracks NYSE 20 Year Plus Treasury Bond Index (300%). Their fees differ too: 1.08% for DRV and 1.09% for TMF.

Which has better risk-adjusted returns?

TMF currently has the higher Sharpe Ratio (0.06 vs -0.40), 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.