PFFL vs. TMV
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and TMV (Direxion Daily 20-Year Treasury Bear 3X) are both Leveraged Bonds funds - PFFL tracks the Solactive Preferred Stock ETF Index while TMV tracks the NYSE 20 Year Plus Treasury Bond Index (-300%). Both are passively managed. Over the past 5 years, PFFL returned -6.94%/yr vs 28.21%/yr for TMV. Their -0.24 correlation means they have often moved in opposite directions in the past. PFFL charges 0.85%/yr vs 1.04%/yr for TMV.
Performance
PFFL vs. TMV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PFFL achieves a -2.41% return, which is significantly lower than TMV's 16.38% return.
PFFL
- 1D
- 1.44%
- 1M
- 0.14%
- 6M
- -5.93%
- YTD
- -2.41%
- 1Y
- -0.58%
- 3Y*
- 3.20%
- 5Y*
- -6.94%
- 10Y*
- —
- ALL TIME*
- -3.94%
TMV
- 1D
- -0.98%
- 1M
- 12.24%
- 6M
- 14.16%
- YTD
- 16.38%
- 1Y
- 18.32%
- 3Y*
- 10.87%
- 5Y*
- 28.21%
- 10Y*
- 1.70%
- ALL TIME*
- -14.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.02K | $14.94K | $17.61K | |
| $31.46M | $23.47M | $25.72M |
PFFL vs. TMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -2.41% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 16.38% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | -13.84% |
Correlation
The correlation between PFFL and TMV is -0.30, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.30 |
Correlation (3Y) Balances recent behavior with more history. | -0.38 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.36 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | -0.24 |
The correlation between PFFL and TMV shifts across timeframes, from -0.38 (3 years) to -0.24 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PFFL vs. TMV — Risk / Return Rank
PFFL
TMV
PFFL vs. TMV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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.
| PFFL | TMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.13 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 0.95 | -1.00 |
| Martin ratioReturn relative to average drawdown | -0.10 | 1.97 | -2.07 |
Loading charts...
Drawdowns
PFFL vs. TMV - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, smaller than the maximum TMV drawdown of -98.96%. Use the drawdown chart below to compare losses from any high point for PFFL and TMV.
Loading charts...
Drawdown Indicators
| PFFL | TMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -98.96% | +18.28% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -19.32% | +7.40% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -48.49% | +24.74% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -48.49% | -0.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -82.31% | — |
Current DrawdownCurrent decline from peak | -39.88% | -95.48% | +55.60% |
Average DrawdownAverage peak-to-trough decline | -28.76% | -86.67% | +57.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.08% | 9.30% | -3.22% |
Volatility
PFFL vs. TMV - Volatility Comparison
The current volatility for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) is 4.68%, while Direxion Daily 20-Year Treasury Bear 3X (TMV) has a volatility of 7.23%. This indicates that PFFL experiences smaller price fluctuations and is considered to be less risky than TMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PFFL | TMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.68% | 7.23% | -2.55% |
Volatility (6M)Calculated over the trailing 6-month period | 11.38% | 20.10% | -8.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.72% | 27.33% | -11.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.74% | 46.82% | -23.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.80% | 44.23% | +10.57% |
PFFL vs. TMV - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is lower than TMV's 1.04% expense ratio.
Dividends
PFFL vs. TMV - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 12.61%, more than TMV's 2.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.61% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.27% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
Frequently Asked Questions
PFFL and TMV have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (7.23%) compared to PFFL (4.68%). In terms of maximum drawdown, PFFL dropped -80.68% vs TMV's -98.96%.
On 5-year performance, TMV leads with 28.21% vs -6.94% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFL has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TMV has performed better with a 28.21% return vs -6.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 1.04% for TMV.
PFFL has the higher dividend yield at 12.61%, compared with 2.27% for TMV.
PFFL tracks Solactive Preferred Stock ETF Index, while TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%). They also come from different issuers: UBS and Direxion. Their fees differ too: 0.85% for PFFL and 1.04% for TMV.
TMV currently has the higher Sharpe Ratio (0.67 vs -0.04), 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.
Find the right allocation for PFFL and TMV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer