TBF vs. TMV
Compare and contrast key facts about ProShares Short 20+ Year Treasury (TBF) and Direxion Daily 20-Year Treasury Bear 3X (TMV).
TBF and TMV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBF is a passively managed fund by ProShares that tracks the performance of the U.S. Treasury 20+ Year Index (-100%). It was launched on Aug 20, 2009. TMV is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (-300%). It was launched on Apr 16, 2009. Both TBF and TMV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: TBF or TMV.
Key characteristics
| TBF | TMV | |
|---|---|---|
| YTD Return | 11.40% | 26.39% |
| 1Y Return | -1.08% | -13.52% |
| 3Y Return (Ann) | 17.05% | 39.86% |
| 5Y Return (Ann) | 6.15% | 6.56% |
| 10Y Return (Ann) | -0.03% | -8.35% |
| Sharpe Ratio | -0.05 | -0.29 |
| Sortino Ratio | 0.04 | -0.12 |
| Omega Ratio | 1.00 | 0.99 |
| Calmar Ratio | -0.01 | -0.13 |
| Martin Ratio | -0.11 | -0.58 |
| Ulcer Index | 6.74% | 21.87% |
| Daily Std Dev | 14.89% | 44.34% |
| Max Drawdown | -70.40% | -99.06% |
| Current Drawdown | -47.72% | -96.70% |
Correlation
The correlation between TBF and TMV is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
TBF vs. TMV - Performance Comparison
In the year-to-date period, TBF achieves a 11.40% return, which is significantly lower than TMV's 26.39% return. Over the past 10 years, TBF has outperformed TMV with an annualized return of -0.03%, while TMV has yielded a comparatively lower -8.35% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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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.
Risk-Adjusted Performance
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.
Dividends
TBF vs. TMV - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 4.77%, more than TMV's 4.09% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 4.77% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 4.09% | 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.
Volatility
TBF vs. TMV - Volatility Comparison
The current volatility for ProShares Short 20+ Year Treasury (TBF) is 5.08%, while Direxion Daily 20-Year Treasury Bear 3X (TMV) has a volatility of 15.07%. 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.