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 -0.46%/yr vs 64.56%/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 1.44% return, which is significantly lower than SOXL's 450.61% return. Over the past 10 years, TMV has underperformed SOXL with an annualized return of -0.46%, while SOXL has yielded a comparatively higher 64.56% annualized 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%
SOXL
- 1D
- -23.06%
- 1M
- 21.44%
- YTD
- 450.61%
- 6M
- 429.57%
- 1Y
- 976.09%
- 3Y*
- 120.84%
- 5Y*
- 42.16%
- 10Y*
- 64.56%
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 | 1.44% | -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 | 450.61% | 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 -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
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 -0.08 (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 | -8.51 | ||
| Sortino ratioReturn per unit of downside risk | -3.92 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.58 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 22.69 | -22.77 |
| Martin ratioReturn relative to average drawdown | -0.16 | 72.83 | -72.99 |
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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% | -43.47% | +21.85% |
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 | -96.06% | -23.06% | -73.00% |
Average DrawdownAverage peak-to-trough decline | -86.61% | -34.95% | -51.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.09% | 13.52% | -2.43% |
Volatility
TMV vs. SOXL - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 6.55%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 68.39%. 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 | 6.55% | 68.39% | -61.84% |
Volatility (6M)Calculated over the trailing 6-month period | 19.56% | 99.84% | -80.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.25% | 116.79% | -88.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.05% | 110.35% | -63.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.38% | 100.62% | -56.24% |
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 2.70%, more than SOXL's 0.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.03% | 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 | 2.70% | 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 -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (68.39%) compared to TMV (6.55%). In terms of maximum drawdown, TMV dropped -98.96% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 64.56% vs -0.46% for TMV. On fees, SOXL is cheaper at 0.75% 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.
Over the 10-year period, SOXL has performed better with a 64.56% return vs -0.46%. 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 2.70%, compared with 0.03% 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 (8.45 vs -0.06), 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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