TMV vs. BTC-USD

Last updated Apr 2, 2026

Compare and contrast key facts about Direxion Daily 20-Year Treasury Bear 3X (TMV) and Bitcoin (BTC-USD).

TMV is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (-300%). It was launched on Apr 16, 2009.

Performance

TMV vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 20-Year Treasury Bear 3X (TMV) and Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

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	1.80%	-3.75%	39.76%	-9.69%	150.18%	0.83%	-54.13%	-34.22%	3.99%	-26.48%
BTC-USD Bitcoin	-21.63%	-6.27%	120.76%	155.82%	-64.23%	59.40%	304.57%	94.10%	-73.37%	1,324.24%

Returns By Period

In the year-to-date period, TMV achieves a 1.80% return, which is significantly higher than BTC-USD's -21.63% return. Over the past 10 years, TMV has underperformed BTC-USD with an annualized return of -1.91%, while BTC-USD has yielded a comparatively higher 66.45% annualized return.

TMV

• 1D: 0.24%
• 1M: 11.13%
• YTD: 1.80%
• 6M: 9.01%
• 1Y: 13.68%
• 3Y*: 15.84%
• 5Y*: 16.73%
• 10Y*: -1.91%

BTC-USD

• 1D: 0.51%
• 1M: -0.38%
• YTD: -21.63%
• 6M: -42.21%
• 1Y: -19.49%
• 3Y*: 34.49%
• 5Y*: 3.06%
• 10Y*: 66.45%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

TMV vs. BTC-USD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TMV

TMV Risk / Return Rank: 22
TMV Sharpe Ratio Rank: 23
TMV Sortino Ratio Rank: 27
TMV Omega Ratio Rank: 23
TMV Calmar Ratio Rank: 21
TMV Martin Ratio Rank: 17

BTC-USD

BTC-USD Risk / Return Rank: 43
BTC-USD Sharpe Ratio Rank: 61
BTC-USD Sortino Ratio Rank: 55
BTC-USD Omega Ratio Rank: 51
BTC-USD Calmar Ratio Rank: 43
BTC-USD Martin Ratio Rank: 4

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio Return per unit of total volatility	0.40	-0.44	+0.85
Sortino ratio Return per unit of downside risk	0.84	-0.38	+1.22
Omega ratio Gain probability vs. loss probability	1.09	0.96	+0.13
Calmar ratio Return relative to maximum drawdown	0.43	-1.11	+1.53
Martin ratio Return relative to average drawdown	0.76	-1.99	+2.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMV vs. BTC-USD - Sharpe Ratio Comparison

The current TMV Sharpe Ratio is 0.40, which is higher than the BTC-USD Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of TMV and BTC-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TMV	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	-0.44	+0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.05	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.04	0.97	-1.02
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	1.19	-1.52

Correlation

The correlation between TMV and BTC-USD is 0.01, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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.

Drawdown Indicators

	TMV	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-98.96%	-85.30%	-13.66%
Max Drawdown (1Y) Largest decline over 1 year	-25.01%	-49.65%	+24.64%
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 Drawdown Current decline from peak	-96.05%	-45.02%	-51.03%
Average Drawdown Average peak-to-trough decline	-86.50%	-41.99%	-44.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.05%	27.60%	-13.55%

Volatility

TMV vs. BTC-USD - Volatility Comparison

The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 10.96%, while Bitcoin (BTC-USD) has a volatility of 13.58%. 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.

Volatility by Period

	TMV	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.96%	13.58%	-2.62%
Volatility (6M) Calculated over the trailing 6-month period	19.57%	35.98%	-16.41%
Volatility (1Y) Calculated over the trailing 1-year period	34.04%	36.76%	-2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.26%	46.90%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.52%	56.70%	-12.18%