TMV vs. SPMO
TMV (Direxion Daily 20-Year Treasury Bear 3X) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, TMV returned -0.46%/yr vs 21.03%/yr for SPMO. At a 0.06 correlation, their price movements are largely independent. TMV charges 1.04%/yr vs 0.13%/yr for SPMO.
Performance
TMV vs. SPMO - 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 SPMO's 29.91% return. Over the past 10 years, TMV has underperformed SPMO with an annualized return of -0.46%, while SPMO has yielded a comparatively higher 21.03% 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%
SPMO
- 1D
- -4.53%
- 1M
- 6.65%
- YTD
- 29.91%
- 6M
- 28.13%
- 1Y
- 43.55%
- 3Y*
- 42.47%
- 5Y*
- 22.89%
- 10Y*
- 21.03%
TMV vs. SPMO - 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% |
SPMO Invesco S&P 500 Momentum ETF | 29.91% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -0.92% | 27.76% |
Correlation
The correlation between TMV and SPMO is -0.12, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | 0.06 |
The correlation between TMV and SPMO shifts across timeframes, from -0.12 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TMV vs. SPMO — Risk / Return Rank
TMV
SPMO
TMV vs. SPMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and Invesco S&P 500 Momentum ETF (SPMO). 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 | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -2.70 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.39 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 3.45 | -3.53 |
| Martin ratioReturn relative to average drawdown | -0.16 | 12.97 | -13.13 |
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Drawdowns
TMV vs. SPMO - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for TMV and SPMO.
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Drawdown Indicators
| TMV | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -30.95% | -68.01% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -12.70% | -8.92% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -20.13% | -28.36% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -22.74% | -25.75% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -30.95% | -51.36% |
Current DrawdownCurrent decline from peak | -96.06% | -4.53% | -91.53% |
Average DrawdownAverage peak-to-trough decline | -86.61% | -4.59% | -82.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.09% | 3.37% | +7.72% |
Volatility
TMV vs. SPMO - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 6.55%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 11.75%. This indicates that TMV experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.55% | 11.75% | -5.20% |
Volatility (6M)Calculated over the trailing 6-month period | 19.56% | 17.78% | +1.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.25% | 20.55% | +7.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.05% | 19.88% | +27.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.38% | 20.60% | +23.78% |
TMV vs. SPMO - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Dividends
TMV vs. SPMO - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.70%, more than SPMO's 0.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPMO Invesco S&P 500 Momentum ETF | 0.68% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
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% | 0.00% |
Frequently Asked Questions
TMV and SPMO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (11.75%) compared to TMV (6.55%). In terms of maximum drawdown, TMV dropped -98.96% vs SPMO's -30.95%.
On 10-year performance, SPMO leads with 21.03% vs -0.46% for TMV. On fees, SPMO is cheaper at 0.13% 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, SPMO has performed better with a 21.03% return vs -0.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 1.04% for TMV.
TMV has the higher dividend yield at 2.70%, compared with 0.68% for SPMO.
TMV is categorized as Leveraged Bonds, while SPMO is Momentum. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 1.04% for TMV and 0.13% for SPMO.
SPMO currently has the higher Sharpe Ratio (2.13 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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