TMV vs. AGGA

Last updated Jun 21, 2026

TMV (Direxion Daily 20-Year Treasury Bear 3X) and AGGA (Astoria Dynamic Core US Fixed Income ETF) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while AGGA is a Multisector Bonds fund actively managed by Astoria. TMV is passively managed, while AGGA is actively managed. Over the past year, TMV returned -3.75% vs 4.48% for AGGA. At a correlation of -0.81, they often move in opposite directions. TMV charges 1.04%/yr vs 0.55%/yr for AGGA.

Performance

TMV vs. AGGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 20-Year Treasury Bear 3X (TMV) and Astoria Dynamic Core US Fixed Income ETF (AGGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMV achieves a 0.33% return, which is significantly lower than AGGA's 1.00% return.

TMV

• 1D: -1.28%
• 1M: -8.59%
• YTD: 0.33%
• 6M: 1.80%
• 1Y: -3.75%
• 3Y*: 11.80%
• 5Y*: 21.21%
• 10Y*: -0.99%

AGGA

• 1D: 0.18%
• 1M: 0.57%
• YTD: 1.00%
• 6M: 1.12%
• 1Y: 4.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMV vs. AGGA - Yearly Performance Comparison

	2026 (YTD)	2025
TMV Direxion Daily 20-Year Treasury Bear 3X	0.33%	5.21%
AGGA Astoria Dynamic Core US Fixed Income ETF	1.00%	4.49%

Correlation

The correlation between TMV and AGGA is -0.81, 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	-0.81
Correlation (All Time) Calculated using the full available price history since May 1, 2025	-0.81

The correlation between TMV and AGGA has been stable across timeframes, ranging from -0.81 to -0.81 - a consistent structural relationship.

Return for Risk

TMV vs. AGGA — Risk / Return Rank

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

TMV

TMV Risk / Return Rank: 8
TMV Sharpe Ratio Rank: 8
TMV Sortino Ratio Rank: 8
TMV Omega Ratio Rank: 8
TMV Calmar Ratio Rank: 7
TMV Martin Ratio Rank: 8

AGGA

AGGA Risk / Return Rank: 71
AGGA Sharpe Ratio Rank: 69
AGGA Sortino Ratio Rank: 77
AGGA Omega Ratio Rank: 74
AGGA Calmar Ratio Rank: 66
AGGA Martin Ratio Rank: 70

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. AGGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and Astoria Dynamic Core US Fixed Income ETF (AGGA). 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.

	TMV	AGGA	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	2.15	-2.26
Sortino ratio: Return per unit of downside risk	0.04	3.25	-3.21
Omega ratio: Gain probability vs. loss probability	1.00	1.42	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.15	3.15	-3.30
Martin ratio: Return relative to average drawdown	-0.28	12.59	-12.88

TMV vs. AGGA - Sharpe Ratio Comparison

The current TMV Sharpe Ratio is -0.11, which is lower than the AGGA Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of TMV and AGGA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TMV vs. AGGA - Drawdown Comparison

The maximum TMV drawdown since its inception was -98.96%, which is greater than AGGA's maximum drawdown of -1.47%. Use the drawdown chart below to compare losses from any high point for TMV and AGGA.

Drawdown Indicators

	TMV	AGGA	Difference
Max Drawdown Largest peak-to-trough decline	-98.96%	-1.47%	-97.49%
Max Drawdown (1Y) Largest decline over 1 year	-21.62%	-1.47%	-20.15%
Max Drawdown (3Y) Largest decline over 3 years	-48.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-48.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-82.31%	—	—
Current Drawdown Current decline from peak	-96.11%	-0.12%	-95.99%
Average Drawdown Average peak-to-trough decline	-86.60%	-0.22%	-86.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.06%	0.37%	+10.69%

Volatility

TMV vs. AGGA - Volatility Comparison

Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 6.58% compared to Astoria Dynamic Core US Fixed Income ETF (AGGA) at 0.81%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than AGGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMV	AGGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.58%	0.81%	+5.77%
Volatility (6M) Calculated over the trailing 6-month period	19.43%	1.68%	+17.75%
Volatility (1Y) Calculated over the trailing 1-year period	28.14%	2.15%	+25.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.07%	2.24%	+44.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.44%	2.24%	+42.20%

TMV vs. AGGA - Expense Ratio Comparison

TMV has a 1.04% expense ratio, which is higher than AGGA's 0.55% expense ratio.

Dividends

TMV vs. AGGA - Dividend Comparison

TMV's dividend yield for the trailing twelve months is around 2.73%, less than AGGA's 4.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AGGA Astoria Dynamic Core US Fixed Income ETF	4.25%	2.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TMV Direxion Daily 20-Year Treasury Bear 3X	2.73%	2.85%	3.41%	3.87%	0.00%	0.00%	0.37%	1.60%	0.62%

Frequently Asked Questions

Can I hold both TMV and AGGA in my portfolio?

TMV and AGGA have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMV or AGGA?

TMV has higher volatility (6.58%) compared to AGGA (0.81%). In terms of maximum drawdown, TMV dropped -98.96% vs AGGA's -1.47%.

Which ETF is better, TMV or AGGA?

On 1-year performance, AGGA leads with 4.48% vs -3.75% for TMV. On fees, AGGA is cheaper at 0.55% per year. On volatility, AGGA has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMV or AGGA?

Over the 1-year period, AGGA has performed better with a 4.48% return vs -3.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMV or AGGA?

AGGA is cheaper with a 0.55% expense ratio, compared with 1.04% for TMV.

Which ETF pays a higher dividend yield, TMV or AGGA?

AGGA has the higher dividend yield at 4.25%, compared with 2.73% for TMV.

What is the main difference between TMV and AGGA?

TMV is categorized as Leveraged Bonds, while AGGA is Multisector Bonds. They also come from different issuers: Direxion and Astoria. Their fees differ too: 1.04% for TMV and 0.55% for AGGA.

Which has better risk-adjusted returns?

AGGA currently has the higher Sharpe Ratio (2.15 vs -0.11), 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.