NRGU vs. TMV

Last updated Jun 23, 2026

NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) and TMV (Direxion Daily 20-Year Treasury Bear 3X) are both exchange-traded funds - NRGU is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Oil 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 year, NRGU returned 61.72% vs -1.53% for TMV. At a 0.16 correlation, their price movements are largely independent. NRGU charges 0.95%/yr vs 1.04%/yr for TMV.

Performance

NRGU vs. TMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) and Direxion Daily 20-Year Treasury Bear 3X (TMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRGU achieves a 75.49% return, which is significantly higher than TMV's 2.64% return.

NRGU

• 1D: 5.64%
• 1M: -22.47%
• YTD: 75.49%
• 6M: 77.93%
• 1Y: 61.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMV

• 1D: 2.30%
• 1M: -5.15%
• YTD: 2.64%
• 6M: 3.66%
• 1Y: -1.53%
• 3Y*: 13.35%
• 5Y*: 20.55%
• 10Y*: -0.34%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NRGU vs. TMV - Yearly Performance Comparison

	2026 (YTD)	2025
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	75.49%	-30.00%
TMV Direxion Daily 20-Year Treasury Bear 3X	2.64%	-0.98%

Correlation

The correlation between NRGU and TMV is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.16

Return for Risk

NRGU vs. TMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NRGU

NRGU Risk / Return Rank: 27
NRGU Sharpe Ratio Rank: 23
NRGU Sortino Ratio Rank: 28
NRGU Omega Ratio Rank: 27
NRGU Calmar Ratio Rank: 30
NRGU Martin Ratio Rank: 27

TMV

TMV Risk / Return Rank: 8
TMV Sharpe Ratio Rank: 8
TMV Sortino Ratio Rank: 8
TMV Omega Ratio Rank: 8
TMV Calmar Ratio Rank: 8
TMV Martin Ratio Rank: 8

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NRGU vs. TMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) 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.

	NRGU	TMV	Difference
Sharpe ratio: Return per unit of total volatility	0.81	-0.05	+0.87
Sortino ratio: Return per unit of downside risk	1.46	0.12	+1.34
Omega ratio: Gain probability vs. loss probability	1.18	1.01	+0.16
Calmar ratio: Return relative to maximum drawdown	1.45	-0.07	+1.52
Martin ratio: Return relative to average drawdown	3.58	-0.14	+3.72

NRGU vs. TMV - Sharpe Ratio Comparison

The current NRGU Sharpe Ratio is 0.81, which is higher than the TMV Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of NRGU and TMV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NRGU vs. TMV - Drawdown Comparison

The maximum NRGU drawdown since its inception was -57.50%, smaller than the maximum TMV drawdown of -98.96%. Use the drawdown chart below to compare losses from any high point for NRGU and TMV.

Drawdown Indicators

	NRGU	TMV	Difference
Max Drawdown Largest peak-to-trough decline	-57.50%	-98.96%	+41.46%
Max Drawdown (1Y) Largest decline over 1 year	-42.71%	-21.62%	-21.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-48.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-48.49%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-82.31%	—
Current Drawdown Current decline from peak	-39.48%	-96.02%	+56.54%
Average Drawdown Average peak-to-trough decline	-25.55%	-86.61%	+61.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.39%	11.08%	+6.31%

Volatility

NRGU vs. TMV - Volatility Comparison

MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) has a higher volatility of 27.45% compared to Direxion Daily 20-Year Treasury Bear 3X (TMV) at 6.54%. This indicates that NRGU'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.

Volatility by Period

	NRGU	TMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.45%	6.54%	+20.91%
Volatility (6M) Calculated over the trailing 6-month period	62.96%	19.56%	+43.40%
Volatility (1Y) Calculated over the trailing 1-year period	76.67%	28.28%	+48.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.31%	47.05%	+42.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.31%	44.45%	+44.86%

NRGU vs. TMV - Expense Ratio Comparison

NRGU has a 0.95% expense ratio, which is lower than TMV's 1.04% expense ratio.

Dividends

NRGU vs. TMV - Dividend Comparison

NRGU has not paid dividends to shareholders, while TMV's dividend yield for the trailing twelve months is around 2.67%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TMV Direxion Daily 20-Year Treasury Bear 3X	2.67%	2.85%	3.41%	3.87%	0.00%	0.00%	0.37%	1.60%	0.62%

Frequently Asked Questions

Can I hold both NRGU and TMV in my portfolio?

NRGU and TMV 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.

Which is riskier, NRGU or TMV?

NRGU has higher volatility (27.45%) compared to TMV (6.54%). In terms of maximum drawdown, NRGU dropped -57.50% vs TMV's -98.96%.

Which ETF is better, NRGU or TMV?

On 1-year performance, NRGU leads with 61.72% vs -1.53% for TMV. On fees, NRGU is cheaper at 0.95% per year. On volatility, TMV has been the lower-risk option at 6.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRGU or TMV?

Over the 1-year period, NRGU has performed better with a 61.72% return vs -1.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRGU or TMV?

NRGU is cheaper with a 0.95% expense ratio, compared with 1.04% for TMV.

Which ETF pays a higher dividend yield, NRGU or TMV?

TMV has the higher dividend yield at 2.67%, compared with 0.00% for NRGU.

What is the main difference between NRGU and TMV?

NRGU is categorized as Leveraged Equities, while TMV is Leveraged Bonds. NRGU tracks Solactive MicroSectors U.S. Big Oil Index (-300%), while TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for NRGU and 1.04% for TMV.

Which has better risk-adjusted returns?

NRGU currently has the higher Sharpe Ratio (0.81 vs -0.05), 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.