TMV vs. SPXS
TMV (Direxion Daily 20-Year Treasury Bear 3X) and SPXS (Direxion Daily S&P 500 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 SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, TMV returned 1.08%/yr vs -41.33%/yr for SPXS. At a correlation of -0.24, they often move in opposite directions. TMV charges 1.04%/yr vs 1.08%/yr for SPXS.
Performance
TMV vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 9.48% return, which is significantly higher than SPXS's -25.28% return. Over the past 10 years, TMV has outperformed SPXS with an annualized return of 1.08%, while SPXS has yielded a comparatively lower -41.33% annualized return.
TMV
- 1D
- -0.35%
- 1M
- 5.74%
- 6M
- 11.49%
- YTD
- 9.48%
- 1Y
- 2.40%
- 3Y*
- 13.70%
- 5Y*
- 25.06%
- 10Y*
- 1.08%
SPXS
- 1D
- -1.03%
- 1M
- -4.29%
- 6M
- -21.61%
- YTD
- -25.28%
- 1Y
- -40.98%
- 3Y*
- -39.81%
- 5Y*
- -33.39%
- 10Y*
- -41.33%
TMV vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 9.48% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.28% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between TMV and SPXS is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
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 SPXS shifts across timeframes, from -0.24 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMV vs. SPXS — Risk / Return Rank
TMV
SPXS
TMV vs. SPXS - 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 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.18 | ||
| Sortino ratioReturn per unit of downside risk | +2.00 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.82 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | -0.94 | +1.05 |
| Martin ratioReturn relative to average drawdown | 0.21 | -1.63 | +1.85 |
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Drawdowns
TMV vs. SPXS - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TMV and SPXS.
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Drawdown Indicators
| TMV | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -100.00% | +1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -43.64% | +22.02% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -84.13% | +35.64% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -90.11% | +41.62% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -99.56% | +17.25% |
Current DrawdownCurrent decline from peak | -95.75% | -100.00% | +4.25% |
Average DrawdownAverage peak-to-trough decline | -86.64% | -96.30% | +9.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.32% | 25.12% | -13.80% |
Volatility
TMV vs. SPXS - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 7.69%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 11.89%. This indicates that TMV experiences smaller price fluctuations and is considered to be less risky than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.69% | 11.89% | -4.20% |
Volatility (6M)Calculated over the trailing 6-month period | 20.06% | 30.01% | -9.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.92% | 37.64% | -9.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.97% | 50.75% | -3.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.25% | 53.52% | -9.27% |
TMV vs. SPXS - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
TMV vs. SPXS - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.41%, less than SPXS's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.54% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.41% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
Frequently Asked Questions
TMV and SPXS 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.
SPXS has higher volatility (11.89%) compared to TMV (7.69%). In terms of maximum drawdown, TMV dropped -98.96% vs SPXS's -100.00%.
On 10-year performance, TMV leads with 1.08% vs -41.33% for SPXS. On fees, TMV is cheaper at 1.04% per year. On volatility, TMV has been the lower-risk option at 7.69%. 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 1.08% return vs -41.33%. 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 SPXS.
SPXS has the higher dividend yield at 4.54%, compared with 2.41% for TMV.
TMV is categorized as Leveraged Bonds, while SPXS is Inverse Equities. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.04% for TMV and 1.08% for SPXS.
TMV currently has the higher Sharpe Ratio (0.09 vs -1.09), 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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