TMV vs. PFIX
Compare and contrast key facts about Direxion Daily 20-Year Treasury Bear 3X (TMV) and Simplify Interest Rate Hedge ETF (PFIX).
TMV and PFIX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TMV is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (-300%). It was launched on Apr 16, 2009. PFIX is an actively managed fund by Simplify. It was launched on May 10, 2021.
Performance
TMV vs. PFIX - Performance Comparison
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TMV vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 1.55% | -3.75% | 39.76% | -9.69% | 150.18% | -29.78% |
PFIX Simplify Interest Rate Hedge ETF | -2.90% | 0.42% | 35.94% | 5.67% | 92.05% | -24.95% |
Returns By Period
In the year-to-date period, TMV achieves a 1.55% return, which is significantly higher than PFIX's -2.90% return.
TMV
- 1D
- 0.35%
- 1M
- 13.94%
- YTD
- 1.55%
- 6M
- 8.04%
- 1Y
- 10.47%
- 3Y*
- 15.75%
- 5Y*
- 16.67%
- 10Y*
- -1.93%
PFIX
- 1D
- -3.95%
- 1M
- 11.53%
- YTD
- -2.90%
- 6M
- 2.03%
- 1Y
- 4.58%
- 3Y*
- 17.99%
- 5Y*
- —
- 10Y*
- —
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TMV vs. PFIX - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than PFIX's 0.50% expense ratio.
Return for Risk
TMV vs. PFIX — Risk / Return Rank
TMV
PFIX
TMV vs. PFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and Simplify Interest Rate Hedge ETF (PFIX). 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 | PFIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.31 | 0.13 | +0.18 |
Sortino ratioReturn per unit of downside risk | 0.71 | 0.46 | +0.25 |
Omega ratioGain probability vs. loss probability | 1.08 | 1.05 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 0.30 | 0.10 | +0.19 |
Martin ratioReturn relative to average drawdown | 0.53 | 0.17 | +0.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TMV | PFIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.31 | 0.13 | +0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.04 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | 0.40 | -0.73 |
Correlation
The correlation between TMV and PFIX is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
TMV vs. PFIX - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.70%, less than PFIX's 10.17% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% |
PFIX Simplify Interest Rate Hedge ETF | 10.17% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
TMV vs. PFIX - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than PFIX's maximum drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for TMV and PFIX.
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Drawdown Indicators
| TMV | PFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -36.17% | -62.79% |
Max Drawdown (1Y)Largest decline over 1 year | -25.01% | -28.22% | +3.21% |
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 | -96.06% | -19.94% | -76.12% |
Average DrawdownAverage peak-to-trough decline | -86.50% | -17.07% | -69.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.04% | 17.44% | -3.40% |
Volatility
TMV vs. PFIX - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 10.96%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 13.71%. This indicates that TMV experiences smaller price fluctuations and is considered to be less risky than PFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | PFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.96% | 13.71% | -2.75% |
Volatility (6M)Calculated over the trailing 6-month period | 19.59% | 20.26% | -0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.15% | 35.00% | -0.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.30% | 38.75% | +8.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.52% | 38.75% | +5.77% |