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TMV vs. SPXS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TMV vs. SPXS

Last updated Jun 4, 2026

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 -0.80%/yr vs -42.01%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 20-Year Treasury Bear 3X (TMV) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TMV achieves a 4.73% return, which is significantly higher than SPXS's -25.49% return. Over the past 10 years, TMV has outperformed SPXS with an annualized return of -0.80%, while SPXS has yielded a comparatively lower -42.01% annualized return.

TMV

1D
1.13%
1M
-1.68%
YTD
4.73%
6M
11.42%
1Y
-4.33%
3Y*
12.83%
5Y*
19.12%
10Y*
-0.80%

SPXS

1D
2.19%
1M
-13.11%
YTD
-25.49%
6M
-24.86%
1Y
-48.73%
3Y*
-42.68%
5Y*
-34.76%
10Y*
-42.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TMV vs. SPXS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TMV
Direxion Daily 20-Year Treasury Bear 3X		4.73%-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		-25.49%-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 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.21

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

-0.09

Correlation (All Time)
Calculated using the full available price history since Apr 17, 2009

-0.24

The correlation between TMV and SPXS shifts across timeframes, from -0.24 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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Direxion Daily 20-Year Treasury Bear 3X

Direxion Daily S&P 500 Bear 3X Shares

Often compared with TMV:
TMV vs. TMFTMV vs. TBTTMV vs. TLTTMV vs. ^TNXTMV vs. TTTTMV vs. TBFTMV vs. SPY
Often compared with SPXS:
SPXS vs. SPXUSPXS vs. SPXLSPXS vs. CSPX.LSPXS vs. SQQQSPXS vs. SPXP.LSPXS vs. SPYSPXS vs. SDS

Return for Risk

TMV vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TMV
TMV Risk / Return Rank: 77
Overall Rank
TMV Sharpe Ratio Rank: 77
Sharpe Ratio Rank
TMV Sortino Ratio Rank: 77
Sortino Ratio Rank
TMV Omega Ratio Rank: 77
Omega Ratio Rank
TMV Calmar Ratio Rank: 77
Calmar Ratio Rank
TMV Martin Ratio Rank: 77
Martin Ratio Rank
SPXS
SPXS Risk / Return Rank: 11
Overall Rank
SPXS Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPXS Sortino Ratio Rank: 00
Sortino Ratio Rank
SPXS Omega Ratio Rank: 00
Omega Ratio Rank
SPXS Calmar Ratio Rank: 11
Calmar Ratio Rank
SPXS Martin Ratio Rank: 11
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

TMVSPXSDifference
Sharpe ratioReturn per unit of total volatility
-0.15
-1.38

+1.23

Sortino ratioReturn per unit of downside risk
-0.01
-2.31

+2.30

Omega ratioGain probability vs. loss probability

1.00

0.75

+0.25

Calmar ratioReturn relative to maximum drawdown

-0.20

-0.96

+0.76

Martin ratioReturn relative to average drawdown

-0.40

-1.62

+1.23

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMV vs. SPXS - Sharpe Ratio Comparison

The current TMV Sharpe Ratio is -0.15, which is higher than the SPXS Sharpe Ratio of -1.38. The chart below compares the historical Sharpe Ratios of TMV and SPXS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TMVSPXSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.15

-1.38

+1.23

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.41

-0.69

+1.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.02

-0.79

+0.77

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.33

-0.83

+0.51

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

TMVSPXSDifference

Max Drawdown

Largest peak-to-trough decline

-98.96%

-100.00%

+1.04%

Max Drawdown (1Y)

Largest decline over 1 year

-21.62%

-50.77%

+29.15%

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%

-99.63%

+17.32%

Current Drawdown

Current decline from peak

-95.94%

-100.00%

+4.06%

Average Drawdown

Average peak-to-trough decline

-86.60%

-96.30%

+9.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.13%

30.04%

-18.91%

Volatility

TMV vs. SPXS - Volatility Comparison

Direxion Daily 20-Year Treasury Bear 3X (TMV) and Direxion Daily S&P 500 Bear 3X Shares (SPXS) have volatilities of 8.15% and 8.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TMVSPXSDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.15%

8.51%

-0.36%

Volatility (6M)

Calculated over the trailing 6-month period

19.18%

26.82%

-7.64%

Volatility (1Y)

Calculated over the trailing 1-year period

29.12%

35.54%

-6.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

47.21%

50.39%

-3.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.44%

53.54%

-9.10%

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 2.62%, less than SPXS's 4.91% yield.

PositionTTM20252024202320222021202020192018
SPXS
Direxion Daily S&P 500 Bear 3X Shares		4.91%4.93%6.18%5.66%0.00%0.00%0.51%1.74%0.58%
TMV
Direxion Daily 20-Year Treasury Bear 3X		2.62%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 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPXS has higher volatility (8.51%) compared to TMV (8.15%). In terms of maximum drawdown, TMV dropped -98.96% vs SPXS's -100.00%.

On 10-year performance, TMV leads with -0.80% vs -42.01% for SPXS. On fees, TMV is cheaper at 1.04% per year. On volatility, TMV has been the lower-risk option at 8.15%. 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 -0.80% return vs -42.01%. 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 4.91%, compared with 2.62% 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 (-0.15 vs -1.38), 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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