TMV vs. JHMB
TMV (Direxion Daily 20-Year Treasury Bear 3X) and JHMB (John Hancock Mortgage Backed Securities ETF) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while JHMB is a Intermediate Core-Plus Bond fund actively managed by John Hancock. TMV is passively managed, while JHMB is actively managed. Over the past 3 years, TMV returned 13.53%/yr vs 5.12%/yr for JHMB. At a correlation of -0.66, they often move in opposite directions. TMV charges 1.04%/yr vs 0.39%/yr for JHMB.
Performance
TMV vs. JHMB - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 9.04% return, which is significantly higher than JHMB's 0.64% return.
TMV
- 1D
- 0.03%
- 1M
- 6.98%
- 6M
- 12.87%
- YTD
- 9.04%
- 1Y
- 0.12%
- 3Y*
- 13.53%
- 5Y*
- 24.86%
- 10Y*
- 0.98%
JHMB
- 1D
- -0.23%
- 1M
- -0.34%
- 6M
- 0.10%
- YTD
- 0.64%
- 1Y
- 6.04%
- 3Y*
- 5.12%
- 5Y*
- —
- 10Y*
- —
TMV vs. JHMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 9.04% | -3.75% | 39.76% | -9.69% | 150.18% | -4.86% |
JHMB John Hancock Mortgage Backed Securities ETF | 0.64% | 7.89% | 3.52% | 7.21% | -10.24% | -0.88% |
Correlation
The correlation between TMV and JHMB is -0.81, 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 | -0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.84 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2021 | -0.66 |
The correlation between TMV and JHMB shifts across timeframes, from -0.84 (3 years) to -0.66 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TMV vs. JHMB — Risk / Return Rank
TMV
JHMB
TMV vs. JHMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and John Hancock Mortgage Backed Securities ETF (JHMB). 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 | JHMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.59 | ||
| Sortino ratioReturn per unit of downside risk | -2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.28 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.01 | 2.01 | -2.01 |
| Martin ratioReturn relative to average drawdown | 0.01 | 5.34 | -5.33 |
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Drawdowns
TMV vs. JHMB - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than JHMB's maximum drawdown of -14.53%. Use the drawdown chart below to compare losses from any high point for TMV and JHMB.
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Drawdown Indicators
| TMV | JHMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -14.53% | -84.43% |
Max Drawdown (1Y)Largest decline over 1 year | -21.35% | -3.01% | -18.34% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -5.80% | -42.69% |
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 | -95.77% | -1.57% | -94.20% |
Average DrawdownAverage peak-to-trough decline | -86.64% | -4.74% | -81.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.10% | 1.13% | +9.97% |
Volatility
TMV vs. JHMB - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 7.70% compared to John Hancock Mortgage Backed Securities ETF (JHMB) at 1.19%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than JHMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | JHMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.70% | 1.19% | +6.51% |
Volatility (6M)Calculated over the trailing 6-month period | 20.05% | 2.92% | +17.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.83% | 3.80% | +24.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.95% | 5.77% | +41.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.23% | 5.77% | +38.46% |
TMV vs. JHMB - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than JHMB's 0.39% expense ratio.
Dividends
TMV vs. JHMB - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.42%, less than JHMB's 4.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JHMB John Hancock Mortgage Backed Securities ETF | 4.76% | 4.48% | 4.88% | 4.04% | 4.17% | 0.98% | 0.00% | 0.00% | 0.00% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.42% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
Frequently Asked Questions
TMV and JHMB have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (7.70%) compared to JHMB (1.19%). In terms of maximum drawdown, TMV dropped -98.96% vs JHMB's -14.53%.
On 3-year performance, TMV leads with 13.53% vs 5.12% for JHMB. On fees, JHMB is cheaper at 0.39% per year. On volatility, JHMB has been the lower-risk option at 1.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TMV has performed better with a 13.53% return vs 5.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JHMB is cheaper with a 0.39% expense ratio, compared with 1.04% for TMV.
JHMB has the higher dividend yield at 4.76%, compared with 2.42% for TMV.
TMV is categorized as Leveraged Bonds, while JHMB is Intermediate Core-Plus Bond. They also come from different issuers: Direxion and John Hancock. Their fees differ too: 1.04% for TMV and 0.39% for JHMB.
JHMB currently has the higher Sharpe Ratio (1.60 vs 0.00), 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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