TMV vs. PFFL
TMV (Direxion Daily 20-Year Treasury Bear 3X) and PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) are both Leveraged Bonds funds - TMV tracks the NYSE 20 Year Plus Treasury Bond Index (-300%) while PFFL tracks the Solactive Preferred Stock ETF Index. Both are passively managed. Over the past 5 years, TMV returned 28.21%/yr vs -6.94%/yr for PFFL. Their -0.24 correlation means they have often moved in opposite directions in the past. 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 16.38% return, which is significantly higher than PFFL's -2.41% return.
TMV
- 1D
- -0.98%
- 1M
- 12.24%
- 6M
- 14.16%
- YTD
- 16.38%
- 1Y
- 18.32%
- 3Y*
- 10.87%
- 5Y*
- 28.21%
- 10Y*
- 1.70%
- ALL TIME*
- -14.09%
PFFL
- 1D
- 1.44%
- 1M
- 0.14%
- 6M
- -5.93%
- YTD
- -2.41%
- 1Y
- -0.58%
- 3Y*
- 3.20%
- 5Y*
- -6.94%
- 10Y*
- —
- ALL TIME*
- -3.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.02K | $14.94K | $17.61K | |
| $31.46M | $23.47M | $25.72M |
TMV vs. PFFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 16.38% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | -13.84% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -2.41% | 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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.30 |
Correlation (3Y) Balances recent behavior with more history. | -0.38 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.36 |
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 -0.38 (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 | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.01 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | -0.05 | +1.00 |
| Martin ratioReturn relative to average drawdown | 1.97 | -0.10 | +2.07 |
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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 | -19.32% | -11.92% | -7.40% |
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 | -95.48% | -39.88% | -55.60% |
Average DrawdownAverage peak-to-trough decline | -86.67% | -28.76% | -57.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.30% | 6.08% | +3.22% |
Volatility
TMV vs. PFFL - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 7.23% compared to ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) at 4.68%. 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 | 7.23% | 4.68% | +2.55% |
Volatility (6M)Calculated over the trailing 6-month period | 20.10% | 11.38% | +8.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.33% | 15.72% | +11.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.82% | 23.74% | +23.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.23% | 54.80% | -10.57% |
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 2.27%, less than PFFL's 12.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.61% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.27% | 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 (7.23%) compared to PFFL (4.68%). In terms of maximum drawdown, TMV dropped -98.96% vs PFFL's -80.68%.
On 5-year performance, TMV leads with 28.21% vs -6.94% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFL has been the lower-risk option at 4.68%. 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 28.21% return vs -6.94%. 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 12.61%, compared with 2.27% for TMV.
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.
TMV currently has the higher Sharpe Ratio (0.67 vs -0.04), 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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