TMV vs. GLD
TMV (Direxion Daily 20-Year Treasury Bear 3X) and GLD (SPDR Gold Shares) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, TMV returned -0.80%/yr vs 13.12%/yr for GLD. At a correlation of -0.21, they often move in opposite directions. TMV charges 1.04%/yr vs 0.40%/yr for GLD.
Performance
TMV vs. GLD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TMV achieves a 4.73% return, which is significantly higher than GLD's 2.92% return. Over the past 10 years, TMV has underperformed GLD with an annualized return of -0.80%, while GLD has yielded a comparatively higher 13.12% annualized 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%
GLD
- 1D
- -0.99%
- 1M
- -1.65%
- YTD
- 2.92%
- 6M
- 5.43%
- 1Y
- 32.04%
- 3Y*
- 31.09%
- 5Y*
- 18.15%
- 10Y*
- 13.12%
TMV vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 4.73% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
GLD SPDR Gold Shares | 2.92% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between TMV and GLD is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.30 |
Correlation (All Time) Calculated using the full available price history since Apr 17, 2009 | -0.21 |
The correlation between TMV and GLD shifts across timeframes, from -0.30 (10 years) to -0.17 (1 year), reflecting how their relationship changes across market environments.
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. GLD — Risk / Return Rank
TMV
GLD
TMV vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.36 | ||
| Sortino ratioReturn per unit of downside risk | -1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.24 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 1.68 | -1.88 |
| Martin ratioReturn relative to average drawdown | -0.40 | 4.15 | -4.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| TMV | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.15 | 1.21 | -1.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 1.01 | -0.61 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.02 | 0.83 | -0.84 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | 0.60 | -0.93 |
Drawdowns
TMV vs. GLD - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for TMV and GLD.
Loading charts...
Drawdown Indicators
| TMV | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -45.56% | -53.40% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -19.21% | -2.41% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -19.21% | -29.28% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -21.03% | -27.46% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -22.00% | -60.31% |
Current DrawdownCurrent decline from peak | -95.94% | -17.75% | -78.19% |
Average DrawdownAverage peak-to-trough decline | -86.60% | -16.16% | -70.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.13% | 7.73% | +3.40% |
Volatility
TMV vs. GLD - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 8.15% compared to SPDR Gold Shares (GLD) at 5.51%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TMV | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 5.51% | +2.64% |
Volatility (6M)Calculated over the trailing 6-month period | 19.18% | 23.16% | -3.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.12% | 26.61% | +2.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.21% | 18.00% | +29.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.44% | 15.95% | +28.49% |
TMV vs. GLD - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
TMV vs. GLD - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.62%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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 GLD have a correlation of -0.17, 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 GLD (5.51%). In terms of maximum drawdown, TMV dropped -98.96% vs GLD's -45.56%.
On 10-year performance, GLD leads with 13.12% vs -0.80% for TMV. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 5.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 13.12% return vs -0.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 1.04% for TMV.
TMV has the higher dividend yield at 2.62%, compared with 0.00% for GLD.
TMV is categorized as Leveraged Bonds, while GLD is Gold. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while GLD tracks LBMA Gold Price PM. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.04% for TMV and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (1.21 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.
Find the right allocation for TMV and GLD
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