TBT vs. TMV
Compare and contrast key facts about ProShares UltraShort 20+ Year Treasury (TBT) and Direxion Daily 20-Year Treasury Bear 3X (TMV).
TBT and TMV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBT is a passively managed fund by ProShares that tracks the performance of the U.S. Treasury 20+ Year Index (-200%). It was launched on May 1, 2008. 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 TBT 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: TBT or TMV.
Correlation
The correlation between TBT 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
TBT vs. TMV - Performance Comparison
Key characteristics
TBT:
0.94
TMV:
0.91
TBT:
1.50
TMV:
1.50
TBT:
1.17
TMV:
1.17
TBT:
0.30
TMV:
0.39
TBT:
2.36
TMV:
2.28
TBT:
11.28%
TMV:
16.76%
TBT:
28.27%
TMV:
42.16%
TBT:
-94.99%
TMV:
-99.06%
TBT:
-86.18%
TMV:
-96.48%
Returns By Period
In the year-to-date period, TBT achieves a 24.82% return, which is significantly lower than TMV's 34.83% return. Over the past 10 years, TBT has outperformed TMV with an annualized return of -1.53%, while TMV has yielded a comparatively lower -6.42% annualized return.
TBT
24.82%
3.34%
11.72%
23.92%
8.79%
-1.53%
TMV
34.83%
4.85%
16.26%
33.44%
7.55%
-6.42%
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TBT vs. TMV - Expense Ratio Comparison
TBT has a 0.92% expense ratio, which is lower than TMV's 1.04% expense ratio.
Risk-Adjusted Performance
TBT vs. TMV - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) 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
TBT vs. TMV - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 3.46%, more than TMV's 3.14% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 3.46% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 3.14% | 3.87% | 0.00% | 0.00% | 0.52% | 2.24% | 0.88% |
Drawdowns
TBT vs. TMV - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, roughly equal to the maximum TMV drawdown of -99.06%. Use the drawdown chart below to compare losses from any high point for TBT and TMV. For additional features, visit the drawdowns tool.
Volatility
TBT vs. TMV - Volatility Comparison
The current volatility for ProShares UltraShort 20+ Year Treasury (TBT) is 8.78%, while Direxion Daily 20-Year Treasury Bear 3X (TMV) has a volatility of 13.07%. This indicates that TBT 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.