GOVZ vs. TYD
GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) and TYD (Direxion Daily 7-10 Year Treasury Bull 3X) are both exchange-traded funds - GOVZ is a Government Bonds fund tracking the ICE BofA Long US Treasury Principal STRIPS Index, while TYD is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, GOVZ returned -11.87%/yr vs -13.23%/yr for TYD. Their correlation of 0.87 suggests significant overlap in exposure. GOVZ charges 0.15%/yr vs 1.09%/yr for TYD.
Performance
GOVZ vs. TYD - Performance Comparison
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Returns By Period
In the year-to-date period, GOVZ achieves a 1.25% return, which is significantly higher than TYD's -7.02% return.
GOVZ
- 1D
- 0.22%
- 1M
- 4.38%
- YTD
- 1.25%
- 6M
- 0.27%
- 1Y
- 3.13%
- 3Y*
- -7.55%
- 5Y*
- -11.87%
- 10Y*
- —
TYD
- 1D
- -0.47%
- 1M
- 0.30%
- YTD
- -7.02%
- 6M
- -7.06%
- 1Y
- -2.87%
- 3Y*
- -4.91%
- 5Y*
- -13.23%
- 10Y*
- -5.34%
GOVZ vs. TYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | 1.25% | -1.81% | -16.24% | 0.90% | -41.03% | -4.86% | -5.61% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -7.02% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | -4.42% |
Correlation
The correlation between GOVZ and TYD is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | 0.87 |
The correlation between GOVZ and TYD has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.
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Return for Risk
GOVZ vs. TYD — Risk / Return Rank
GOVZ
TYD
GOVZ vs. TYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) and Direxion Daily 7-10 Year Treasury Bull 3X (TYD). 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.
| GOVZ | TYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.98 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | -0.21 | +0.44 |
| Martin ratioReturn relative to average drawdown | 0.48 | -0.52 | +1.00 |
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Drawdowns
GOVZ vs. TYD - Drawdown Comparison
The maximum GOVZ drawdown since its inception was -59.65%, smaller than the maximum TYD drawdown of -64.28%. Use the drawdown chart below to compare losses from any high point for GOVZ and TYD.
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Drawdown Indicators
| GOVZ | TYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.65% | -64.28% | +4.63% |
Max Drawdown (1Y)Largest decline over 1 year | -14.16% | -13.54% | -0.62% |
Max Drawdown (3Y)Largest decline over 3 years | -28.72% | -24.62% | -4.10% |
Max Drawdown (5Y)Largest decline over 5 years | -57.63% | -59.84% | +2.21% |
Max Drawdown (10Y)Largest decline over 10 years | — | -64.28% | — |
Current DrawdownCurrent decline from peak | -55.51% | -59.59% | +4.08% |
Average DrawdownAverage peak-to-trough decline | -40.03% | -22.05% | -17.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.50% | 5.54% | +0.96% |
Volatility
GOVZ vs. TYD - Volatility Comparison
The current volatility for iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) is 3.58%, while Direxion Daily 7-10 Year Treasury Bull 3X (TYD) has a volatility of 4.04%. This indicates that GOVZ experiences smaller price fluctuations and is considered to be less risky than TYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOVZ | TYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.58% | 4.04% | -0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 10.69% | 9.96% | +0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.73% | 13.85% | +1.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.86% | 22.98% | +0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.28% | 20.33% | +2.95% |
GOVZ vs. TYD - Expense Ratio Comparison
GOVZ has a 0.15% expense ratio, which is lower than TYD's 1.09% expense ratio.
Dividends
GOVZ vs. TYD - Dividend Comparison
GOVZ's dividend yield for the trailing twelve months is around 5.07%, more than TYD's 3.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | 5.07% | 5.00% | 4.68% | 3.84% | 3.69% | 1.76% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.26% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
Frequently Asked Questions
GOVZ and TYD have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TYD has higher volatility (4.04%) compared to GOVZ (3.58%). In terms of maximum drawdown, GOVZ dropped -59.65% vs TYD's -64.28%.
On 5-year performance, GOVZ leads with -11.87% vs -13.23% for TYD. On fees, GOVZ is cheaper at 0.15% per year. On volatility, GOVZ has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GOVZ has performed better with a -11.87% return vs -13.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVZ is cheaper with a 0.15% expense ratio, compared with 1.09% for TYD.
GOVZ has the higher dividend yield at 5.07%, compared with 3.26% for TYD.
GOVZ is categorized as Government Bonds, while TYD is Leveraged Bonds. GOVZ tracks ICE BofA Long US Treasury Principal STRIPS Index, while TYD tracks NYSE 7-10 Year Treasury Bond Index. They also come from different issuers: iShares and Direxion. Their fees differ too: 0.15% for GOVZ and 1.09% for TYD.
GOVZ currently has the higher Sharpe Ratio (0.20 vs -0.21), 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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