TMV vs. SPXL
TMV (Direxion Daily 20-Year Treasury Bear 3X) and SPXL (Direxion Daily S&P 500 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 SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, TMV returned -0.46%/yr vs 30.27%/yr for SPXL. At a 0.24 correlation, their price movements are largely independent. TMV charges 1.04%/yr vs 0.84%/yr for SPXL.
Performance
TMV vs. SPXL - 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 SPXL's 17.21% return. Over the past 10 years, TMV has underperformed SPXL with an annualized return of -0.46%, while SPXL has yielded a comparatively higher 30.27% 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%
SPXL
- 1D
- -4.48%
- 1M
- -5.53%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.56%
- 3Y*
- 46.39%
- 5Y*
- 20.70%
- 10Y*
- 30.27%
TMV vs. SPXL - 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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 17.21% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Correlation
The correlation between TMV and SPXL is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.24 |
The correlation between TMV and SPXL shifts across timeframes, from -0.23 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TMV vs. SPXL — Risk / Return Rank
TMV
SPXL
TMV vs. SPXL - 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 3X ETF (SPXL). 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 | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.75 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.28 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 2.35 | -2.43 |
| Martin ratioReturn relative to average drawdown | -0.16 | 9.57 | -9.73 |
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Drawdowns
TMV vs. SPXL - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for TMV and SPXL.
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Drawdown Indicators
| TMV | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -76.86% | -22.10% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -26.77% | +5.15% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -48.95% | +0.46% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -63.80% | +15.31% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -76.86% | -5.45% |
Current DrawdownCurrent decline from peak | -96.06% | -10.44% | -85.62% |
Average DrawdownAverage peak-to-trough decline | -86.61% | -16.09% | -70.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.09% | 6.56% | +4.53% |
Volatility
TMV vs. SPXL - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 6.55%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 14.70%. This indicates that TMV experiences smaller price fluctuations and is considered to be less risky than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.55% | 14.70% | -8.15% |
Volatility (6M)Calculated over the trailing 6-month period | 19.56% | 29.55% | -9.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.25% | 37.43% | -9.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.05% | 50.54% | -3.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.38% | 53.47% | -9.09% |
TMV vs. SPXL - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
TMV vs. SPXL - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.70%, more than SPXL's 0.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.57% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
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% |
Frequently Asked Questions
TMV and SPXL have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXL has higher volatility (14.70%) compared to TMV (6.55%). In terms of maximum drawdown, TMV dropped -98.96% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 30.27% vs -0.46% for TMV. On fees, SPXL is cheaper at 0.84% 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, SPXL has performed better with a 30.27% return vs -0.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.04% for TMV.
TMV has the higher dividend yield at 2.70%, compared with 0.57% for SPXL.
TMV is categorized as Leveraged Bonds, while SPXL is Leveraged Equities. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while SPXL tracks S&P 500. Their fees differ too: 1.04% for TMV and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (1.69 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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