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 -56.11%/yr vs -0.80%/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 -29.83% return, which is significantly lower than TMV's 4.73% return. Over the past 10 years, LABD has underperformed TMV with an annualized return of -56.11%, while TMV has yielded a comparatively higher -0.80% annualized return.
LABD
- 1D
- -4.73%
- 1M
- 4.70%
- YTD
- -29.83%
- 6M
- -31.22%
- 1Y
- -80.27%
- 3Y*
- -49.85%
- 5Y*
- -41.45%
- 10Y*
- -56.11%
TMV
- 1D
- 1.13%
- 1M
- -1.68%
- YTD
- 4.73%
- 6M
- 11.42%
- 1Y
- -4.33%
- 3Y*
- 12.83%
- 5Y*
- 19.12%
- 10Y*
- -0.80%
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 | -29.83% | -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 | 4.73% | -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 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.04 |
The correlation between LABD and TMV shifts across timeframes, from -0.04 (all time) to 0.22 (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.
| LABD | TMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -2.21 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.00 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.20 | -0.77 |
| Martin ratioReturn relative to average drawdown | -1.31 | -0.40 | -0.91 |
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
| LABD | TMV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.06 | -0.15 | -0.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.43 | 0.41 | -0.84 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | -0.02 | -0.57 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | -0.33 | -0.22 |
Drawdowns
LABD vs. TMV - Drawdown Comparison
The maximum LABD drawdown since its inception was -99.99%, 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 | -99.99% | -98.96% | -1.03% |
Max Drawdown (1Y)Largest decline over 1 year | -83.21% | -21.62% | -61.59% |
Max Drawdown (3Y)Largest decline over 3 years | -95.31% | -48.49% | -46.82% |
Max Drawdown (5Y)Largest decline over 5 years | -98.24% | -48.49% | -49.75% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -82.31% | -17.67% |
Current DrawdownCurrent decline from peak | -99.99% | -95.94% | -4.05% |
Average DrawdownAverage peak-to-trough decline | -90.92% | -86.60% | -4.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 61.36% | 11.13% | +50.23% |
Volatility
LABD vs. TMV - Volatility Comparison
Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a higher volatility of 27.46% compared to Direxion Daily 20-Year Treasury Bear 3X (TMV) at 8.15%. 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 | 27.46% | 8.15% | +19.31% |
Volatility (6M)Calculated over the trailing 6-month period | 61.67% | 19.18% | +42.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.77% | 29.12% | +46.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.26% | 47.21% | +49.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.93% | 44.44% | +51.49% |
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 6.45%, more than TMV's 2.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | 6.45% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.62% | 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 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (27.46%) compared to TMV (8.15%). In terms of maximum drawdown, LABD dropped -99.99% vs TMV's -98.96%.
On 10-year performance, TMV leads with -0.80% vs -56.11% for LABD. On fees, TMV is cheaper at 1.04% per year. On volatility, TMV has been the lower-risk option at 8.15%. 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 -0.80% return vs -56.11%. 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 6.45%, compared with 2.62% 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 (-0.15 vs -1.06), 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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