TMF vs. MVV
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and MVV (ProShares Ultra Midcap 400) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while MVV is a Leveraged Equities fund tracking the S&P MidCap 400 Index (200%). Both are passively managed. Over the past 10 years, TMF returned -16.47%/yr vs 14.51%/yr for MVV. At a correlation of -0.24, they often move in opposite directions. TMF charges 1.01%/yr vs 0.95%/yr for MVV.
Performance
TMF vs. MVV - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a 0.08% return, which is significantly lower than MVV's 27.76% return. Over the past 10 years, TMF has underperformed MVV with an annualized return of -16.47%, while MVV has yielded a comparatively higher 14.51% annualized return.
TMF
- 1D
- 3.90%
- 1M
- 10.18%
- YTD
- 0.08%
- 6M
- -2.86%
- 1Y
- -0.04%
- 3Y*
- -19.78%
- 5Y*
- -30.25%
- 10Y*
- -16.47%
MVV
- 1D
- 0.81%
- 1M
- 5.93%
- YTD
- 27.76%
- 6M
- 22.57%
- 1Y
- 42.96%
- 3Y*
- 22.58%
- 5Y*
- 6.95%
- 10Y*
- 14.51%
TMF vs. MVV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 0.08% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
MVV ProShares Ultra Midcap 400 | 27.76% | 3.48% | 17.75% | 22.51% | -31.96% | 48.57% | 6.20% | 49.50% | -25.44% | 30.81% |
Correlation
The correlation between TMF and MVV is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.24 |
The correlation between TMF and MVV shifts across timeframes, from -0.24 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. MVV — Risk / Return Rank
TMF
MVV
TMF vs. MVV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) and ProShares Ultra Midcap 400 (MVV). 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.
| TMF | MVV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.36 | ||
| Sortino ratioReturn per unit of downside risk | -1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.24 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | 2.44 | -2.44 |
| Martin ratioReturn relative to average drawdown | -0.00 | 8.36 | -8.37 |
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Drawdowns
TMF vs. MVV - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than MVV's maximum drawdown of -85.54%. Use the drawdown chart below to compare losses from any high point for TMF and MVV.
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Drawdown Indicators
| TMF | MVV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -85.54% | -7.35% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -17.68% | -8.83% |
Max Drawdown (3Y)Largest decline over 3 years | -56.09% | -44.80% | -11.29% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -45.53% | -43.28% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -69.19% | -23.70% |
Current DrawdownCurrent decline from peak | -91.71% | -1.29% | -90.42% |
Average DrawdownAverage peak-to-trough decline | -43.78% | -20.49% | -23.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.28% | 5.15% | +7.13% |
Volatility
TMF vs. MVV - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 7.26%, while ProShares Ultra Midcap 400 (MVV) has a volatility of 9.40%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than MVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | MVV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.26% | 9.40% | -2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 19.68% | 23.48% | -3.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.15% | 31.84% | -3.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.63% | 39.66% | +6.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.87% | 42.33% | +1.54% |
TMF vs. MVV - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than MVV's 0.95% expense ratio.
Dividends
TMF vs. MVV - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 3.95%, more than MVV's 0.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MVV ProShares Ultra Midcap 400 | 0.67% | 0.77% | 0.39% | 0.77% | 0.93% | 0.16% | 0.29% | 0.62% | 0.62% | 0.21% | 0.43% | 0.17% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 3.95% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% | 0.00% |
Frequently Asked Questions
TMF and MVV have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MVV has higher volatility (9.40%) compared to TMF (7.26%). In terms of maximum drawdown, TMF dropped -92.89% vs MVV's -85.54%.
On 10-year performance, MVV leads with 14.51% vs -16.47% for TMF. On fees, MVV is cheaper at 0.95% per year. On volatility, TMF has been the lower-risk option at 7.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MVV has performed better with a 14.51% return vs -16.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MVV is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 3.95%, compared with 0.67% for MVV.
TMF is categorized as Leveraged Bonds, while MVV is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while MVV tracks S&P MidCap 400 Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.01% for TMF and 0.95% for MVV.
MVV currently has the higher Sharpe Ratio (1.36 vs -0.00), 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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