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 -27.93%/yr vs -18.47%/yr for TMF. Their 0.01 correlation means their historical movements had little consistent relationship. 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 -31.44% return, which is significantly lower than TMF's -16.67% return. Over the past 10 years, DRV has underperformed TMF with an annualized return of -27.93%, while TMF has yielded a comparatively higher -18.47% annualized return.
DRV
- 1D
- 1.83%
- 1M
- -2.68%
- 6M
- -25.85%
- YTD
- -31.44%
- 1Y
- -28.22%
- 3Y*
- -23.26%
- 5Y*
- -15.14%
- 10Y*
- -27.93%
- ALL TIME*
- -43.10%
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.36M | $3.03M | $2.54M | |
| $161.82M | $130.43M | $127.82M |
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 | -31.44% | -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 | -16.67% | -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 -0.25, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.25 |
Correlation (3Y) Balances recent behavior with more history. | -0.38 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.27 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.93 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | -0.53 | -0.21 |
| Martin ratioReturn relative to average drawdown | -1.49 | -1.07 | -0.43 |
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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 -93.10%. 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% | -93.10% | -6.89% |
Max Drawdown (1Y)Largest decline over 1 year | -37.53% | -28.69% | -8.84% |
Max Drawdown (3Y)Largest decline over 3 years | -73.89% | -50.64% | -23.25% |
Max Drawdown (5Y)Largest decline over 5 years | -76.13% | -89.14% | +13.01% |
Max Drawdown (10Y)Largest decline over 10 years | -97.60% | -93.10% | -4.50% |
Current DrawdownCurrent decline from peak | -99.99% | -93.10% | -6.89% |
Average DrawdownAverage peak-to-trough decline | -97.77% | -44.07% | -53.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.46% | 14.10% | +4.36% |
Volatility
DRV vs. TMF - Volatility Comparison
Direxion Daily Real Estate Bear 3x Shares (DRV) has a higher volatility of 13.26% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.21%. 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 | 13.26% | 7.21% | +6.05% |
Volatility (6M)Calculated over the trailing 6-month period | 33.11% | 19.98% | +13.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.46% | 27.35% | +15.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.15% | 46.36% | +10.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.84% | 43.70% | +19.14% |
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 3.94%, less than TMF's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DRV Direxion Daily Real Estate Bear 3x Shares | 3.94% | 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 | 4.74% | 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 -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRV has higher volatility (13.26%) compared to TMF (7.21%). In terms of maximum drawdown, DRV dropped -99.99% vs TMF's -93.10%.
On 10-year performance, TMF leads with -18.47% vs -27.93% for DRV. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.21%. 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 -18.47% return vs -27.93%. 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 4.74%, compared with 3.94% 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 (-0.55 vs -0.66), 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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