LABD vs. TMV
LABD (Direxion Daily S&P Biotech Bear 3x Shares) and TMV (Direxion Daily 20-Year Treasury Bear 3X) are both exchange-traded funds - LABD is a Leveraged Equities fund tracking the S&P Biotechnology Select Industry Index (-300%), while TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%). Both are passively managed. Over the past 10 years, LABD returned -58.05%/yr vs 0.98%/yr for TMV. At a correlation of -0.04, they often move in opposite directions. LABD charges 1.06%/yr vs 1.04%/yr for TMV.
Performance
LABD vs. TMV - Performance Comparison
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Returns By Period
In the year-to-date period, LABD achieves a -58.72% return, which is significantly lower than TMV's 9.04% return. Over the past 10 years, LABD has underperformed TMV with an annualized return of -58.05%, while TMV has yielded a comparatively higher 0.98% annualized return.
LABD
- 1D
- 8.60%
- 1M
- -31.85%
- 6M
- -55.64%
- YTD
- -58.72%
- 1Y
- -85.70%
- 3Y*
- -58.22%
- 5Y*
- -47.09%
- 10Y*
- -58.05%
TMV
- 1D
- 0.03%
- 1M
- 6.98%
- 6M
- 12.87%
- YTD
- 9.04%
- 1Y
- 0.12%
- 3Y*
- 13.53%
- 5Y*
- 24.86%
- 10Y*
- 0.98%
LABD vs. TMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | -58.72% | -70.07% | -21.43% | -41.77% | -32.68% | 1.86% | -89.75% | -70.80% | -6.26% | -75.67% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 9.04% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
Correlation
The correlation between LABD and TMV is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since May 28, 2015 | -0.04 |
The correlation between LABD and TMV shifts across timeframes, from -0.04 (all time) to 0.23 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
LABD vs. TMV — Risk / Return Rank
LABD
TMV
LABD vs. TMV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Biotech Bear 3x Shares (LABD) and Direxion Daily 20-Year Treasury Bear 3X (TMV). 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.
| LABD | TMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -2.79 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 1.02 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 0.01 | -0.96 |
| Martin ratioReturn relative to average drawdown | -1.33 | 0.01 | -1.34 |
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Drawdowns
LABD vs. TMV - Drawdown Comparison
The maximum LABD drawdown since its inception was -100.00%, roughly equal to the maximum TMV drawdown of -98.96%. Use the drawdown chart below to compare losses from any high point for LABD and TMV.
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Drawdown Indicators
| LABD | TMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -98.96% | -1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -89.59% | -21.35% | -68.24% |
Max Drawdown (3Y)Largest decline over 3 years | -97.43% | -48.49% | -48.94% |
Max Drawdown (5Y)Largest decline over 5 years | -99.04% | -48.49% | -50.55% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -82.31% | -17.68% |
Current DrawdownCurrent decline from peak | -99.99% | -95.77% | -4.22% |
Average DrawdownAverage peak-to-trough decline | -91.04% | -86.64% | -4.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 64.54% | 11.10% | +53.44% |
Volatility
LABD vs. TMV - Volatility Comparison
Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a higher volatility of 25.77% compared to Direxion Daily 20-Year Treasury Bear 3X (TMV) at 7.70%. This indicates that LABD's price experiences larger fluctuations and is considered to be riskier than TMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LABD | TMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.77% | 7.70% | +18.07% |
Volatility (6M)Calculated over the trailing 6-month period | 65.70% | 20.05% | +45.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 79.35% | 27.83% | +51.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.77% | 46.95% | +49.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.75% | 44.23% | +51.52% |
LABD vs. TMV - Expense Ratio Comparison
LABD has a 1.06% expense ratio, which is higher than TMV's 1.04% expense ratio.
Dividends
LABD vs. TMV - Dividend Comparison
LABD's dividend yield for the trailing twelve months is around 7.61%, more than TMV's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | 7.61% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.42% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
Frequently Asked Questions
LABD and TMV have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (25.77%) compared to TMV (7.70%). In terms of maximum drawdown, LABD dropped -100.00% vs TMV's -98.96%.
On 10-year performance, TMV leads with 0.98% vs -58.05% for LABD. On fees, TMV is cheaper at 1.04% per year. On volatility, TMV has been the lower-risk option at 7.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMV has performed better with a 0.98% return vs -58.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMV is cheaper with a 1.04% expense ratio, compared with 1.06% for LABD.
LABD has the higher dividend yield at 7.61%, compared with 2.42% for TMV.
LABD is categorized as Leveraged Equities, while TMV is Leveraged Bonds. LABD tracks S&P Biotechnology Select Industry Index (-300%), while TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%). Their fees differ too: 1.06% for LABD and 1.04% for TMV.
TMV currently has the higher Sharpe Ratio (0.00 vs -1.08), 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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