TMV vs. PFIX

Last updated Jun 24, 2026

TMV (Direxion Daily 20-Year Treasury Bear 3X) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while PFIX is a Hedge Fund fund actively managed by Simplify. TMV is passively managed, while PFIX is actively managed. Over the past 5 years, TMV returned 20.39%/yr vs 17.72%/yr for PFIX. Their correlation of 0.85 suggests significant overlap in exposure. TMV charges 1.04%/yr vs 0.50%/yr for PFIX.

Performance

TMV vs. PFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 20-Year Treasury Bear 3X (TMV) and Simplify Interest Rate Hedge ETF (PFIX). 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 higher than PFIX's -6.98% 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%

PFIX

• 1D: -0.61%
• 1M: -11.02%
• YTD: -6.98%
• 6M: -6.81%
• 1Y: -12.36%
• 3Y*: 15.87%
• 5Y*: 17.72%
• 10Y*: —

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

TMV vs. PFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TMV Direxion Daily 20-Year Treasury Bear 3X	1.44%	-3.75%	39.76%	-9.69%	150.18%	-28.64%
PFIX Simplify Interest Rate Hedge ETF	-6.98%	0.42%	35.94%	5.67%	92.05%	-24.98%

Correlation

The correlation between TMV and PFIX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 11, 2021	0.85

The correlation between TMV and PFIX has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.

Return for Risk

TMV vs. PFIX — 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

PFIX

PFIX Risk / Return Rank: 5
PFIX Sharpe Ratio Rank: 5
PFIX Sortino Ratio Rank: 5
PFIX Omega Ratio Rank: 5
PFIX Calmar Ratio Rank: 5
PFIX Martin Ratio Rank: 5

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. 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.

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	PFIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.06	-0.43	+0.36
Sortino ratio: Return per unit of downside risk	0.11	-0.45	+0.56
Omega ratio: Gain probability vs. loss probability	1.01	0.95	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.08	-0.48	+0.40
Martin ratio: Return relative to average drawdown	-0.16	-0.74	+0.58

TMV vs. PFIX - Sharpe Ratio Comparison

The current TMV Sharpe Ratio is -0.06, which is higher than the PFIX Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of TMV and PFIX, 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. 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.

Drawdown Indicators

	TMV	PFIX	Difference
Max Drawdown Largest peak-to-trough decline	-98.96%	-36.17%	-62.79%
Max Drawdown (1Y) Largest decline over 1 year	-21.62%	-25.64%	+4.02%
Max Drawdown (3Y) Largest decline over 3 years	-48.49%	-36.17%	-12.32%
Max Drawdown (5Y) Largest decline over 5 years	-48.49%	-36.17%	-12.32%
Max Drawdown (10Y) Largest decline over 10 years	-82.31%	—	—
Current Drawdown Current decline from peak	-96.06%	-23.31%	-72.75%
Average Drawdown Average peak-to-trough decline	-86.61%	-17.15%	-69.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.09%	16.70%	-5.61%

Volatility

TMV vs. PFIX - Volatility Comparison

Direxion Daily 20-Year Treasury Bear 3X (TMV) and Simplify Interest Rate Hedge ETF (PFIX) have volatilities of 6.55% and 6.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMV	PFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.55%	6.85%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	19.56%	21.31%	-1.75%
Volatility (1Y) Calculated over the trailing 1-year period	28.25%	29.19%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.05%	38.46%	+8.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.38%	38.23%	+6.15%

TMV vs. PFIX - Expense Ratio Comparison

TMV has a 1.04% expense ratio, which is higher than PFIX's 0.50% expense ratio.

Dividends

TMV vs. PFIX - Dividend Comparison

TMV's dividend yield for the trailing twelve months is around 2.70%, less than PFIX's 10.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PFIX Simplify Interest Rate Hedge ETF	10.44%	9.92%	3.40%	87.92%	0.63%	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 PFIX in my portfolio?

TMV and PFIX have a correlation of 0.79, 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 PFIX?

PFIX has higher volatility (6.85%) compared to TMV (6.55%). In terms of maximum drawdown, TMV dropped -98.96% vs PFIX's -36.17%.

Which ETF is better, TMV or PFIX?

On 5-year performance, TMV leads with 20.39% vs 17.72% for PFIX. On fees, PFIX is cheaper at 0.50% 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 PFIX?

Over the 5-year period, TMV has performed better with a 20.39% return vs 17.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMV or PFIX?

PFIX is cheaper with a 0.50% expense ratio, compared with 1.04% for TMV.

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

PFIX has the higher dividend yield at 10.44%, compared with 2.70% for TMV.

What is the main difference between TMV and PFIX?

TMV is categorized as Leveraged Bonds, while PFIX is Hedge Fund. They also come from different issuers: Direxion and Simplify. Their fees differ too: 1.04% for TMV and 0.50% for PFIX.

Which has better risk-adjusted returns?

TMV currently has the higher Sharpe Ratio (-0.06 vs -0.43), 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.