TMV vs. BBCB
TMV (Direxion Daily 20-Year Treasury Bear 3X) and BBCB (JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while BBCB is a Corporate Bonds fund tracking the Bloomberg US Corporate Investment Grade. Both are passively managed. Over the past 5 years, TMV returned 19.12%/yr vs 0.84%/yr for BBCB. At a correlation of -0.80, they often move in opposite directions. TMV charges 1.04%/yr vs 0.09%/yr for BBCB.
Performance
TMV vs. BBCB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TMV achieves a 4.73% return, which is significantly higher than BBCB's 2.82% return.
TMV
- 1D
- 1.13%
- 1M
- -1.68%
- YTD
- 4.73%
- 6M
- 11.42%
- 1Y
- -4.33%
- 3Y*
- 12.83%
- 5Y*
- 19.12%
- 10Y*
- -0.80%
BBCB
- 1D
- -0.11%
- 1M
- 0.66%
- YTD
- 2.82%
- 6M
- 2.66%
- 1Y
- 8.37%
- 3Y*
- 5.98%
- 5Y*
- 0.84%
- 10Y*
- —
TMV vs. BBCB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 4.73% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | -8.17% |
BBCB JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF | 2.82% | 7.69% | 1.97% | 8.42% | -15.72% | -2.23% | 10.39% | 14.86% | 0.43% |
Correlation
The correlation between TMV and BBCB is -0.88, 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 | -0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.88 |
Correlation (All Time) Calculated using the full available price history since Dec 17, 2018 | -0.80 |
The correlation between TMV and BBCB shifts across timeframes, from -0.90 (3 years) to -0.80 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TMV vs. BBCB — Risk / Return Rank
TMV
BBCB
TMV vs. BBCB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (BBCB). 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 | BBCB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.86 | ||
| Sortino ratioReturn per unit of downside risk | -2.80 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.34 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 2.85 | -3.05 |
| Martin ratioReturn relative to average drawdown | -0.40 | 10.09 | -10.48 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| TMV | BBCB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.15 | 1.71 | -1.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.12 | +0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.02 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | 0.46 | -0.78 |
Drawdowns
TMV vs. BBCB - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than BBCB's maximum drawdown of -22.48%. Use the drawdown chart below to compare losses from any high point for TMV and BBCB.
Loading charts...
Drawdown Indicators
| TMV | BBCB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -22.48% | -76.48% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -2.95% | -18.67% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -6.46% | -42.03% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -22.32% | -26.17% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | — | — |
Current DrawdownCurrent decline from peak | -95.94% | -0.34% | -95.60% |
Average DrawdownAverage peak-to-trough decline | -86.60% | -6.66% | -79.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.13% | 0.83% | +10.30% |
Volatility
TMV vs. BBCB - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 8.15% compared to JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (BBCB) at 1.41%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than BBCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TMV | BBCB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 1.41% | +6.74% |
Volatility (6M)Calculated over the trailing 6-month period | 19.18% | 3.98% | +15.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.12% | 4.93% | +24.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.21% | 7.25% | +39.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.44% | 7.50% | +36.94% |
TMV vs. BBCB - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than BBCB's 0.09% expense ratio.
Dividends
TMV vs. BBCB - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.62%, less than BBCB's 7.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BBCB JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF | 7.15% | 5.02% | 5.22% | 4.22% | 3.39% | 3.47% | 4.59% | 5.25% | 0.20% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.62% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
Frequently Asked Questions
TMV and BBCB have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (8.15%) compared to BBCB (1.41%). In terms of maximum drawdown, TMV dropped -98.96% vs BBCB's -22.48%.
On 5-year performance, TMV leads with 19.12% vs 0.84% for BBCB. On fees, BBCB is cheaper at 0.09% per year. On volatility, BBCB has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TMV has performed better with a 19.12% return vs 0.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BBCB is cheaper with a 0.09% expense ratio, compared with 1.04% for TMV.
BBCB has the higher dividend yield at 7.15%, compared with 2.62% for TMV.
TMV is categorized as Leveraged Bonds, while BBCB is Corporate Bonds. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while BBCB tracks Bloomberg US Corporate Investment Grade. They also come from different issuers: Direxion and JPMorgan. Their fees differ too: 1.04% for TMV and 0.09% for BBCB.
BBCB currently has the higher Sharpe Ratio (1.71 vs -0.15), 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.
Find the right allocation for TMV and BBCB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer