TMV vs. IEF
TMV (Direxion Daily 20-Year Treasury Bear 3X) and IEF (iShares 7-10 Year Treasury Bond ETF) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, TMV returned -0.80%/yr vs 0.63%/yr for IEF. At a correlation of -0.92, they often move in opposite directions. TMV charges 1.04%/yr vs 0.15%/yr for IEF.
Performance
TMV vs. IEF - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 4.73% return, which is significantly higher than IEF's -0.66% return. Over the past 10 years, TMV has underperformed IEF with an annualized return of -0.80%, while IEF has yielded a comparatively higher 0.63% 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%
IEF
- 1D
- -0.25%
- 1M
- -0.08%
- YTD
- -0.66%
- 6M
- -1.17%
- 1Y
- 4.06%
- 3Y*
- 2.47%
- 5Y*
- -1.14%
- 10Y*
- 0.63%
TMV vs. IEF - 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% |
IEF iShares 7-10 Year Treasury Bond ETF | -0.66% | 8.03% | -0.63% | 3.64% | -15.15% | -3.33% | 10.01% | 8.03% | 0.99% | 2.55% |
Correlation
The correlation between TMV and IEF is -0.90, 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 | -0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.92 |
Correlation (All Time) Calculated using the full available price history since Apr 17, 2009 | -0.92 |
The correlation between TMV and IEF has been stable across timeframes, ranging from -0.92 to -0.90 - a consistent structural relationship.
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Return for Risk
TMV vs. IEF — Risk / Return Rank
TMV
IEF
TMV vs. IEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and iShares 7-10 Year Treasury Bond ETF (IEF). 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 | IEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.15 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 1.00 | -1.20 |
| Martin ratioReturn relative to average drawdown | -0.40 | 2.98 | -3.37 |
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 | IEF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.15 | 0.85 | -1.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | -0.15 | +0.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.02 | 0.10 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | 0.50 | -0.83 |
Drawdowns
TMV vs. IEF - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than IEF's maximum drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for TMV and IEF.
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Drawdown Indicators
| TMV | IEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -23.93% | -75.03% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -4.07% | -17.55% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -7.74% | -40.75% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -21.40% | -27.09% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -23.93% | -58.38% |
Current DrawdownCurrent decline from peak | -95.94% | -11.35% | -84.59% |
Average DrawdownAverage peak-to-trough decline | -86.60% | -5.34% | -81.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.13% | 1.37% | +9.76% |
Volatility
TMV vs. IEF - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 8.15% compared to iShares 7-10 Year Treasury Bond ETF (IEF) at 1.54%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | IEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 1.54% | +6.61% |
Volatility (6M)Calculated over the trailing 6-month period | 19.18% | 3.34% | +15.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.12% | 4.78% | +24.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.21% | 7.71% | +39.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.44% | 6.62% | +37.82% |
TMV vs. IEF - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than IEF's 0.15% expense ratio.
Dividends
TMV vs. IEF - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.62%, less than IEF's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | 3.90% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TMV and IEF have a correlation of -0.90, 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 IEF (1.54%). In terms of maximum drawdown, TMV dropped -98.96% vs IEF's -23.93%.
On 10-year performance, IEF leads with 0.63% vs -0.80% for TMV. On fees, IEF is cheaper at 0.15% per year. On volatility, IEF has been the lower-risk option at 1.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEF has performed better with a 0.63% return vs -0.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEF is cheaper with a 0.15% expense ratio, compared with 1.04% for TMV.
IEF has the higher dividend yield at 3.90%, compared with 2.62% for TMV.
TMV is categorized as Leveraged Bonds, while IEF is Government Bonds. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while IEF tracks ICE U.S. Treasury 7-10 Year Bond Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.04% for TMV and 0.15% for IEF.
IEF currently has the higher Sharpe Ratio (0.85 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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