TMV vs. SOXS
TMV (Direxion Daily 20-Year Treasury Bear 3X) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, TMV returned 1.70%/yr vs -77.95%/yr for SOXS. Their -0.20 correlation means they have often moved in opposite directions in the past. TMV charges 1.04%/yr vs 1.08%/yr for SOXS.
Performance
TMV vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 16.38% return, which is significantly higher than SOXS's -91.36% return. Over the past 10 years, TMV has outperformed SOXS with an annualized return of 1.70%, while SOXS has yielded a comparatively lower -77.95% annualized return.
TMV
- 1D
- -0.98%
- 1M
- 12.24%
- 6M
- 14.16%
- YTD
- 16.38%
- 1Y
- 18.32%
- 3Y*
- 10.87%
- 5Y*
- 28.21%
- 10Y*
- 1.70%
- ALL TIME*
- -14.09%
SOXS
- 1D
- -2.19%
- 1M
- 17.69%
- 6M
- -85.38%
- YTD
- -91.36%
- 1Y
- -96.54%
- 3Y*
- -85.20%
- 5Y*
- -78.25%
- 10Y*
- -77.95%
- ALL TIME*
- -70.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.80B | $3.40B | $3.36B | |
| $31.46M | $23.47M | $25.72M |
TMV vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 16.38% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.36% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
Correlation
The correlation between TMV and SOXS is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.09 |
Correlation (3Y) Balances recent behavior with more history. | 0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | -0.20 |
The correlation between TMV and SOXS shifts across timeframes, from -0.20 (all time) to 0.09 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMV vs. SOXS — Risk / Return Rank
TMV
SOXS
TMV vs. SOXS - 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 Bear 3x Shares (SOXS). 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 | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +3.63 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.73 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | -0.99 | +1.94 |
| Martin ratioReturn relative to average drawdown | 1.97 | -1.35 | +3.32 |
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Drawdowns
TMV vs. SOXS - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, roughly equal to the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TMV and SOXS.
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Drawdown Indicators
| TMV | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -100.00% | +1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -19.32% | -97.89% | +78.57% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -99.87% | +51.38% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -99.98% | +51.49% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -100.00% | +17.69% |
Current DrawdownCurrent decline from peak | -95.48% | -100.00% | +4.52% |
Average DrawdownAverage peak-to-trough decline | -86.67% | -92.66% | +5.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.30% | 71.53% | -62.23% |
Volatility
TMV vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 7.23%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 53.53%. This indicates that TMV experiences smaller price fluctuations and is considered to be less risky than SOXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.23% | 53.53% | -46.30% |
Volatility (6M)Calculated over the trailing 6-month period | 20.10% | 116.62% | -96.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.33% | 132.65% | -105.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.82% | 114.59% | -67.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.23% | 103.78% | -59.55% |
TMV vs. SOXS - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is lower than SOXS's 1.08% expense ratio.
Dividends
TMV vs. SOXS - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.27%, less than SOXS's 42.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 42.78% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.27% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
Frequently Asked Questions
TMV and SOXS 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.
SOXS has higher volatility (53.53%) compared to TMV (7.23%). In terms of maximum drawdown, TMV dropped -98.96% vs SOXS's -100.00%.
On 10-year performance, TMV leads with 1.70% vs -77.95% for SOXS. On fees, TMV is cheaper at 1.04% per year. On volatility, TMV has been the lower-risk option at 7.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMV has performed better with a 1.70% return vs -77.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMV is cheaper with a 1.04% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 42.78%, compared with 2.27% for TMV.
TMV is categorized as Leveraged Bonds, while SOXS is Inverse Equities. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 1.04% for TMV and 1.08% for SOXS.
TMV currently has the higher Sharpe Ratio (0.67 vs -0.73), 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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