PST vs. TMV
PST (ProShares UltraShort 7-10 Year Treasury) and TMV (Direxion Daily 20-Year Treasury Bear 3X) are both exchange-traded funds - PST is a Inverse Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, 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, PST returned 3.13%/yr vs 1.86%/yr for TMV. Their correlation of 0.91 means they have usually moved in the same direction. PST charges 0.95%/yr vs 1.04%/yr for TMV.
Performance
PST vs. TMV - Performance Comparison
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Returns By Period
In the year-to-date period, PST achieves a 7.74% return, which is significantly lower than TMV's 17.52% return. Over the past 10 years, PST has outperformed TMV with an annualized return of 3.13%, while TMV has yielded a comparatively lower 1.86% annualized return.
PST
- 1D
- 0.55%
- 1M
- 3.24%
- 6M
- 6.90%
- YTD
- 7.74%
- 1Y
- 7.92%
- 3Y*
- 4.59%
- 5Y*
- 11.11%
- 10Y*
- 3.13%
- ALL TIME*
- -4.97%
TMV
- 1D
- 1.99%
- 1M
- 13.35%
- 6M
- 16.52%
- YTD
- 17.52%
- 1Y
- 19.49%
- 3Y*
- 13.00%
- 5Y*
- 27.59%
- 10Y*
- 1.86%
- ALL TIME*
- -14.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $115.25K | $150.97K | $186.50K | |
| $29.38M | $22.37M | $25.43M |
PST vs. TMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 7.74% | -4.42% | 12.27% | 3.17% | 38.55% | 4.01% | -18.67% | -11.03% | 1.72% | -4.52% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 17.52% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
Correlation
The correlation between PST and TMV is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.91 |
The correlation between PST and TMV has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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Return for Risk
PST vs. TMV — Risk / Return Rank
PST
TMV
PST vs. TMV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 7-10 Year Treasury (PST) 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.
| PST | TMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.11 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 0.75 | +0.42 |
| Martin ratioReturn relative to average drawdown | 2.40 | 1.56 | +0.84 |
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Drawdowns
PST vs. TMV - Drawdown Comparison
The maximum PST drawdown since its inception was -79.25%, smaller than the maximum TMV drawdown of -98.96%. Use the drawdown chart below to compare losses from any high point for PST and TMV.
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Drawdown Indicators
| PST | TMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.25% | -98.96% | +19.71% |
Max Drawdown (1Y)Largest decline over 1 year | -4.73% | -19.32% | +14.59% |
Max Drawdown (3Y)Largest decline over 3 years | -16.19% | -48.49% | +32.30% |
Max Drawdown (5Y)Largest decline over 5 years | -16.19% | -48.49% | +32.30% |
Max Drawdown (10Y)Largest decline over 10 years | -36.07% | -82.31% | +46.24% |
Current DrawdownCurrent decline from peak | -63.04% | -95.44% | +32.40% |
Average DrawdownAverage peak-to-trough decline | -61.49% | -86.66% | +25.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.73% | 9.32% | -6.59% |
Volatility
PST vs. TMV - Volatility Comparison
The current volatility for ProShares UltraShort 7-10 Year Treasury (PST) is 2.53%, while Direxion Daily 20-Year Treasury Bear 3X (TMV) has a volatility of 7.07%. This indicates that PST 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.
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Volatility by Period
| PST | TMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.53% | 7.07% | -4.54% |
Volatility (6M)Calculated over the trailing 6-month period | 7.32% | 20.12% | -12.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.39% | 27.60% | -18.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.56% | 46.81% | -31.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.29% | 44.23% | -30.94% |
PST vs. TMV - Expense Ratio Comparison
PST has a 0.95% expense ratio, which is lower than TMV's 1.04% expense ratio.
Dividends
PST vs. TMV - Dividend Comparison
PST's dividend yield for the trailing twelve months is around 2.78%, more than TMV's 2.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 2.78% | 3.47% | 3.61% | 3.69% | 0.02% | 0.00% | 0.11% | 1.85% | 0.66% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.25% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
Frequently Asked Questions
PST and TMV have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (7.07%) compared to PST (2.53%). In terms of maximum drawdown, PST dropped -79.25% vs TMV's -98.96%.
On 10-year performance, PST leads with 3.13% vs 1.86% for TMV. On fees, PST is cheaper at 0.95% per year. On volatility, PST has been the lower-risk option at 2.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PST has performed better with a 3.13% return vs 1.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PST is cheaper with a 0.95% expense ratio, compared with 1.04% for TMV.
PST has the higher dividend yield at 2.78%, compared with 2.25% for TMV.
PST is categorized as Inverse Bonds, while TMV is Leveraged Bonds. PST tracks ICE U.S. Treasury 7-10 Year Bond Index, while TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for PST and 1.04% for TMV.
PST currently has the higher Sharpe Ratio (0.59 vs 0.53), 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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