TMV vs. GOOX

Last updated Jun 24, 2026

TMV (Direxion Daily 20-Year Treasury Bear 3X) and GOOX (T-Rex 2X Long Alphabet Daily Target ETF) are both Leveraged Bonds funds. TMV is passively managed, while GOOX is actively managed. Over the past year, TMV returned -1.80% vs 258.95% for GOOX. At a correlation of -0.04, they often move in opposite directions. TMV charges 1.04%/yr vs 1.05%/yr for GOOX.

Performance

TMV vs. GOOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 20-Year Treasury Bear 3X (TMV) and T-Rex 2X Long Alphabet Daily Target ETF (GOOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMV achieves a 1.44% return, which is significantly lower than GOOX's 10.68% return.

TMV

• 1D: -1.17%
• 1M: -6.25%
• YTD: 1.44%
• 6M: 2.97%
• 1Y: -1.80%
• 3Y*: 12.91%
• 5Y*: 20.39%
• 10Y*: -0.46%

GOOX

• 1D: -1.61%
• 1M: -18.21%
• YTD: 10.68%
• 6M: 8.75%
• 1Y: 258.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMV vs. GOOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TMV Direxion Daily 20-Year Treasury Bear 3X	1.44%	-3.75%	28.40%
GOOX T-Rex 2X Long Alphabet Daily Target ETF	10.68%	121.41%	44.31%

Correlation

The correlation between TMV and GOOX 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 (All Time) Calculated using the full available price history since Jan 11, 2024	-0.04

The correlation between TMV and GOOX shifts across timeframes, from -0.17 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TMV vs. GOOX — Risk / Return Rank

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

TMV

TMV Risk / Return Rank: 8
TMV Sharpe Ratio Rank: 8
TMV Sortino Ratio Rank: 8
TMV Omega Ratio Rank: 8
TMV Calmar Ratio Rank: 8
TMV Martin Ratio Rank: 8

GOOX

GOOX Risk / Return Rank: 93
GOOX Sharpe Ratio Rank: 97
GOOX Sortino Ratio Rank: 94
GOOX Omega Ratio Rank: 90
GOOX Calmar Ratio Rank: 94
GOOX Martin Ratio Rank: 92

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. GOOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and T-Rex 2X Long Alphabet Daily Target ETF (GOOX). 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	GOOX	Difference
Sharpe ratio: Return per unit of total volatility	-0.06	4.47	-4.53
Sortino ratio: Return per unit of downside risk	0.11	4.57	-4.46
Omega ratio: Gain probability vs. loss probability	1.01	1.55	-0.54
Calmar ratio: Return relative to maximum drawdown	-0.08	6.69	-6.77
Martin ratio: Return relative to average drawdown	-0.16	21.38	-21.54

TMV vs. GOOX - Sharpe Ratio Comparison

The current TMV Sharpe Ratio is -0.06, which is lower than the GOOX Sharpe Ratio of 4.47. The chart below compares the historical Sharpe Ratios of TMV and GOOX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TMV vs. GOOX - Drawdown Comparison

The maximum TMV drawdown since its inception was -98.96%, which is greater than GOOX's maximum drawdown of -52.46%. Use the drawdown chart below to compare losses from any high point for TMV and GOOX.

Drawdown Indicators

	TMV	GOOX	Difference
Max Drawdown Largest peak-to-trough decline	-98.96%	-52.46%	-46.50%
Max Drawdown (1Y) Largest decline over 1 year	-21.62%	-38.98%	+17.36%
Max Drawdown (3Y) Largest decline over 3 years	-48.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-48.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-82.31%	—	—
Current Drawdown Current decline from peak	-96.06%	-26.44%	-69.62%
Average Drawdown Average peak-to-trough decline	-86.61%	-17.07%	-69.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.09%	12.17%	-1.08%

Volatility

TMV vs. GOOX - Volatility Comparison

The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 6.55%, while T-Rex 2X Long Alphabet Daily Target ETF (GOOX) has a volatility of 19.22%. This indicates that TMV experiences smaller price fluctuations and is considered to be less risky than GOOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMV	GOOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.55%	19.22%	-12.67%
Volatility (6M) Calculated over the trailing 6-month period	19.56%	41.69%	-22.13%
Volatility (1Y) Calculated over the trailing 1-year period	28.25%	58.44%	-30.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.05%	60.58%	-13.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.38%	60.58%	-16.20%

TMV vs. GOOX - Expense Ratio Comparison

TMV has a 1.04% expense ratio, which is lower than GOOX's 1.05% expense ratio.

Dividends

TMV vs. GOOX - Dividend Comparison

TMV's dividend yield for the trailing twelve months is around 2.70%, more than GOOX's 0.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GOOX T-Rex 2X Long Alphabet Daily Target ETF	0.28%	0.30%	16.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TMV Direxion Daily 20-Year Treasury Bear 3X	2.70%	2.85%	3.41%	3.87%	0.00%	0.00%	0.37%	1.60%	0.62%

Frequently Asked Questions

Can I hold both TMV and GOOX in my portfolio?

TMV and GOOX 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.

Which is riskier, TMV or GOOX?

GOOX has higher volatility (19.22%) compared to TMV (6.55%). In terms of maximum drawdown, TMV dropped -98.96% vs GOOX's -52.46%.

Which ETF is better, TMV or GOOX?

On 1-year performance, GOOX leads with 258.95% vs -1.80% for TMV. On fees, TMV is cheaper at 1.04% per year. On volatility, TMV has been the lower-risk option at 6.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMV or GOOX?

Over the 1-year period, GOOX has performed better with a 258.95% return vs -1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMV or GOOX?

TMV is cheaper with a 1.04% expense ratio, compared with 1.05% for GOOX.

Which ETF pays a higher dividend yield, TMV or GOOX?

TMV has the higher dividend yield at 2.70%, compared with 0.28% for GOOX.

What is the main difference between TMV and GOOX?

They also come from different issuers: Direxion and T-Rex. Their fees differ too: 1.04% for TMV and 1.05% for GOOX.

Which has better risk-adjusted returns?

GOOX currently has the higher Sharpe Ratio (4.47 vs -0.06), 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.