TMV vs. ^TNX

Last updated Apr 2, 2026

Compare and contrast key facts about Direxion Daily 20-Year Treasury Bear 3X (TMV) and Treasury Yield 10 Years (^TNX).

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.

Performance

TMV vs. ^TNX - Performance Comparison

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

TMV vs. ^TNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMV Direxion Daily 20-Year Treasury Bear 3X	1.80%	-3.75%	39.76%	-9.69%	150.18%	0.83%	-54.13%	-34.22%	3.99%	-26.48%
^TNX Treasury Yield 10 Years	3.75%	-8.97%	18.29%	-0.34%	156.55%	64.89%	-52.21%	-28.56%	11.68%	-1.68%

Returns By Period

In the year-to-date period, TMV achieves a 1.80% return, which is significantly lower than ^TNX's 3.75% return. Over the past 10 years, TMV has underperformed ^TNX with an annualized return of -1.91%, while ^TNX has yielded a comparatively higher 9.20% annualized return.

TMV

• 1D: 0.24%
• 1M: 11.13%
• YTD: 1.80%
• 6M: 9.01%
• 1Y: 13.68%
• 3Y*: 15.84%
• 5Y*: 16.73%
• 10Y*: -1.91%

^TNX

• 1D: 0.19%
• 1M: 6.69%
• YTD: 3.75%
• 6M: 5.19%
• 1Y: 3.92%
• 3Y*: 7.32%
• 5Y*: 20.80%
• 10Y*: 9.20%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

TMV vs. ^TNX — Risk / Return Rank

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

TMV

TMV Risk / Return Rank: 22
TMV Sharpe Ratio Rank: 23
TMV Sortino Ratio Rank: 27
TMV Omega Ratio Rank: 23
TMV Calmar Ratio Rank: 21
TMV Martin Ratio Rank: 17

^TNX

^TNX Risk / Return Rank: 22
^TNX Sharpe Ratio Rank: 26
^TNX Sortino Ratio Rank: 23
^TNX Omega Ratio Rank: 22
^TNX Calmar Ratio Rank: 19
^TNX Martin Ratio Rank: 18

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TMV vs. ^TNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and Treasury Yield 10 Years (^TNX). 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.

	TMV	^TNX	Difference
Sharpe ratio Return per unit of total volatility	0.40	0.22	+0.18
Sortino ratio Return per unit of downside risk	0.84	0.45	+0.39
Omega ratio Gain probability vs. loss probability	1.09	1.05	+0.04
Calmar ratio Return relative to maximum drawdown	0.43	0.12	+0.31
Martin ratio Return relative to average drawdown	0.76	0.21	+0.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMV vs. ^TNX - Sharpe Ratio Comparison

The current TMV Sharpe Ratio is 0.40, which is higher than the ^TNX Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of TMV and ^TNX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TMV	^TNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	0.22	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.63	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.04	0.19	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	-0.02	-0.31

Correlation

The correlation between TMV and ^TNX is 0.89, 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.

Drawdowns

TMV vs. ^TNX - Drawdown Comparison

The maximum TMV drawdown since its inception was -98.96%, which is greater than ^TNX's maximum drawdown of -93.78%. Use the drawdown chart below to compare losses from any high point for TMV and ^TNX.

Drawdown Indicators

	TMV	^TNX	Difference
Max Drawdown Largest peak-to-trough decline	-98.96%	-93.78%	-5.18%
Max Drawdown (1Y) Largest decline over 1 year	-25.01%	-13.99%	-11.02%
Max Drawdown (5Y) Largest decline over 5 years	-48.49%	-31.74%	-16.75%
Max Drawdown (10Y) Largest decline over 10 years	-82.31%	-84.57%	+2.26%
Current Drawdown Current decline from peak	-96.05%	-46.17%	-49.88%
Average Drawdown Average peak-to-trough decline	-86.50%	-51.38%	-35.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.05%	8.39%	+5.66%

Volatility

TMV vs. ^TNX - Volatility Comparison

Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 10.96% compared to Treasury Yield 10 Years (^TNX) at 5.89%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMV	^TNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.96%	5.89%	+5.07%
Volatility (6M) Calculated over the trailing 6-month period	19.57%	10.58%	+8.99%
Volatility (1Y) Calculated over the trailing 1-year period	34.04%	17.89%	+16.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.26%	32.96%	+14.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.52%	48.18%	-3.66%