TMF vs. TMV
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and TMV (Direxion Daily 20-Year Treasury Bear 3X) are both Leveraged Bonds funds from Direxion - TMF tracks the ICE U.S. Treasury 20+ Year Bond Index (300%) while TMV tracks the NYSE 20 Year Plus Treasury Bond Index (-300%). Both are passively managed. Over the past 10 years, TMF returned -16.80%/yr vs -0.51%/yr for TMV. At a correlation of -1.00, they often move in opposite directions. TMF charges 1.01%/yr vs 1.04%/yr for TMV.
Performance
TMF vs. TMV - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -3.67% return, which is significantly lower than TMV's 1.93% return. Over the past 10 years, TMF has underperformed TMV with an annualized return of -16.80%, while TMV has yielded a comparatively higher -0.51% annualized return.
TMF
- 1D
- 1.59%
- 1M
- 9.33%
- YTD
- -3.67%
- 6M
- -5.31%
- 1Y
- 2.45%
- 3Y*
- -20.43%
- 5Y*
- -31.09%
- 10Y*
- -16.80%
TMV
- 1D
- -1.68%
- 1M
- -8.87%
- YTD
- 1.93%
- 6M
- 3.99%
- 1Y
- -5.36%
- 3Y*
- 12.40%
- 5Y*
- 20.19%
- 10Y*
- -0.51%
TMF vs. TMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -3.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 1.93% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
Correlation
The correlation between TMF and TMV is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -1.00 |
The correlation between TMF and TMV has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
TMF vs. TMV — Risk / Return Rank
TMF
TMV
TMF vs. TMV - 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 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.
| TMF | TMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.99 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.09 | -0.25 | +0.34 |
| Martin ratioReturn relative to average drawdown | 0.20 | -0.49 | +0.69 |
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Drawdowns
TMF vs. TMV - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, smaller than the maximum TMV drawdown of -98.96%. Use the drawdown chart below to compare losses from any high point for TMF and TMV.
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Drawdown Indicators
| TMF | TMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -98.96% | +6.07% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -21.62% | -4.89% |
Max Drawdown (3Y)Largest decline over 3 years | -56.31% | -48.49% | -7.82% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -48.49% | -40.32% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -82.31% | -10.58% |
Current DrawdownCurrent decline from peak | -92.03% | -96.04% | +4.01% |
Average DrawdownAverage peak-to-trough decline | -43.72% | -86.60% | +42.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.06% | 11.07% | +0.99% |
Volatility
TMF vs. TMV - Volatility Comparison
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) and Direxion Daily 20-Year Treasury Bear 3X (TMV) have volatilities of 7.00% and 7.14%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | TMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.00% | 7.14% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 19.29% | 19.47% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.13% | 28.46% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.73% | 47.18% | -0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.93% | 44.46% | -0.53% |
TMF vs. TMV - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is lower than TMV's 1.04% expense ratio.
Dividends
TMF vs. TMV - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.05%, more than TMV's 2.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.05% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.69% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% | 0.00% |
Frequently Asked Questions
TMF and TMV have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (7.14%) compared to TMF (7.00%). In terms of maximum drawdown, TMF dropped -92.89% vs TMV's -98.96%.
On 10-year performance, TMV leads with -0.51% vs -16.80% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMV has performed better with a -0.51% return vs -16.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.04% for TMV.
TMF has the higher dividend yield at 4.05%, compared with 2.69% for TMV.
TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%). Their fees differ too: 1.01% for TMF and 1.04% for TMV.
TMF currently has the higher Sharpe Ratio (0.09 vs -0.19), 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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