TMV vs. LABD
TMV (Direxion Daily 20-Year Treasury Bear 3X) and LABD (Direxion Daily S&P Biotech Bear 3x Shares) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while LABD is a Leveraged Equities fund tracking the S&P Biotechnology Select Industry Index (-300%). Both are passively managed. Over the past 10 years, TMV returned 1.08%/yr vs -58.41%/yr for LABD. At a correlation of -0.04, they often move in opposite directions. TMV charges 1.04%/yr vs 1.06%/yr for LABD.
Performance
TMV vs. LABD - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 9.48% return, which is significantly higher than LABD's -61.41% return. Over the past 10 years, TMV has outperformed LABD with an annualized return of 1.08%, while LABD has yielded a comparatively lower -58.41% annualized return.
TMV
- 1D
- -0.35%
- 1M
- 5.74%
- 6M
- 11.49%
- YTD
- 9.48%
- 1Y
- 2.40%
- 3Y*
- 13.70%
- 5Y*
- 25.06%
- 10Y*
- 1.08%
LABD
- 1D
- -0.25%
- 1M
- -38.66%
- 6M
- -59.28%
- YTD
- -61.41%
- 1Y
- -86.50%
- 3Y*
- -59.77%
- 5Y*
- -47.80%
- 10Y*
- -58.41%
TMV vs. LABD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 9.48% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
LABD Direxion Daily S&P Biotech Bear 3x Shares | -61.41% | -70.07% | -21.43% | -41.77% | -32.68% | 1.86% | -89.75% | -70.80% | -6.26% | -75.67% |
Correlation
The correlation between TMV and LABD is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since May 28, 2015 | -0.04 |
The correlation between TMV and LABD shifts across timeframes, from -0.04 (all time) to 0.23 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TMV vs. LABD — Risk / Return Rank
TMV
LABD
TMV vs. LABD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and Direxion Daily S&P Biotech Bear 3x Shares (LABD). 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 | LABD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.18 | ||
| Sortino ratioReturn per unit of downside risk | +2.98 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.71 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | -0.97 | +1.08 |
| Martin ratioReturn relative to average drawdown | 0.21 | -1.35 | +1.56 |
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Drawdowns
TMV vs. LABD - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, roughly equal to the maximum LABD drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TMV and LABD.
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Drawdown Indicators
| TMV | LABD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -100.00% | +1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -89.59% | +67.97% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -97.43% | +48.94% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -99.04% | +50.55% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -99.99% | +17.68% |
Current DrawdownCurrent decline from peak | -95.75% | -99.99% | +4.24% |
Average DrawdownAverage peak-to-trough decline | -86.64% | -91.04% | +4.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.32% | 64.07% | -52.75% |
Volatility
TMV vs. LABD - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 7.69%, while Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a volatility of 23.82%. This indicates that TMV experiences smaller price fluctuations and is considered to be less risky than LABD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | LABD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.69% | 23.82% | -16.13% |
Volatility (6M)Calculated over the trailing 6-month period | 20.06% | 65.12% | -45.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.92% | 79.34% | -51.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.97% | 96.69% | -49.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.25% | 95.75% | -51.50% |
TMV vs. LABD - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is lower than LABD's 1.06% expense ratio.
Dividends
TMV vs. LABD - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.41%, less than LABD's 8.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | 8.14% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.41% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
Frequently Asked Questions
TMV and LABD have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (23.82%) compared to TMV (7.69%). In terms of maximum drawdown, TMV dropped -98.96% vs LABD's -100.00%.
On 10-year performance, TMV leads with 1.08% vs -58.41% for LABD. On fees, TMV is cheaper at 1.04% per year. On volatility, TMV has been the lower-risk option at 7.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMV has performed better with a 1.08% return vs -58.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMV is cheaper with a 1.04% expense ratio, compared with 1.06% for LABD.
LABD has the higher dividend yield at 8.14%, compared with 2.41% for TMV.
TMV is categorized as Leveraged Bonds, while LABD is Leveraged Equities. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while LABD tracks S&P Biotechnology Select Industry Index (-300%). Their fees differ too: 1.04% for TMV and 1.06% for LABD.
TMV currently has the higher Sharpe Ratio (0.09 vs -1.09), 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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