TMV vs. NVDU

Last updated Jun 4, 2026

TMV (Direxion Daily 20-Year Treasury Bear 3X) and NVDU (Direxion Daily NVDA Bull 2X Shares ETF) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while NVDU is a Leveraged Equities fund actively managed by Direxion. TMV is passively managed, while NVDU is actively managed. Over the past year, TMV returned -4.33% vs 84.73% for NVDU. At a correlation of -0.00, they often move in opposite directions. Both charge a 1.04% expense ratio.

Performance

TMV vs. NVDU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 20-Year Treasury Bear 3X (TMV) and Direxion Daily NVDA Bull 2X Shares ETF (NVDU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMV achieves a 4.73% return, which is significantly lower than NVDU's 19.93% return.

TMV

• 1D: 1.13%
• 1M: -1.68%
• YTD: 4.73%
• 6M: 11.42%
• 1Y: -4.33%
• 3Y*: 12.83%
• 5Y*: 19.12%
• 10Y*: -0.80%

NVDU

• 1D: -7.30%
• 1M: 14.13%
• YTD: 19.93%
• 6M: 27.09%
• 1Y: 84.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMV vs. NVDU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TMV Direxion Daily 20-Year Treasury Bear 3X	4.73%	-3.75%	39.76%	-18.89%
NVDU Direxion Daily NVDA Bull 2X Shares ETF	19.93%	33.65%	289.29%	9.96%

Correlation

The correlation between TMV and NVDU is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	-0.00

Return for Risk

TMV vs. NVDU — Risk / Return Rank

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

TMV

TMV Risk / Return Rank: 7
TMV Sharpe Ratio Rank: 7
TMV Sortino Ratio Rank: 7
TMV Omega Ratio Rank: 7
TMV Calmar Ratio Rank: 7
TMV Martin Ratio Rank: 7

NVDU

NVDU Risk / Return Rank: 34
NVDU Sharpe Ratio Rank: 34
NVDU Sortino Ratio Rank: 35
NVDU Omega Ratio Rank: 33
NVDU Calmar Ratio Rank: 40
NVDU Martin Ratio Rank: 31

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. NVDU - 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 NVDA Bull 2X Shares ETF (NVDU). 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.

	TMV	NVDU	Difference
Sharpe ratio: Return per unit of total volatility	-0.15	1.26	-1.41
Sortino ratio: Return per unit of downside risk	-0.01	1.89	-1.90
Omega ratio: Gain probability vs. loss probability	1.00	1.23	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.20	2.02	-2.22
Martin ratio: Return relative to average drawdown	-0.40	4.60	-5.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMV vs. NVDU - Sharpe Ratio Comparison

The current TMV Sharpe Ratio is -0.15, which is lower than the NVDU Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of TMV and NVDU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TMV	NVDU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.15	1.26	-1.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	1.14	-1.47

Drawdowns

TMV vs. NVDU - Drawdown Comparison

The maximum TMV drawdown since its inception was -98.96%, which is greater than NVDU's maximum drawdown of -67.27%. Use the drawdown chart below to compare losses from any high point for TMV and NVDU.

Drawdown Indicators

	TMV	NVDU	Difference
Max Drawdown Largest peak-to-trough decline	-98.96%	-67.27%	-31.69%
Max Drawdown (1Y) Largest decline over 1 year	-21.62%	-42.27%	+20.65%
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	-95.94%	-18.32%	-77.62%
Average Drawdown Average peak-to-trough decline	-86.60%	-18.84%	-67.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.13%	18.47%	-7.34%

Volatility

TMV vs. NVDU - Volatility Comparison

The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 8.15%, while Direxion Daily NVDA Bull 2X Shares ETF (NVDU) has a volatility of 24.74%. This indicates that TMV experiences smaller price fluctuations and is considered to be less risky than NVDU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMV	NVDU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.15%	24.74%	-16.59%
Volatility (6M) Calculated over the trailing 6-month period	19.18%	50.50%	-31.32%
Volatility (1Y) Calculated over the trailing 1-year period	29.12%	68.02%	-38.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.21%	91.06%	-43.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.44%	91.06%	-46.62%

TMV vs. NVDU - Expense Ratio Comparison

Both TMV and NVDU have an expense ratio of 1.04%.

Dividends

TMV vs. NVDU - Dividend Comparison

TMV's dividend yield for the trailing twelve months is around 2.62%, less than NVDU's 4.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
NVDU Direxion Daily NVDA Bull 2X Shares ETF	4.83%	5.68%	16.85%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%
TMV Direxion Daily 20-Year Treasury Bear 3X	2.62%	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 NVDU in my portfolio?

TMV and NVDU have a correlation of 0.04, 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 NVDU?

NVDU has higher volatility (24.74%) compared to TMV (8.15%). In terms of maximum drawdown, TMV dropped -98.96% vs NVDU's -67.27%.

Which ETF is better, TMV or NVDU?

On 1-year performance, NVDU leads with 84.73% vs -4.33% for TMV. Both ETFs have the same 1.04% expense ratio. On volatility, TMV has been the lower-risk option at 8.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMV or NVDU?

Over the 1-year period, NVDU has performed better with a 84.73% return vs -4.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMV or NVDU?

TMV and NVDU have the same expense ratio: 1.04% per year.

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

NVDU has the higher dividend yield at 4.83%, compared with 2.62% for TMV.

What is the main difference between TMV and NVDU?

TMV is categorized as Leveraged Bonds, while NVDU is Leveraged Equities.

Which has better risk-adjusted returns?

NVDU currently has the higher Sharpe Ratio (1.26 vs -0.15), 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.