TMV vs. LQDW
TMV (Direxion Daily 20-Year Treasury Bear 3X) and LQDW (iShares Investment Grade Corporate Bond Buywrite Strategy ETF) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while LQDW is a Corporate Bonds fund tracking the CBOE LQD BuyWrite Index. Both are passively managed. Over the past 3 years, TMV returned 13.35%/yr vs 3.64%/yr for LQDW. At a correlation of -0.73, they often move in opposite directions. TMV charges 1.04%/yr vs 0.34%/yr for LQDW.
Performance
TMV vs. LQDW - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 2.64% return, which is significantly higher than LQDW's 1.70% return.
TMV
- 1D
- 2.30%
- 1M
- -5.15%
- YTD
- 2.64%
- 6M
- 3.66%
- 1Y
- -1.53%
- 3Y*
- 13.35%
- 5Y*
- 20.55%
- 10Y*
- -0.34%
LQDW
- 1D
- -0.22%
- 1M
- 1.18%
- YTD
- 1.70%
- 6M
- 1.70%
- 1Y
- 6.47%
- 3Y*
- 3.64%
- 5Y*
- —
- 10Y*
- —
TMV vs. LQDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.64% | -3.75% | 39.76% | -9.69% | 32.64% |
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 1.70% | 9.05% | 2.60% | 3.99% | -6.78% |
Correlation
The correlation between TMV and LQDW is -0.76, 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 | -0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.73 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | -0.73 |
The correlation between TMV and LQDW has been stable across timeframes, ranging from -0.76 to -0.73 - a consistent structural relationship.
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Return for Risk
TMV vs. LQDW — Risk / Return Rank
TMV
LQDW
TMV vs. LQDW - 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 Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW). 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 | LQDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.85 | ||
| Sortino ratioReturn per unit of downside risk | -2.42 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.36 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 2.51 | -2.58 |
| Martin ratioReturn relative to average drawdown | -0.14 | 9.31 | -9.45 |
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Drawdowns
TMV vs. LQDW - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than LQDW's maximum drawdown of -9.20%. Use the drawdown chart below to compare losses from any high point for TMV and LQDW.
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Drawdown Indicators
| TMV | LQDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -9.20% | -89.76% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -2.59% | -19.03% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -6.74% | -41.75% |
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 | -96.02% | -0.22% | -95.80% |
Average DrawdownAverage peak-to-trough decline | -86.61% | -2.32% | -84.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.08% | 0.70% | +10.38% |
Volatility
TMV vs. LQDW - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 6.54% compared to iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) at 0.99%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than LQDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | LQDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.54% | 0.99% | +5.55% |
Volatility (6M)Calculated over the trailing 6-month period | 19.56% | 3.12% | +16.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.28% | 3.63% | +24.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.05% | 5.47% | +41.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.45% | 5.47% | +38.98% |
TMV vs. LQDW - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than LQDW's 0.34% expense ratio.
Dividends
TMV vs. LQDW - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.67%, less than LQDW's 12.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 12.52% | 16.02% | 15.74% | 19.28% | 8.85% | 0.00% | 0.00% | 0.00% | 0.00% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.67% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
Frequently Asked Questions
TMV and LQDW have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (6.54%) compared to LQDW (0.99%). In terms of maximum drawdown, TMV dropped -98.96% vs LQDW's -9.20%.
On 3-year performance, TMV leads with 13.35% vs 3.64% for LQDW. On fees, LQDW is cheaper at 0.34% per year. On volatility, LQDW has been the lower-risk option at 0.99%. 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 13.35% return vs 3.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LQDW is cheaper with a 0.34% expense ratio, compared with 1.04% for TMV.
LQDW has the higher dividend yield at 12.52%, compared with 2.67% for TMV.
TMV is categorized as Leveraged Bonds, while LQDW is Corporate Bonds. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while LQDW tracks CBOE LQD BuyWrite Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.04% for TMV and 0.34% for LQDW.
LQDW currently has the higher Sharpe Ratio (1.80 vs -0.05), 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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