TMV vs. GBTC
Compare and contrast key facts about Direxion Daily 20-Year Treasury Bear 3X (TMV) and Grayscale Bitcoin Trust (BTC) (GBTC).
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. GBTC - Performance Comparison
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TMV vs. GBTC - 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% |
GBTC Grayscale Bitcoin Trust (BTC) | -22.40% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Returns By Period
In the year-to-date period, TMV achieves a 1.80% return, which is significantly higher than GBTC's -22.40% return. Over the past 10 years, TMV has underperformed GBTC with an annualized return of -1.91%, while GBTC has yielded a comparatively higher 58.56% 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%
GBTC
- 1D
- 0.55%
- 1M
- -1.56%
- YTD
- -22.40%
- 6M
- -42.46%
- 1Y
- -21.01%
- 3Y*
- 48.01%
- 5Y*
- 0.84%
- 10Y*
- 58.56%
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Return for Risk
TMV vs. GBTC — Risk / Return Rank
TMV
GBTC
TMV vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and Grayscale Bitcoin Trust (BTC) (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.40 | -0.47 | +0.87 |
Sortino ratioReturn per unit of downside risk | 0.84 | -0.41 | +1.25 |
Omega ratioGain probability vs. loss probability | 1.09 | 0.95 | +0.14 |
Calmar ratioReturn relative to maximum drawdown | 0.43 | -0.38 | +0.80 |
Martin ratioReturn relative to average drawdown | 0.76 | -0.80 | +1.56 |
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 | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.40 | -0.47 | +0.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.01 | +0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.04 | 0.71 | -0.75 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | 0.67 | -1.01 |
Correlation
The correlation between TMV and GBTC 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.
Dividends
TMV vs. GBTC - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.69%, while GBTC has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.69% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% | 0.00% |
GBTC Grayscale Bitcoin Trust (BTC) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Drawdowns
TMV vs. GBTC - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than GBTC's maximum drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for TMV and GBTC.
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Drawdown Indicators
| TMV | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -89.91% | -9.05% |
Max Drawdown (1Y)Largest decline over 1 year | -25.01% | -49.55% | +24.54% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -85.80% | +37.31% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -89.91% | +7.60% |
Current DrawdownCurrent decline from peak | -96.05% | -46.10% | -49.95% |
Average DrawdownAverage peak-to-trough decline | -86.50% | -43.48% | -43.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.05% | 23.39% | -9.34% |
Volatility
TMV vs. GBTC - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 10.96%, while Grayscale Bitcoin Trust (BTC) (GBTC) has a volatility of 12.99%. This indicates that TMV experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.96% | 12.99% | -2.03% |
Volatility (6M)Calculated over the trailing 6-month period | 19.57% | 36.80% | -17.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.04% | 45.30% | -11.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.26% | 64.19% | -16.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.52% | 82.56% | -38.04% |