TMV vs. SPUU
TMV (Direxion Daily 20-Year Treasury Bear 3X) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, TMV returned -0.46%/yr vs 24.81%/yr for SPUU. At a 0.14 correlation, their price movements are largely independent. TMV charges 1.04%/yr vs 0.60%/yr for SPUU.
Performance
TMV vs. SPUU - 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 SPUU's 13.33% return. Over the past 10 years, TMV has underperformed SPUU with an annualized return of -0.46%, while SPUU has yielded a comparatively higher 24.81% 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%
SPUU
- 1D
- -2.91%
- 1M
- -3.20%
- YTD
- 13.33%
- 6M
- 10.95%
- 1Y
- 43.00%
- 3Y*
- 34.33%
- 5Y*
- 18.44%
- 10Y*
- 24.81%
TMV vs. SPUU - 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% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 13.33% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
Correlation
The correlation between TMV and SPUU is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014 | 0.14 |
The correlation between TMV and SPUU shifts across timeframes, from -0.22 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TMV vs. SPUU — Risk / Return Rank
TMV
SPUU
TMV vs. SPUU - 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 S&P 500 Bull 2X ETF (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.14 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.30 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 2.38 | -2.46 |
| Martin ratioReturn relative to average drawdown | -0.16 | 10.11 | -10.27 |
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Drawdowns
TMV vs. SPUU - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for TMV and SPUU.
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Drawdown Indicators
| TMV | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -59.35% | -39.61% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -18.19% | -3.43% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -35.18% | -13.31% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -46.59% | -1.90% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -59.35% | -22.96% |
Current DrawdownCurrent decline from peak | -96.06% | -6.62% | -89.44% |
Average DrawdownAverage peak-to-trough decline | -86.61% | -9.48% | -77.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.09% | 4.27% | +6.82% |
Volatility
TMV vs. SPUU - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 6.55%, while Direxion Daily S&P 500 Bull 2X ETF (SPUU) has a volatility of 9.70%. This indicates that TMV experiences smaller price fluctuations and is considered to be less risky than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.55% | 9.70% | -3.15% |
Volatility (6M)Calculated over the trailing 6-month period | 19.56% | 19.93% | -0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.25% | 25.22% | +3.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.05% | 33.67% | +13.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.38% | 35.81% | +8.57% |
TMV vs. SPUU - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
TMV vs. SPUU - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.70%, more than SPUU's 1.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.42% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
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 SPUU have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPUU has higher volatility (9.70%) compared to TMV (6.55%). In terms of maximum drawdown, TMV dropped -98.96% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 24.81% vs -0.46% for TMV. On fees, SPUU is cheaper at 0.60% 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, SPUU has performed better with a 24.81% return vs -0.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 1.04% for TMV.
TMV has the higher dividend yield at 2.70%, compared with 1.42% for SPUU.
TMV is categorized as Leveraged Bonds, while SPUU is Leveraged Equities. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while SPUU tracks S&P 500 Index (200% Daily). Their fees differ too: 1.04% for TMV and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.72 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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