TMV vs. SKOR
TMV (Direxion Daily 20-Year Treasury Bear 3X) and SKOR (FlexShares Credit-Scored US Corporate Bond Index Fund) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while SKOR is a Corporate Bonds fund tracking the NorthernTrustUS Corporate Bond Quality Value Index. Both are passively managed. Over the past 10 years, TMV returned -0.34%/yr vs 2.81%/yr for SKOR. At a correlation of -0.61, they often move in opposite directions. TMV charges 1.04%/yr vs 0.22%/yr for SKOR.
Performance
TMV vs. SKOR - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 2.64% return, which is significantly higher than SKOR's 0.35% return. Over the past 10 years, TMV has underperformed SKOR with an annualized return of -0.34%, while SKOR has yielded a comparatively higher 2.81% annualized return.
TMV
- 1D
- 2.30%
- 1M
- -5.15%
- YTD
- 2.64%
- 6M
- 3.66%
- 1Y
- -1.53%
- 3Y*
- 13.35%
- 5Y*
- 20.55%
- 10Y*
- -0.34%
SKOR
- 1D
- -0.13%
- 1M
- 0.39%
- YTD
- 0.35%
- 6M
- 0.57%
- 1Y
- 4.66%
- 3Y*
- 5.95%
- 5Y*
- 1.77%
- 10Y*
- 2.81%
TMV vs. SKOR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.64% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
SKOR FlexShares Credit-Scored US Corporate Bond Index Fund | 0.35% | 7.99% | 4.42% | 7.64% | -9.88% | -1.40% | 8.84% | 10.69% | -1.25% | 4.38% |
Correlation
The correlation between TMV and SKOR is -0.81, 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 | -0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.65 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2014 | -0.61 |
The correlation between TMV and SKOR shifts across timeframes, from -0.82 (3 years) to -0.61 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TMV vs. SKOR — Risk / Return Rank
TMV
SKOR
TMV vs. SKOR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and FlexShares Credit-Scored US Corporate Bond Index Fund (SKOR). 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 | SKOR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.45 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.32 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 2.24 | -2.31 |
| Martin ratioReturn relative to average drawdown | -0.14 | 7.73 | -7.87 |
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Drawdowns
TMV vs. SKOR - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than SKOR's maximum drawdown of -15.98%. Use the drawdown chart below to compare losses from any high point for TMV and SKOR.
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Drawdown Indicators
| TMV | SKOR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -15.98% | -82.98% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -2.09% | -19.53% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -3.11% | -45.38% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -15.13% | -33.36% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -15.98% | -66.33% |
Current DrawdownCurrent decline from peak | -96.02% | -0.76% | -95.26% |
Average DrawdownAverage peak-to-trough decline | -86.61% | -2.64% | -83.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.08% | 0.60% | +10.48% |
Volatility
TMV vs. SKOR - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 6.54% compared to FlexShares Credit-Scored US Corporate Bond Index Fund (SKOR) at 0.83%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than SKOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | SKOR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.54% | 0.83% | +5.71% |
Volatility (6M)Calculated over the trailing 6-month period | 19.56% | 2.07% | +17.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.28% | 2.72% | +25.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.05% | 4.43% | +42.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.45% | 4.91% | +39.54% |
TMV vs. SKOR - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than SKOR's 0.22% expense ratio.
Dividends
TMV vs. SKOR - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.67%, less than SKOR's 4.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SKOR FlexShares Credit-Scored US Corporate Bond Index Fund | 4.67% | 4.70% | 4.90% | 3.90% | 2.57% | 2.55% | 3.38% | 3.53% | 2.85% | 2.46% | 2.74% | 2.25% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.67% | 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 SKOR have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (6.54%) compared to SKOR (0.83%). In terms of maximum drawdown, TMV dropped -98.96% vs SKOR's -15.98%.
On 10-year performance, SKOR leads with 2.81% vs -0.34% for TMV. On fees, SKOR is cheaper at 0.22% per year. On volatility, SKOR has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SKOR has performed better with a 2.81% return vs -0.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SKOR is cheaper with a 0.22% expense ratio, compared with 1.04% for TMV.
SKOR has the higher dividend yield at 4.67%, compared with 2.67% for TMV.
TMV is categorized as Leveraged Bonds, while SKOR is Corporate Bonds. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while SKOR tracks NorthernTrustUS Corporate Bond Quality Value Index. They also come from different issuers: Direxion and Northern Trust. Their fees differ too: 1.04% for TMV and 0.22% for SKOR.
SKOR currently has the higher Sharpe Ratio (1.72 vs -0.05), 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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