TMV vs. GDE
TMV (Direxion Daily 20-Year Treasury Bear 3X) and GDE (WisdomTree Efficient Gold Plus Equity Strategy Fund) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while GDE is a Gold fund actively managed by WisdomTree. TMV is passively managed, while GDE is actively managed. Over the past 3 years, TMV returned 12.83%/yr vs 46.68%/yr for GDE. At a correlation of -0.19, they often move in opposite directions. TMV charges 1.04%/yr vs 0.20%/yr for GDE.
Performance
TMV vs. GDE - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 4.73% return, which is significantly lower than GDE's 9.79% return.
TMV
- 1D
- 1.13%
- 1M
- -1.68%
- YTD
- 4.73%
- 6M
- 11.42%
- 1Y
- -4.33%
- 3Y*
- 12.83%
- 5Y*
- 19.12%
- 10Y*
- -0.80%
GDE
- 1D
- -1.35%
- 1M
- 1.88%
- YTD
- 9.79%
- 6M
- 11.87%
- 1Y
- 53.13%
- 3Y*
- 46.68%
- 5Y*
- —
- 10Y*
- —
TMV vs. GDE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 4.73% | -3.75% | 39.76% | -9.69% | 85.85% |
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund | 9.79% | 73.76% | 44.79% | 33.85% | -18.67% |
Correlation
The correlation between TMV and GDE is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2022 | -0.19 |
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Return for Risk
TMV vs. GDE — Risk / Return Rank
TMV
GDE
TMV vs. GDE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). 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 | GDE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.03 | ||
| Sortino ratioReturn per unit of downside risk | -2.33 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.34 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 2.36 | -2.56 |
| Martin ratioReturn relative to average drawdown | -0.40 | 7.34 | -7.74 |
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 | GDE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.15 | 1.88 | -2.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | — | — |
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 | 1.15 | -1.48 |
Drawdowns
TMV vs. GDE - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than GDE's maximum drawdown of -32.01%. Use the drawdown chart below to compare losses from any high point for TMV and GDE.
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Drawdown Indicators
| TMV | GDE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -32.01% | -66.95% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -22.66% | +1.04% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -22.66% | -25.83% |
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 | -95.94% | -11.17% | -84.77% |
Average DrawdownAverage peak-to-trough decline | -86.60% | -7.88% | -78.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.13% | 7.26% | +3.87% |
Volatility
TMV vs. GDE - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 8.15% compared to WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) at 6.65%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than GDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | GDE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 6.65% | +1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 19.18% | 24.24% | -5.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.12% | 28.39% | +0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.21% | 26.12% | +21.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.44% | 26.12% | +18.32% |
TMV vs. GDE - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than GDE's 0.20% expense ratio.
Dividends
TMV vs. GDE - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.62%, less than GDE's 3.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund | 3.94% | 4.32% | 7.14% | 2.22% | 0.81% | 0.00% | 0.00% | 0.00% | 0.00% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.62% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
Frequently Asked Questions
TMV and GDE have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (8.15%) compared to GDE (6.65%). In terms of maximum drawdown, TMV dropped -98.96% vs GDE's -32.01%.
On 3-year performance, GDE leads with 46.68% vs 12.83% for TMV. On fees, GDE is cheaper at 0.20% per year. On volatility, GDE has been the lower-risk option at 6.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GDE has performed better with a 46.68% return vs 12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDE is cheaper with a 0.20% expense ratio, compared with 1.04% for TMV.
GDE has the higher dividend yield at 3.94%, compared with 2.62% for TMV.
TMV is categorized as Leveraged Bonds, while GDE is Gold. They also come from different issuers: Direxion and WisdomTree. Their fees differ too: 1.04% for TMV and 0.20% for GDE.
GDE currently has the higher Sharpe Ratio (1.88 vs -0.15), 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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