IIGD vs. TYO
IIGD (Invesco Investment Grade Defensive ETF) and TYO (Direxion Daily 7-10 Year Treasury Bear 3X) are both exchange-traded funds - IIGD is a Corporate Bonds fund tracking the Invesco Investment Grade Defensive Index, while TYO is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, IIGD returned 1.63%/yr vs 12.51%/yr for TYO. At a correlation of -0.76, they often move in opposite directions. IIGD charges 0.13%/yr vs 1.08%/yr for TYO.
Performance
IIGD vs. TYO - Performance Comparison
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Returns By Period
In the year-to-date period, IIGD achieves a 0.25% return, which is significantly lower than TYO's 8.03% return.
IIGD
- 1D
- -0.10%
- 1M
- 0.05%
- YTD
- 0.25%
- 6M
- 0.49%
- 1Y
- 4.13%
- 3Y*
- 5.07%
- 5Y*
- 1.63%
- 10Y*
- —
TYO
- 1D
- 1.07%
- 1M
- 1.54%
- YTD
- 8.03%
- 6M
- 11.18%
- 1Y
- 3.00%
- 3Y*
- 7.71%
- 5Y*
- 12.51%
- 10Y*
- 1.79%
IIGD vs. TYO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IIGD Invesco Investment Grade Defensive ETF | 0.25% | 7.11% | 3.90% | 5.71% | -7.27% | -1.42% | 6.30% | 7.40% | 0.86% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 8.03% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -7.84% |
Correlation
The correlation between IIGD and TYO is -0.87, 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 | -0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.87 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2018 | -0.76 |
The correlation between IIGD and TYO shifts across timeframes, from -0.88 (3 years) to -0.76 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IIGD vs. TYO — Risk / Return Rank
IIGD
TYO
IIGD vs. TYO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Investment Grade Defensive ETF (IIGD) and Direxion Daily 7-10 Year Treasury Bear 3X (TYO). 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.
| IIGD | TYO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +2.36 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.05 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 0.29 | +2.20 |
| Martin ratioReturn relative to average drawdown | 8.72 | 0.51 | +8.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IIGD | TYO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.81 | 0.21 | +1.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.54 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.77 | -0.34 | +1.11 |
Drawdowns
IIGD vs. TYO - Drawdown Comparison
The maximum IIGD drawdown since its inception was -11.43%, smaller than the maximum TYO drawdown of -89.25%. Use the drawdown chart below to compare losses from any high point for IIGD and TYO.
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Drawdown Indicators
| IIGD | TYO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.43% | -89.25% | +77.82% |
Max Drawdown (1Y)Largest decline over 1 year | -1.67% | -10.48% | +8.81% |
Max Drawdown (3Y)Largest decline over 3 years | -2.14% | -24.40% | +22.26% |
Max Drawdown (5Y)Largest decline over 5 years | -11.43% | -24.40% | +12.97% |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.21% | — |
Current DrawdownCurrent decline from peak | -0.80% | -77.19% | +76.39% |
Average DrawdownAverage peak-to-trough decline | -2.42% | -71.09% | +68.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 5.85% | -5.38% |
Volatility
IIGD vs. TYO - Volatility Comparison
The current volatility for Invesco Investment Grade Defensive ETF (IIGD) is 0.75%, while Direxion Daily 7-10 Year Treasury Bear 3X (TYO) has a volatility of 4.94%. This indicates that IIGD experiences smaller price fluctuations and is considered to be less risky than TYO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IIGD | TYO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 4.94% | -4.19% |
Volatility (6M)Calculated over the trailing 6-month period | 1.65% | 10.14% | -8.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.29% | 14.56% | -12.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.66% | 23.23% | -19.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.70% | 20.19% | -16.49% |
IIGD vs. TYO - Expense Ratio Comparison
IIGD has a 0.13% expense ratio, which is lower than TYO's 1.08% expense ratio.
Dividends
IIGD vs. TYO - Dividend Comparison
IIGD's dividend yield for the trailing twelve months is around 4.28%, more than TYO's 2.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IIGD Invesco Investment Grade Defensive ETF | 4.28% | 4.25% | 4.13% | 3.74% | 1.73% | 1.77% | 3.21% | 2.44% | 1.23% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.82% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% |
Frequently Asked Questions
IIGD and TYO have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TYO has higher volatility (4.94%) compared to IIGD (0.75%). In terms of maximum drawdown, IIGD dropped -11.43% vs TYO's -89.25%.
On 5-year performance, TYO leads with 12.51% vs 1.63% for IIGD. On fees, IIGD is cheaper at 0.13% per year. On volatility, IIGD has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TYO has performed better with a 12.51% return vs 1.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IIGD is cheaper with a 0.13% expense ratio, compared with 1.08% for TYO.
IIGD has the higher dividend yield at 4.28%, compared with 2.82% for TYO.
IIGD is categorized as Corporate Bonds, while TYO is Leveraged Bonds. IIGD tracks Invesco Investment Grade Defensive Index, while TYO tracks NYSE 7-10 Year Treasury Bond Index. They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.13% for IIGD and 1.08% for TYO.
IIGD currently has the higher Sharpe Ratio (1.81 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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