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TMV vs. QQQE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TMV vs. QQQE

Last updated Jun 4, 2026

TMV (Direxion Daily 20-Year Treasury Bear 3X) and QQQE (Direxion NASDAQ-100 Equal Weighted Index Shares) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while QQQE is a Nasdaq-100 fund tracking the NASDAQ-100 Equal Weighted Index. Both are passively managed. Over the past 10 years, TMV returned -0.80%/yr vs 15.49%/yr for QQQE. At a 0.13 correlation, their price movements are largely independent. TMV charges 1.04%/yr vs 0.35%/yr for QQQE.

Performance

TMV vs. QQQE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 20-Year Treasury Bear 3X (TMV) and Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TMV achieves a 4.73% return, which is significantly lower than QQQE's 19.12% return. Over the past 10 years, TMV has underperformed QQQE with an annualized return of -0.80%, while QQQE has yielded a comparatively higher 15.49% annualized 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%

QQQE

1D
-0.10%
1M
10.46%
YTD
19.12%
6M
17.48%
1Y
28.68%
3Y*
18.69%
5Y*
10.30%
10Y*
15.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TMV vs. QQQE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TMV
Direxion Daily 20-Year Treasury Bear 3X		4.73%-3.75%39.76%-9.69%150.18%0.83%-54.13%-34.22%3.99%-26.48%
QQQE
Direxion NASDAQ-100 Equal Weighted Index Shares		19.12%14.58%6.98%33.76%-24.47%17.93%37.85%36.43%-5.40%26.53%

Correlation

The correlation between TMV and QQQE is -0.25, 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

-0.25

Correlation (3Y)
Calculated over the trailing 3-year period

-0.20

Correlation (5Y)
Calculated over the trailing 5-year period

-0.10

Correlation (10Y)
Calculated over the trailing 10-year period

0.04

Correlation (All Time)
Calculated using the full available price history since Mar 22, 2012

0.13

The correlation between TMV and QQQE shifts across timeframes, from -0.25 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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Direxion Daily 20-Year Treasury Bear 3X

Direxion NASDAQ-100 Equal Weighted Index Shares

Often compared with TMV:
TMV vs. TMFTMV vs. TBTTMV vs. TLTTMV vs. ^TNXTMV vs. TTTTMV vs. TBFTMV vs. SPY
Often compared with QQQE:
QQQE vs. QQQQQQE vs. QQQMQQQE vs. QQEWQQQE vs. SPYGQQQE vs. TQQQQQQE vs. VOOQQQE vs. SPY

Return for Risk

TMV vs. QQQE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TMV
TMV Risk / Return Rank: 77
Overall Rank
TMV Sharpe Ratio Rank: 77
Sharpe Ratio Rank
TMV Sortino Ratio Rank: 77
Sortino Ratio Rank
TMV Omega Ratio Rank: 77
Omega Ratio Rank
TMV Calmar Ratio Rank: 77
Calmar Ratio Rank
TMV Martin Ratio Rank: 77
Martin Ratio Rank
QQQE
QQQE Risk / Return Rank: 5858
Overall Rank
QQQE Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
QQQE Sortino Ratio Rank: 5757
Sortino Ratio Rank
QQQE Omega Ratio Rank: 5555
Omega Ratio Rank
QQQE Calmar Ratio Rank: 6161
Calmar Ratio Rank
QQQE Martin Ratio Rank: 5959
Martin Ratio Rank
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. QQQE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE). 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.

TMVQQQEDifference
Sharpe ratioReturn per unit of total volatility
-0.15
2.04

-2.19

Sortino ratioReturn per unit of downside risk
-0.01
2.79

-2.80

Omega ratioGain probability vs. loss probability

1.00

1.35

-0.35

Calmar ratioReturn relative to maximum drawdown

-0.20

3.06

-3.26

Martin ratioReturn relative to average drawdown

-0.40

10.57

-10.96

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMV vs. QQQE - Sharpe Ratio Comparison

The current TMV Sharpe Ratio is -0.15, which is lower than the QQQE Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of TMV and QQQE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TMVQQQEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.15

2.04

-2.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.41

0.51

-0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.02

0.75

-0.77

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.33

0.76

-1.09

Drawdowns

TMV vs. QQQE - Drawdown Comparison

The maximum TMV drawdown since its inception was -98.96%, which is greater than QQQE's maximum drawdown of -32.14%. Use the drawdown chart below to compare losses from any high point for TMV and QQQE.

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Drawdown Indicators

TMVQQQEDifference

Max Drawdown

Largest peak-to-trough decline

-98.96%

-32.14%

-66.82%

Max Drawdown (1Y)

Largest decline over 1 year

-21.62%

-9.41%

-12.21%

Max Drawdown (3Y)

Largest decline over 3 years

-48.49%

-21.38%

-27.11%

Max Drawdown (5Y)

Largest decline over 5 years

-48.49%

-32.14%

-16.35%

Max Drawdown (10Y)

Largest decline over 10 years

-82.31%

-32.14%

-50.17%

Current Drawdown

Current decline from peak

-95.94%

-0.10%

-95.84%

Average Drawdown

Average peak-to-trough decline

-86.60%

-5.17%

-81.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.13%

2.72%

+8.41%

Volatility

TMV vs. QQQE - Volatility Comparison

Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 8.15% compared to Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) at 3.79%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than QQQE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TMVQQQEDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.15%

3.79%

+4.36%

Volatility (6M)

Calculated over the trailing 6-month period

19.18%

10.64%

+8.54%

Volatility (1Y)

Calculated over the trailing 1-year period

29.12%

14.15%

+14.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

47.21%

20.30%

+26.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.44%

20.72%

+23.72%

TMV vs. QQQE - Expense Ratio Comparison

TMV has a 1.04% expense ratio, which is higher than QQQE's 0.35% expense ratio.

Dividends

TMV vs. QQQE - Dividend Comparison

TMV's dividend yield for the trailing twelve months is around 2.62%, more than QQQE's 0.52% yield.

PositionTTM20252024202320222021202020192018201720162015
QQQE
Direxion NASDAQ-100 Equal Weighted Index Shares		0.52%0.52%0.86%0.79%0.98%3.83%0.54%0.74%0.80%0.65%1.17%0.57%
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%0.00%0.00%0.00%

Frequently Asked Questions

TMV and QQQE have a correlation of -0.25, 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 QQQE (3.79%). In terms of maximum drawdown, TMV dropped -98.96% vs QQQE's -32.14%.

On 10-year performance, QQQE leads with 15.49% vs -0.80% for TMV. On fees, QQQE is cheaper at 0.35% per year. On volatility, QQQE has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QQQE has performed better with a 15.49% return vs -0.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQE is cheaper with a 0.35% expense ratio, compared with 1.04% for TMV.

TMV has the higher dividend yield at 2.62%, compared with 0.52% for QQQE.

TMV is categorized as Leveraged Bonds, while QQQE is Nasdaq-100. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while QQQE tracks NASDAQ-100 Equal Weighted Index. Their fees differ too: 1.04% for TMV and 0.35% for QQQE.

QQQE currently has the higher Sharpe Ratio (2.04 vs -0.15), 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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