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TBF vs. TMV
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between TBF and TMV is 0.27, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.


-0.50.00.51.0
Correlation: 0.3

Performance

TBF vs. TMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short 20+ Year Treasury (TBF) and Direxion Daily 20-Year Treasury Bear 3X (TMV). The values are adjusted to include any dividend payments, if applicable.

-100.00%-90.00%-80.00%-70.00%-60.00%-50.00%-40.00%NovemberDecember2025FebruaryMarchApril
-44.36%
-95.26%
TBF
TMV

Key characteristics

Sharpe Ratio

TBF:

0.05

TMV:

-0.19

Sortino Ratio

TBF:

0.18

TMV:

0.01

Omega Ratio

TBF:

1.02

TMV:

1.00

Calmar Ratio

TBF:

0.01

TMV:

-0.09

Martin Ratio

TBF:

0.13

TMV:

-0.46

Ulcer Index

TBF:

5.73%

TMV:

18.21%

Daily Std Dev

TBF:

14.14%

TMV:

42.83%

Max Drawdown

TBF:

-70.40%

TMV:

-99.06%

Current Drawdown

TBF:

-46.44%

TMV:

-96.65%

Returns By Period

In the year-to-date period, TBF achieves a -1.90% return, which is significantly higher than TMV's -8.23% return. Over the past 10 years, TBF has outperformed TMV with an annualized return of 0.86%, while TMV has yielded a comparatively lower -6.07% annualized return.


TBF

YTD

-1.90%

1M

0.63%

6M

3.26%

1Y

0.51%

5Y*

11.93%

10Y*

0.86%

TMV

YTD

-8.23%

1M

0.84%

6M

4.31%

1Y

-8.83%

5Y*

26.50%

10Y*

-6.07%

*Annualized

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TBF vs. TMV - Expense Ratio Comparison

TBF has a 0.94% expense ratio, which is lower than TMV's 1.04% expense ratio.


Expense ratio chart for TMV: current value is 1.04%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
TMV: 1.04%
Expense ratio chart for TBF: current value is 0.94%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
TBF: 0.94%

Risk-Adjusted Performance

TBF vs. TMV — Risk-Adjusted Performance Rank

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

TBF
The Risk-Adjusted Performance Rank of TBF is 2424
Overall Rank
The Sharpe Ratio Rank of TBF is 2525
Sharpe Ratio Rank
The Sortino Ratio Rank of TBF is 2424
Sortino Ratio Rank
The Omega Ratio Rank of TBF is 2222
Omega Ratio Rank
The Calmar Ratio Rank of TBF is 2323
Calmar Ratio Rank
The Martin Ratio Rank of TBF is 2424
Martin Ratio Rank

TMV
The Risk-Adjusted Performance Rank of TMV is 1515
Overall Rank
The Sharpe Ratio Rank of TMV is 1212
Sharpe Ratio Rank
The Sortino Ratio Rank of TMV is 1616
Sortino Ratio Rank
The Omega Ratio Rank of TMV is 1616
Omega Ratio Rank
The Calmar Ratio Rank of TMV is 1616
Calmar Ratio Rank
The Martin Ratio Rank of TMV is 1313
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

TBF vs. TMV - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) 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.


The chart of Sharpe ratio for TBF, currently valued at 0.05, compared to the broader market-1.000.001.002.003.004.00
TBF: 0.05
TMV: -0.19
The chart of Sortino ratio for TBF, currently valued at 0.18, compared to the broader market-2.000.002.004.006.008.00
TBF: 0.18
TMV: 0.01
The chart of Omega ratio for TBF, currently valued at 1.02, compared to the broader market0.501.001.502.002.50
TBF: 1.02
TMV: 1.00
The chart of Calmar ratio for TBF, currently valued at 0.01, compared to the broader market0.002.004.006.008.0010.0012.00
TBF: 0.01
TMV: -0.09
The chart of Martin ratio for TBF, currently valued at 0.13, compared to the broader market0.0020.0040.0060.00
TBF: 0.13
TMV: -0.46

The current TBF Sharpe Ratio is 0.05, which is higher than the TMV Sharpe Ratio of -0.19. The chart below compares the historical Sharpe Ratios of TBF and TMV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio-0.500.000.501.00NovemberDecember2025FebruaryMarchApril
0.05
-0.19
TBF
TMV

Dividends

TBF vs. TMV - Dividend Comparison

TBF's dividend yield for the trailing twelve months is around 4.33%, more than TMV's 3.59% yield.


TTM2024202320222021202020192018
TBF
ProShares Short 20+ Year Treasury
4.33%4.06%4.99%0.36%0.00%0.22%1.68%0.88%
TMV
Direxion Daily 20-Year Treasury Bear 3X
3.59%3.42%3.87%0.00%0.00%0.52%2.24%0.88%

Drawdowns

TBF vs. TMV - Drawdown Comparison

The maximum TBF drawdown since its inception was -70.40%, smaller than the maximum TMV drawdown of -99.06%. Use the drawdown chart below to compare losses from any high point for TBF and TMV. For additional features, visit the drawdowns tool.


-100.00%-90.00%-80.00%-70.00%-60.00%-50.00%-40.00%NovemberDecember2025FebruaryMarchApril
-46.44%
-95.58%
TBF
TMV

Volatility

TBF vs. TMV - Volatility Comparison

The current volatility for ProShares Short 20+ Year Treasury (TBF) is 5.50%, while Direxion Daily 20-Year Treasury Bear 3X (TMV) has a volatility of 17.44%. This indicates that TBF 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.


5.00%10.00%15.00%NovemberDecember2025FebruaryMarchApril
5.50%
17.44%
TBF
TMV