TMV vs. SOXL
TMV (Direxion Daily 20-Year Treasury Bear 3X) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, TMV returned 1.08%/yr vs 57.12%/yr for SOXL. At a 0.20 correlation, their price movements are largely independent. TMV charges 1.04%/yr vs 0.75%/yr for SOXL.
Performance
TMV vs. SOXL - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 9.48% return, which is significantly lower than SOXL's 320.32% return. Over the past 10 years, TMV has underperformed SOXL with an annualized return of 1.08%, while SOXL has yielded a comparatively higher 57.12% annualized return.
TMV
- 1D
- -0.35%
- 1M
- 5.74%
- 6M
- 11.49%
- YTD
- 9.48%
- 1Y
- 2.40%
- 3Y*
- 13.70%
- 5Y*
- 25.06%
- 10Y*
- 1.08%
SOXL
- 1D
- 6.83%
- 1M
- -24.72%
- 6M
- 215.07%
- YTD
- 320.32%
- 1Y
- 566.84%
- 3Y*
- 90.03%
- 5Y*
- 35.80%
- 10Y*
- 57.12%
TMV vs. SOXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 9.48% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 320.32% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 70.04% | 231.83% | -39.07% | 141.71% |
Correlation
The correlation between TMV and SOXL is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.20 |
The correlation between TMV and SOXL shifts across timeframes, from -0.09 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TMV vs. SOXL — Risk / Return Rank
TMV
SOXL
TMV vs. SOXL - 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 Daily Semiconductor Bull 3X ETF (SOXL). 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 | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.53 | ||
| Sortino ratioReturn per unit of downside risk | -2.89 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.45 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | 12.70 | -12.58 |
| Martin ratioReturn relative to average drawdown | 0.21 | 36.42 | -36.21 |
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Drawdowns
TMV vs. SOXL - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for TMV and SOXL.
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Drawdown Indicators
| TMV | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -90.46% | -8.50% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -45.05% | +23.43% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -87.88% | +39.39% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -90.46% | +41.97% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -90.46% | +8.15% |
Current DrawdownCurrent decline from peak | -95.75% | -41.26% | -54.49% |
Average DrawdownAverage peak-to-trough decline | -86.64% | -34.94% | -51.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.32% | 15.67% | -4.35% |
Volatility
TMV vs. SOXL - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 7.69%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 62.00%. This indicates that TMV experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.69% | 62.00% | -54.31% |
Volatility (6M)Calculated over the trailing 6-month period | 20.06% | 108.24% | -88.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.92% | 123.87% | -95.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.97% | 111.87% | -64.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.25% | 101.35% | -57.10% |
TMV vs. SOXL - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
TMV vs. SOXL - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.41%, more than SOXL's 0.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.01% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.41% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% | 0.00% | 0.00% |
Frequently Asked Questions
TMV and SOXL have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (62.00%) compared to TMV (7.69%). In terms of maximum drawdown, TMV dropped -98.96% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 57.12% vs 1.08% for TMV. On fees, SOXL is cheaper at 0.75% per year. On volatility, TMV has been the lower-risk option at 7.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SOXL has performed better with a 57.12% return vs 1.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXL is cheaper with a 0.75% expense ratio, compared with 1.04% for TMV.
TMV has the higher dividend yield at 2.41%, compared with 0.01% for SOXL.
TMV is categorized as Leveraged Bonds, while SOXL is Leveraged Equities. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while SOXL tracks ICE Semiconductor Index. Their fees differ too: 1.04% for TMV and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (4.62 vs 0.09), 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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