TMV vs. BNDI
TMV (Direxion Daily 20-Year Treasury Bear 3X) and BNDI (Neos Enhanced Income Aggregate Bond ETF) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while BNDI is a Intermediate Core-Plus Bond fund actively managed by Neos. TMV is passively managed, while BNDI is actively managed. Over the past 3 years, TMV returned 12.37%/yr vs 4.89%/yr for BNDI. At a correlation of -0.89, they often move in opposite directions. TMV charges 1.04%/yr vs 0.58%/yr for BNDI.
Performance
TMV vs. BNDI - 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 BNDI's 1.46% 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%
BNDI
- 1D
- 0.17%
- 1M
- 0.31%
- YTD
- 1.46%
- 6M
- 1.61%
- 1Y
- 6.66%
- 3Y*
- 4.89%
- 5Y*
- —
- 10Y*
- —
TMV vs. BNDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 4.13% | -3.75% | 39.76% | -9.69% | 32.73% |
BNDI Neos Enhanced Income Aggregate Bond ETF | 1.46% | 7.95% | 1.74% | 6.89% | -2.60% |
Correlation
The correlation between TMV and BNDI is -0.87, 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 | -0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.90 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022 | -0.89 |
The correlation between TMV and BNDI has been stable across timeframes, ranging from -0.90 to -0.87 - a consistent structural relationship.
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Return for Risk
TMV vs. BNDI — Risk / Return Rank
TMV
BNDI
TMV vs. BNDI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and Neos Enhanced Income Aggregate Bond ETF (BNDI). 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 | BNDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.61 | ||
| Sortino ratioReturn per unit of downside risk | -2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.29 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | 2.43 | -2.43 |
| Martin ratioReturn relative to average drawdown | -0.00 | 8.67 | -8.67 |
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 | BNDI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.00 | 1.61 | -1.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | — | — |
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 | 0.66 | -0.98 |
Drawdowns
TMV vs. BNDI - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than BNDI's maximum drawdown of -6.98%. Use the drawdown chart below to compare losses from any high point for TMV and BNDI.
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Drawdown Indicators
| TMV | BNDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -6.98% | -91.98% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -2.75% | -18.87% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -5.83% | -42.66% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | — | — |
Current DrawdownCurrent decline from peak | -95.96% | -0.67% | -95.29% |
Average DrawdownAverage peak-to-trough decline | -86.60% | -1.71% | -84.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.98% | 0.77% | +10.21% |
Volatility
TMV vs. BNDI - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 8.04% compared to Neos Enhanced Income Aggregate Bond ETF (BNDI) at 1.37%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than BNDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | BNDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.04% | 1.37% | +6.67% |
Volatility (6M)Calculated over the trailing 6-month period | 19.19% | 3.08% | +16.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.13% | 4.17% | +24.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.17% | 6.19% | +40.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.43% | 6.19% | +38.24% |
TMV vs. BNDI - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than BNDI's 0.58% expense ratio.
Dividends
TMV vs. BNDI - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.63%, less than BNDI's 5.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BNDI Neos Enhanced Income Aggregate Bond ETF | 5.79% | 5.69% | 5.54% | 5.17% | 1.68% | 0.00% | 0.00% | 0.00% | 0.00% |
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 BNDI have a correlation of -0.87, 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 BNDI (1.37%). In terms of maximum drawdown, TMV dropped -98.96% vs BNDI's -6.98%.
On 3-year performance, TMV leads with 12.37% vs 4.89% for BNDI. On fees, BNDI is cheaper at 0.58% per year. On volatility, BNDI has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TMV has performed better with a 12.37% return vs 4.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDI is cheaper with a 0.58% expense ratio, compared with 1.04% for TMV.
BNDI has the higher dividend yield at 5.79%, compared with 2.63% for TMV.
TMV is categorized as Leveraged Bonds, while BNDI is Intermediate Core-Plus Bond. They also come from different issuers: Direxion and Neos. Their fees differ too: 1.04% for TMV and 0.58% for BNDI.
BNDI currently has the higher Sharpe Ratio (1.61 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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