TMV vs. SOXL

Last updated Jun 4, 2026

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 -0.80%/yr vs 65.39%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 20-Year Treasury Bear 3X (TMV) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMV achieves a 4.73% return, which is significantly lower than SOXL's 567.48% return. Over the past 10 years, TMV has underperformed SOXL with an annualized return of -0.80%, while SOXL has yielded a comparatively higher 65.39% 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%

SOXL

• 1D: 5.34%
• 1M: 119.95%
• YTD: 567.48%
• 6M: 502.28%
• 1Y: 1,438.30%
• 3Y*: 135.13%
• 5Y*: 48.72%
• 10Y*: 65.39%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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	4.73%	-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	567.48%	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	-0.02
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Mar 12, 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.

Return for Risk

TMV vs. SOXL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TMV

TMV Risk / Return Rank: 7
TMV Sharpe Ratio Rank: 7
TMV Sortino Ratio Rank: 7
TMV Omega Ratio Rank: 7
TMV Calmar Ratio Rank: 7
TMV Martin Ratio Rank: 7

SOXL

SOXL Risk / Return Rank: 97
SOXL Sharpe Ratio Rank: 100
SOXL Sortino Ratio Rank: 95
SOXL Omega Ratio Rank: 95
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 99

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. 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.

	TMV	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	-0.15	14.28	-14.43
Sortino ratio: Return per unit of downside risk	-0.01	5.17	-5.18
Omega ratio: Gain probability vs. loss probability	1.00	1.72	-0.72
Calmar ratio: Return relative to maximum drawdown	-0.20	33.47	-33.67
Martin ratio: Return relative to average drawdown	-0.40	114.79	-115.18
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. SOXL - Sharpe Ratio Comparison

The current TMV Sharpe Ratio is -0.15, which is lower than the SOXL Sharpe Ratio of 14.28. The chart below compares the historical Sharpe Ratios of TMV and SOXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TMV	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.15	14.28	-14.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.46	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	0.66	-0.68
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	0.52	-0.84

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.

Drawdown Indicators

	TMV	SOXL	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-95.94%	0.00%	-95.94%
Average Drawdown Average peak-to-trough decline	-86.60%	-35.01%	-51.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.13%	12.65%	-1.52%

Volatility

TMV vs. SOXL - Volatility Comparison

The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 8.15%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 40.82%. 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.

Volatility by Period

	TMV	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.15%	40.82%	-32.67%
Volatility (6M) Calculated over the trailing 6-month period	19.18%	81.29%	-62.11%
Volatility (1Y) Calculated over the trailing 1-year period	29.12%	102.11%	-72.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.21%	107.25%	-60.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.44%	99.04%	-54.60%

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 2.62%, 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	2.62%	2.85%	3.41%	3.87%	0.00%	0.00%	0.37%	1.60%	0.62%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMV and SOXL in my portfolio?

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.

Which is riskier, TMV or SOXL?

SOXL has higher volatility (40.82%) compared to TMV (8.15%). In terms of maximum drawdown, TMV dropped -98.96% vs SOXL's -90.46%.

Which ETF is better, TMV or SOXL?

On 10-year performance, SOXL leads with 65.39% vs -0.80% for TMV. On fees, SOXL is cheaper at 0.75% per year. On volatility, TMV has been the lower-risk option at 8.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMV or SOXL?

Over the 10-year period, SOXL has performed better with a 65.39% return vs -0.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMV or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 1.04% for TMV.

Which ETF pays a higher dividend yield, TMV or SOXL?

TMV has the higher dividend yield at 2.62%, compared with 0.03% for SOXL.

What is the main difference between TMV and 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.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (14.28 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.