TMV vs. BTC-USD
TMV (Direxion Daily 20-Year Treasury Bear 3X) is Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, TMV returned -1.06%/yr vs 59.71%/yr for BTC-USD. At a 0.00 correlation, their price movements are largely independent.
Performance
TMV vs. BTC-USD - 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 BTC-USD's -27.60% return. Over the past 10 years, TMV has underperformed BTC-USD with an annualized return of -1.06%, while BTC-USD has yielded a comparatively higher 59.71% annualized 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%
BTC-USD
- 1D
- -1.08%
- 1M
- -21.71%
- YTD
- -27.60%
- 6M
- -31.22%
- 1Y
- -39.53%
- 3Y*
- 35.01%
- 5Y*
- 12.25%
- 10Y*
- 59.71%
TMV vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 4.13% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
BTC-USD Bitcoin | -27.60% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
Correlation
The correlation between TMV and BTC-USD is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Sep 20, 2012 | 0.00 |
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Return for Risk
TMV vs. BTC-USD — Risk / Return Rank
TMV
BTC-USD
TMV vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.87 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | -0.80 | +0.80 |
| Martin ratioReturn relative to average drawdown | -0.00 | -1.39 | +1.39 |
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 | BTC-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.00 | -0.92 | +0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.23 | +0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.02 | 0.88 | -0.90 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | 1.13 | -1.46 |
Drawdowns
TMV vs. BTC-USD - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than BTC-USD's maximum drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for TMV and BTC-USD.
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Drawdown Indicators
| TMV | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -85.30% | -13.66% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -49.65% | +28.03% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -49.65% | +1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -76.67% | +28.18% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -83.80% | +1.49% |
Current DrawdownCurrent decline from peak | -95.96% | -49.21% | -46.75% |
Average DrawdownAverage peak-to-trough decline | -86.60% | -42.28% | -44.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.98% | 33.87% | -22.89% |
Volatility
TMV vs. BTC-USD - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 8.04%, while Bitcoin (BTC-USD) has a volatility of 10.14%. This indicates that TMV experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.04% | 10.14% | -2.10% |
Volatility (6M)Calculated over the trailing 6-month period | 19.19% | 34.17% | -14.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.13% | 35.51% | -6.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.17% | 44.98% | +2.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.43% | 56.69% | -12.26% |
Frequently Asked Questions
TMV and BTC-USD have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (10.14%) compared to TMV (8.04%). In terms of maximum drawdown, TMV dropped -98.96% vs BTC-USD's -85.30%.
TMV currently has the higher Sharpe Ratio (-0.00 vs -0.92), 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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