TMV vs. PFIX
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 19.12%/yr vs 16.86%/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
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Returns By Period
In the year-to-date period, TMV achieves a 4.73% return, which is significantly higher than PFIX's -2.55% 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%
PFIX
- 1D
- 0.36%
- 1M
- -3.76%
- YTD
- -2.55%
- 6M
- 1.53%
- 1Y
- -15.57%
- 3Y*
- 14.54%
- 5Y*
- 16.86%
- 10Y*
- —
TMV vs. PFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 4.73% | -3.75% | 39.76% | -9.69% | 150.18% | -29.78% |
PFIX Simplify Interest Rate Hedge ETF | -2.55% | 0.42% | 35.94% | 5.67% | 92.05% | -24.95% |
Correlation
The correlation between TMV and PFIX is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since May 12, 2021 | 0.85 |
The correlation between TMV and PFIX has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.
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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 | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.93 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | -0.61 | +0.41 |
| Martin ratioReturn relative to average drawdown | -0.40 | -0.96 | +0.56 |
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 | -0.15 | -0.52 | +0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.44 | -0.03 |
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 | 0.39 | -0.72 |
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 | -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 DrawdownCurrent decline from peak | -95.94% | -19.65% | -76.29% |
Average DrawdownAverage peak-to-trough decline | -86.60% | -17.13% | -69.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.13% | 16.35% | -5.22% |
Volatility
TMV vs. PFIX - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 8.15% compared to Simplify Interest Rate Hedge ETF (PFIX) at 7.51%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier 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 | 8.15% | 7.51% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 19.18% | 20.89% | -1.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.12% | 30.32% | -1.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.21% | 38.50% | +8.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.44% | 38.35% | +6.09% |
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 2.62%, less than PFIX's 9.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PFIX Simplify Interest Rate Hedge ETF | 9.96% | 9.92% | 3.40% | 87.92% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.62% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
Frequently Asked Questions
TMV and PFIX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (8.15%) compared to PFIX (7.51%). In terms of maximum drawdown, TMV dropped -98.96% vs PFIX's -36.17%.
On 5-year performance, TMV leads with 19.12% vs 16.86% for PFIX. On fees, PFIX is cheaper at 0.50% per year. On volatility, PFIX has been the lower-risk option at 7.51%. 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 19.12% return vs 16.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFIX is cheaper with a 0.50% expense ratio, compared with 1.04% for TMV.
PFIX has the higher dividend yield at 9.96%, compared with 2.62% for TMV.
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.
TMV currently has the higher Sharpe Ratio (-0.15 vs -0.52), 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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