TMV vs. NRGU

Last updated Jun 24, 2026

TMV (Direxion Daily 20-Year Treasury Bear 3X) and NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while NRGU is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Oil Index (-300%). Both are passively managed. Over the past year, TMV returned -1.80% vs 79.52% for NRGU. At a 0.16 correlation, their price movements are largely independent. TMV charges 1.04%/yr vs 0.95%/yr for NRGU.

Performance

TMV vs. NRGU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 20-Year Treasury Bear 3X (TMV) and MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMV achieves a 1.44% return, which is significantly lower than NRGU's 78.80% return.

TMV

• 1D: -1.17%
• 1M: -6.25%
• YTD: 1.44%
• 6M: 2.97%
• 1Y: -1.80%
• 3Y*: 12.91%
• 5Y*: 20.39%
• 10Y*: -0.46%

NRGU

• 1D: 1.89%
• 1M: -21.00%
• YTD: 78.80%
• 6M: 80.03%
• 1Y: 79.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TMV vs. NRGU - Yearly Performance Comparison

	2026 (YTD)	2025
TMV Direxion Daily 20-Year Treasury Bear 3X	1.44%	-0.98%
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	78.80%	-30.00%

Correlation

The correlation between TMV and NRGU is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.16

Return for Risk

TMV vs. NRGU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TMV

TMV Risk / Return Rank: 8
TMV Sharpe Ratio Rank: 8
TMV Sortino Ratio Rank: 8
TMV Omega Ratio Rank: 8
TMV Calmar Ratio Rank: 8
TMV Martin Ratio Rank: 8

NRGU

NRGU Risk / Return Rank: 33
NRGU Sharpe Ratio Rank: 31
NRGU Sortino Ratio Rank: 33
NRGU Omega Ratio Rank: 32
NRGU Calmar Ratio Rank: 39
NRGU Martin Ratio Rank: 32

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TMV vs. NRGU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). 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	NRGU	Difference
Sharpe ratio: Return per unit of total volatility	-0.06	1.05	-1.12
Sortino ratio: Return per unit of downside risk	0.11	1.67	-1.56
Omega ratio: Gain probability vs. loss probability	1.01	1.21	-0.19
Calmar ratio: Return relative to maximum drawdown	-0.08	1.87	-1.96
Martin ratio: Return relative to average drawdown	-0.16	4.58	-4.74

TMV vs. NRGU - Sharpe Ratio Comparison

The current TMV Sharpe Ratio is -0.06, which is lower than the NRGU Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of TMV and NRGU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TMV vs. NRGU - Drawdown Comparison

The maximum TMV drawdown since its inception was -98.96%, which is greater than NRGU's maximum drawdown of -57.50%. Use the drawdown chart below to compare losses from any high point for TMV and NRGU.

Drawdown Indicators

	TMV	NRGU	Difference
Max Drawdown Largest peak-to-trough decline	-98.96%	-57.50%	-41.46%
Max Drawdown (1Y) Largest decline over 1 year	-21.62%	-42.71%	+21.09%
Max Drawdown (3Y) Largest decline over 3 years	-48.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-48.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-82.31%	—	—
Current Drawdown Current decline from peak	-96.06%	-38.33%	-57.73%
Average Drawdown Average peak-to-trough decline	-86.61%	-25.59%	-61.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.09%	17.45%	-6.36%

Volatility

TMV vs. NRGU - Volatility Comparison

The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 6.55%, while MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) has a volatility of 27.38%. This indicates that TMV experiences smaller price fluctuations and is considered to be less risky than NRGU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMV	NRGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.55%	27.38%	-20.83%
Volatility (6M) Calculated over the trailing 6-month period	19.56%	62.59%	-43.03%
Volatility (1Y) Calculated over the trailing 1-year period	28.25%	76.53%	-48.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.05%	89.19%	-42.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.38%	89.19%	-44.81%

TMV vs. NRGU - Expense Ratio Comparison

TMV has a 1.04% expense ratio, which is higher than NRGU's 0.95% expense ratio.

Dividends

TMV vs. NRGU - Dividend Comparison

TMV's dividend yield for the trailing twelve months is around 2.70%, while NRGU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TMV Direxion Daily 20-Year Treasury Bear 3X	2.70%	2.85%	3.41%	3.87%	0.00%	0.00%	0.37%	1.60%	0.62%

Frequently Asked Questions

Can I hold both TMV and NRGU in my portfolio?

TMV and NRGU have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMV or NRGU?

NRGU has higher volatility (27.38%) compared to TMV (6.55%). In terms of maximum drawdown, TMV dropped -98.96% vs NRGU's -57.50%.

Which ETF is better, TMV or NRGU?

On 1-year performance, NRGU leads with 79.52% vs -1.80% for TMV. On fees, NRGU is cheaper at 0.95% per year. On volatility, TMV has been the lower-risk option at 6.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMV or NRGU?

Over the 1-year period, NRGU has performed better with a 79.52% return vs -1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMV or NRGU?

NRGU is cheaper with a 0.95% expense ratio, compared with 1.04% for TMV.

Which ETF pays a higher dividend yield, TMV or NRGU?

TMV has the higher dividend yield at 2.70%, compared with 0.00% for NRGU.

What is the main difference between TMV and NRGU?

TMV is categorized as Leveraged Bonds, while NRGU is Leveraged Equities. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while NRGU tracks Solactive MicroSectors U.S. Big Oil Index (-300%). They also come from different issuers: Direxion and BMO. Their fees differ too: 1.04% for TMV and 0.95% for NRGU.

Which has better risk-adjusted returns?

NRGU currently has the higher Sharpe Ratio (1.05 vs -0.06), 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.