TMV vs. IIGD
TMV (Direxion Daily 20-Year Treasury Bear 3X) and IIGD (Invesco Investment Grade Defensive ETF) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while IIGD is a Corporate Bonds fund tracking the Invesco Investment Grade Defensive Index. Both are passively managed. Over the past 5 years, TMV returned 27.59%/yr vs 1.52%/yr for IIGD. Their -0.63 correlation means they have often moved in opposite directions in the past. TMV charges 1.04%/yr vs 0.13%/yr for IIGD.
Performance
TMV vs. IIGD - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 17.52% return, which is significantly higher than IIGD's 0.22% return.
TMV
- 1D
- 1.99%
- 1M
- 13.35%
- 6M
- 16.52%
- YTD
- 17.52%
- 1Y
- 19.49%
- 3Y*
- 13.00%
- 5Y*
- 27.59%
- 10Y*
- 1.86%
- ALL TIME*
- -14.05%
IIGD
- 1D
- -0.10%
- 1M
- -0.40%
- 6M
- -0.12%
- YTD
- 0.22%
- 1Y
- 2.37%
- 3Y*
- 5.08%
- 5Y*
- 1.52%
- 10Y*
- —
- ALL TIME*
- 2.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $33.71K | $101.17K | $183.77K | |
| $29.38M | $22.37M | $25.43M |
TMV vs. IIGD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 17.52% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | -6.01% |
IIGD Invesco Investment Grade Defensive ETF | 0.22% | 7.11% | 3.90% | 5.71% | -7.27% | -1.42% | 6.30% | 7.40% | 0.86% |
Correlation
The correlation between TMV and IIGD is -0.72, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.72 |
Correlation (3Y) Balances recent behavior with more history. | -0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.73 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2018 | -0.63 |
The correlation between TMV and IIGD shifts across timeframes, from -0.75 (3 years) to -0.63 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TMV vs. IIGD — Risk / Return Rank
TMV
IIGD
TMV vs. IIGD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and Invesco Investment Grade Defensive ETF (IIGD). 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 | IIGD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | -1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.24 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | 1.81 | -1.06 |
| Martin ratioReturn relative to average drawdown | 1.56 | 5.44 | -3.89 |
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Drawdowns
TMV vs. IIGD - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than IIGD's maximum drawdown of -11.43%. Use the drawdown chart below to compare losses from any high point for TMV and IIGD.
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Drawdown Indicators
| TMV | IIGD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -11.43% | -87.53% |
Max Drawdown (1Y)Largest decline over 1 year | -19.32% | -1.67% | -17.65% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -1.97% | -46.52% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -11.43% | -37.06% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | — | — |
Current DrawdownCurrent decline from peak | -95.44% | -0.83% | -94.61% |
Average DrawdownAverage peak-to-trough decline | -86.66% | -2.38% | -84.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.32% | 0.55% | +8.77% |
Volatility
TMV vs. IIGD - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 7.07% compared to Invesco Investment Grade Defensive ETF (IIGD) at 0.65%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than IIGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | IIGD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.07% | 0.65% | +6.42% |
Volatility (6M)Calculated over the trailing 6-month period | 20.12% | 1.87% | +18.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.60% | 2.34% | +25.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.81% | 3.67% | +43.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.23% | 3.68% | +40.55% |
TMV vs. IIGD - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than IIGD's 0.13% expense ratio.
Dividends
TMV vs. IIGD - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.25%, less than IIGD's 4.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IIGD Invesco Investment Grade Defensive ETF | 4.26% | 4.25% | 4.13% | 3.74% | 1.73% | 1.77% | 3.21% | 2.44% | 1.23% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.25% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
Frequently Asked Questions
TMV and IIGD have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (7.07%) compared to IIGD (0.65%). In terms of maximum drawdown, TMV dropped -98.96% vs IIGD's -11.43%.
On 5-year performance, TMV leads with 27.59% vs 1.52% for IIGD. On fees, IIGD is cheaper at 0.13% per year. On volatility, IIGD has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TMV has performed better with a 27.59% return vs 1.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IIGD is cheaper with a 0.13% expense ratio, compared with 1.04% for TMV.
IIGD has the higher dividend yield at 4.26%, compared with 2.25% for TMV.
TMV is categorized as Leveraged Bonds, while IIGD is Corporate Bonds. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while IIGD tracks Invesco Investment Grade Defensive Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 1.04% for TMV and 0.13% for IIGD.
IIGD currently has the higher Sharpe Ratio (1.29 vs 0.53), 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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