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 -28.03%/yr vs -17.90%/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 -29.68% return, which is significantly lower than TMF's -10.63% return. Over the past 10 years, DRV has underperformed TMF with an annualized return of -28.03%, while TMF has yielded a comparatively higher -17.90% annualized return.
DRV
- 1D
- -1.61%
- 1M
- 1.58%
- 6M
- -28.36%
- YTD
- -29.68%
- 1Y
- -24.84%
- 3Y*
- -21.19%
- 5Y*
- -15.39%
- 10Y*
- -28.03%
TMF
- 1D
- -1.85%
- 1M
- -5.74%
- 6M
- -11.74%
- YTD
- -10.63%
- 1Y
- -5.83%
- 3Y*
- -21.26%
- 5Y*
- -33.16%
- 10Y*
- -17.90%
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 | -29.68% | -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 | -10.63% | -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 -0.27, 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 | -0.27 |
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 | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.99 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | -0.22 | -0.51 |
| Martin ratioReturn relative to average drawdown | -1.50 | -0.46 | -1.04 |
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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 | -34.33% | -26.51% | -7.82% |
Max Drawdown (3Y)Largest decline over 3 years | -72.55% | -55.14% | -17.41% |
Max Drawdown (5Y)Largest decline over 5 years | -74.91% | -88.81% | +13.90% |
Max Drawdown (10Y)Largest decline over 10 years | -97.48% | -92.89% | -4.59% |
Current DrawdownCurrent decline from peak | -99.99% | -92.60% | -7.39% |
Average DrawdownAverage peak-to-trough decline | -97.76% | -43.91% | -53.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.61% | 12.82% | +3.79% |
Volatility
DRV vs. TMF - Volatility Comparison
Direxion Daily Real Estate Bear 3x Shares (DRV) has a higher volatility of 15.36% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.51%. 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 | 15.36% | 8.51% | +6.85% |
Volatility (6M)Calculated over the trailing 6-month period | 33.01% | 19.94% | +13.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.85% | 27.62% | +15.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.20% | 46.54% | +10.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.82% | 43.72% | +19.10% |
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 3.84%, less than TMF's 4.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DRV Direxion Daily Real Estate Bear 3x Shares | 3.84% | 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 | 4.42% | 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 -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRV has higher volatility (15.36%) compared to TMF (8.51%). In terms of maximum drawdown, DRV dropped -99.99% vs TMF's -92.89%.
On 10-year performance, TMF leads with -17.90% vs -28.03% for DRV. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 8.51%. 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 -17.90% return vs -28.03%. 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 4.42%, compared with 3.84% 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 (-0.21 vs -0.58), 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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