TMV vs. BGRN
TMV (Direxion Daily 20-Year Treasury Bear 3X) and BGRN (iShares USD Green Bond ETF) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while BGRN is a Global Bonds fund tracking the Bloomberg MSCI USD Green Bond Select Index. Both are passively managed. Over the past 5 years, TMV returned 18.98%/yr vs 0.56%/yr for BGRN. At a correlation of -0.79, they often move in opposite directions. TMV charges 1.04%/yr vs 0.20%/yr for BGRN.
Performance
TMV vs. BGRN - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 4.13% return, which is significantly higher than BGRN's 0.56% return.
TMV
- 1D
- -0.57%
- 1M
- -0.80%
- YTD
- 4.13%
- 6M
- 9.07%
- 1Y
- -0.02%
- 3Y*
- 12.37%
- 5Y*
- 18.98%
- 10Y*
- -1.06%
BGRN
- 1D
- 0.13%
- 1M
- 0.28%
- YTD
- 0.56%
- 6M
- 0.69%
- 1Y
- 4.85%
- 3Y*
- 4.82%
- 5Y*
- 0.56%
- 10Y*
- —
TMV vs. BGRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 4.13% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | -16.48% |
BGRN iShares USD Green Bond ETF | 0.56% | 7.27% | 2.77% | 6.50% | -13.06% | -2.80% | 6.86% | 9.70% | 1.14% |
Correlation
The correlation between TMV and BGRN is -0.84, 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 | -0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.84 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2018 | -0.79 |
The correlation between TMV and BGRN has been stable across timeframes, ranging from -0.86 to -0.79 - a consistent structural relationship.
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Return for Risk
TMV vs. BGRN — Risk / Return Rank
TMV
BGRN
TMV vs. BGRN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and iShares USD Green Bond ETF (BGRN). 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 | BGRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.66 | ||
| Sortino ratioReturn per unit of downside risk | -2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.30 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | 2.19 | -2.19 |
| Martin ratioReturn relative to average drawdown | -0.00 | 7.33 | -7.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TMV | BGRN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.00 | 1.66 | -1.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.10 | +0.30 |
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 | 0.45 | -0.78 |
Drawdowns
TMV vs. BGRN - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than BGRN's maximum drawdown of -19.16%. Use the drawdown chart below to compare losses from any high point for TMV and BGRN.
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Drawdown Indicators
| TMV | BGRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -19.16% | -79.80% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -2.23% | -19.39% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -4.55% | -43.94% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -18.73% | -29.76% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | — | — |
Current DrawdownCurrent decline from peak | -95.96% | -0.71% | -95.25% |
Average DrawdownAverage peak-to-trough decline | -86.60% | -5.79% | -80.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.98% | 0.66% | +10.32% |
Volatility
TMV vs. BGRN - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 8.04% compared to iShares USD Green Bond ETF (BGRN) at 1.05%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than BGRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | BGRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.04% | 1.05% | +6.99% |
Volatility (6M)Calculated over the trailing 6-month period | 19.19% | 2.25% | +16.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.13% | 2.97% | +26.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.17% | 5.46% | +41.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.43% | 5.00% | +39.43% |
TMV vs. BGRN - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than BGRN's 0.20% expense ratio.
Dividends
TMV vs. BGRN - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.63%, less than BGRN's 4.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 4.28% | 4.21% | 4.07% | 3.52% | 2.66% | 0.78% | 1.82% | 3.66% | 0.21% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.63% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
Frequently Asked Questions
TMV and BGRN have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (8.04%) compared to BGRN (1.05%). In terms of maximum drawdown, TMV dropped -98.96% vs BGRN's -19.16%.
On 5-year performance, TMV leads with 18.98% vs 0.56% for BGRN. On fees, BGRN is cheaper at 0.20% per year. On volatility, BGRN has been the lower-risk option at 1.05%. 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 18.98% return vs 0.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BGRN is cheaper with a 0.20% expense ratio, compared with 1.04% for TMV.
BGRN has the higher dividend yield at 4.28%, compared with 2.63% for TMV.
TMV is categorized as Leveraged Bonds, while BGRN is Global Bonds. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while BGRN tracks Bloomberg MSCI USD Green Bond Select Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.04% for TMV and 0.20% for BGRN.
BGRN currently has the higher Sharpe Ratio (1.66 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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