TMV vs. PFFL
TMV (Direxion Daily 20-Year Treasury Bear 3X) and PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index. Both are passively managed. Over the past 5 years, TMV returned 20.39%/yr vs -6.57%/yr for PFFL. At a correlation of -0.24, they often move in opposite directions. TMV charges 1.04%/yr vs 0.85%/yr for PFFL.
Performance
TMV vs. PFFL - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 1.44% return, which is significantly higher than PFFL's -1.90% 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%
PFFL
- 1D
- -0.19%
- 1M
- -1.40%
- YTD
- -1.90%
- 6M
- -2.44%
- 1Y
- 4.83%
- 3Y*
- 4.18%
- 5Y*
- -6.57%
- 10Y*
- —
TMV vs. PFFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 1.44% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | -13.84% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -1.90% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
Correlation
The correlation between TMV and PFFL is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.35 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | -0.24 |
The correlation between TMV and PFFL shifts across timeframes, from -0.40 (3 years) to -0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TMV vs. PFFL — Risk / Return Rank
TMV
PFFL
TMV vs. PFFL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL). 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 | PFFL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.07 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 0.41 | -0.49 |
| Martin ratioReturn relative to average drawdown | -0.16 | 0.94 | -1.11 |
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Drawdowns
TMV vs. PFFL - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than PFFL's maximum drawdown of -80.68%. Use the drawdown chart below to compare losses from any high point for TMV and PFFL.
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Drawdown Indicators
| TMV | PFFL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -80.68% | -18.28% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -11.92% | -9.70% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -23.75% | -24.74% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -48.51% | +0.02% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | — | — |
Current DrawdownCurrent decline from peak | -96.06% | -39.57% | -56.49% |
Average DrawdownAverage peak-to-trough decline | -86.61% | -28.59% | -58.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.09% | 5.14% | +5.95% |
Volatility
TMV vs. PFFL - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 6.55% compared to ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) at 4.10%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than PFFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | PFFL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.55% | 4.10% | +2.45% |
Volatility (6M)Calculated over the trailing 6-month period | 19.56% | 10.67% | +8.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.25% | 17.12% | +11.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.05% | 23.66% | +23.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.38% | 55.16% | -10.78% |
TMV vs. PFFL - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than PFFL's 0.85% expense ratio.
Dividends
TMV vs. PFFL - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.70%, less than PFFL's 13.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 13.14% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
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
TMV and PFFL have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (6.55%) compared to PFFL (4.10%). In terms of maximum drawdown, TMV dropped -98.96% vs PFFL's -80.68%.
On 5-year performance, TMV leads with 20.39% vs -6.57% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFL has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TMV has performed better with a 20.39% return vs -6.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 1.04% for TMV.
PFFL has the higher dividend yield at 13.14%, compared with 2.70% for TMV.
TMV is categorized as Leveraged Bonds, while PFFL is Preferred Stock/Convertible Bonds. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while PFFL tracks Solactive Preferred Stock ETF Index. They also come from different issuers: Direxion and UBS. Their fees differ too: 1.04% for TMV and 0.85% for PFFL.
PFFL currently has the higher Sharpe Ratio (0.28 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.
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