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 1.08%/yr vs 58.05%/yr for BTC-USD. At a 0.00 correlation, their price movements are largely independent.
Performance
TMV vs. BTC-USD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TMV achieves a 9.48% return, which is significantly higher than BTC-USD's -25.95% return. Over the past 10 years, TMV has underperformed BTC-USD with an annualized return of 1.08%, while BTC-USD has yielded a comparatively higher 58.05% annualized return.
TMV
- 1D
- -0.35%
- 1M
- 5.74%
- 6M
- 11.49%
- YTD
- 9.48%
- 1Y
- 2.40%
- 3Y*
- 13.70%
- 5Y*
- 25.06%
- 10Y*
- 1.08%
BTC-USD
- 1D
- 4.06%
- 1M
- -1.40%
- 6M
- -32.07%
- YTD
- -25.95%
- 1Y
- -45.95%
- 3Y*
- 28.83%
- 5Y*
- 15.25%
- 10Y*
- 58.05%
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 | 9.48% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
BTC-USD Bitcoin | -25.95% | -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 -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
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 Oct 29, 2012 | 0.00 |
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. 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.
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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.16 | ||
| Sortino ratioReturn per unit of downside risk | +1.93 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.84 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | -0.87 | +0.98 |
| Martin ratioReturn relative to average drawdown | 0.21 | -1.40 | +1.61 |
Loading charts...
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.
Loading charts...
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% | -53.08% | +31.46% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -53.08% | +4.59% |
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 | -95.75% | -48.05% | -47.70% |
Average DrawdownAverage peak-to-trough decline | -86.64% | -42.56% | -44.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.32% | 29.09% | -17.77% |
Volatility
TMV vs. BTC-USD - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 7.69%, while Bitcoin (BTC-USD) has a volatility of 9.63%. 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.
Loading charts...
Volatility by Period
| TMV | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.69% | 9.63% | -1.94% |
Volatility (6M)Calculated over the trailing 6-month period | 20.06% | 34.91% | -14.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.92% | 35.72% | -7.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.97% | 43.97% | +3.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.25% | 56.33% | -12.08% |
Frequently Asked Questions
TMV and BTC-USD have a correlation of -0.07, 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 (9.63%) compared to TMV (7.69%). In terms of maximum drawdown, TMV dropped -98.96% vs BTC-USD's -85.30%.
TMV currently has the higher Sharpe Ratio (0.09 vs -1.07), 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 BTC-USD
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