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TMV vs. SPY
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between TMV and SPY is 0.27, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.


-0.50.00.51.0
Correlation: 0.3

Performance

TMV vs. SPY - Performance Comparison

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

0.00%200.00%400.00%600.00%800.00%NovemberDecember2025FebruaryMarchApril
-94.56%
754.50%
TMV
SPY

Key characteristics

Sharpe Ratio

TMV:

-0.10

SPY:

0.51

Sortino Ratio

TMV:

0.16

SPY:

0.86

Omega Ratio

TMV:

1.02

SPY:

1.13

Calmar Ratio

TMV:

-0.04

SPY:

0.55

Martin Ratio

TMV:

-0.24

SPY:

2.26

Ulcer Index

TMV:

18.19%

SPY:

4.55%

Daily Std Dev

TMV:

42.79%

SPY:

20.08%

Max Drawdown

TMV:

-99.06%

SPY:

-55.19%

Current Drawdown

TMV:

-96.58%

SPY:

-9.89%

Returns By Period

In the year-to-date period, TMV achieves a -6.30% return, which is significantly lower than SPY's -5.76% return. Over the past 10 years, TMV has underperformed SPY with an annualized return of -5.48%, while SPY has yielded a comparatively higher 12.16% annualized return.


TMV

YTD

-6.30%

1M

2.97%

6M

7.36%

1Y

-6.91%

5Y*

27.41%

10Y*

-5.48%

SPY

YTD

-5.76%

1M

-0.90%

6M

-4.30%

1Y

9.72%

5Y*

15.76%

10Y*

12.16%

*Annualized

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TMV vs. SPY - Expense Ratio Comparison

TMV has a 1.04% expense ratio, which is higher than SPY's 0.09% expense ratio.


Expense ratio chart for TMV: current value is 1.04%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
TMV: 1.04%
Expense ratio chart for SPY: current value is 0.09%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
SPY: 0.09%

Risk-Adjusted Performance

TMV vs. SPY — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TMV
The Risk-Adjusted Performance Rank of TMV is 1919
Overall Rank
The Sharpe Ratio Rank of TMV is 1717
Sharpe Ratio Rank
The Sortino Ratio Rank of TMV is 2323
Sortino Ratio Rank
The Omega Ratio Rank of TMV is 2121
Omega Ratio Rank
The Calmar Ratio Rank of TMV is 1818
Calmar Ratio Rank
The Martin Ratio Rank of TMV is 1717
Martin Ratio Rank

SPY
The Risk-Adjusted Performance Rank of SPY is 6363
Overall Rank
The Sharpe Ratio Rank of SPY is 5959
Sharpe Ratio Rank
The Sortino Ratio Rank of SPY is 6161
Sortino Ratio Rank
The Omega Ratio Rank of SPY is 6464
Omega Ratio Rank
The Calmar Ratio Rank of SPY is 6666
Calmar Ratio Rank
The Martin Ratio Rank of SPY is 6565
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

TMV vs. SPY - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and SPDR S&P 500 ETF (SPY). 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.


The chart of Sharpe ratio for TMV, currently valued at -0.10, compared to the broader market-1.000.001.002.003.004.00
TMV: -0.10
SPY: 0.51
The chart of Sortino ratio for TMV, currently valued at 0.16, compared to the broader market-2.000.002.004.006.008.00
TMV: 0.16
SPY: 0.86
The chart of Omega ratio for TMV, currently valued at 1.02, compared to the broader market0.501.001.502.002.50
TMV: 1.02
SPY: 1.13
The chart of Calmar ratio for TMV, currently valued at -0.04, compared to the broader market0.002.004.006.008.0010.0012.00
TMV: -0.04
SPY: 0.55
The chart of Martin ratio for TMV, currently valued at -0.24, compared to the broader market0.0020.0040.0060.00
TMV: -0.24
SPY: 2.26

The current TMV Sharpe Ratio is -0.10, which is lower than the SPY Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of TMV and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio-1.000.001.002.003.004.00NovemberDecember2025FebruaryMarchApril
-0.10
0.51
TMV
SPY

Dividends

TMV vs. SPY - Dividend Comparison

TMV's dividend yield for the trailing twelve months is around 3.51%, more than SPY's 1.30% yield.


TTM20242023202220212020201920182017201620152014
TMV
Direxion Daily 20-Year Treasury Bear 3X
3.51%3.42%3.87%0.00%0.00%0.52%2.24%0.88%0.00%0.00%0.00%0.00%
SPY
SPDR S&P 500 ETF
1.30%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%1.87%

Drawdowns

TMV vs. SPY - Drawdown Comparison

The maximum TMV drawdown since its inception was -99.06%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TMV and SPY. For additional features, visit the drawdowns tool.


-100.00%-80.00%-60.00%-40.00%-20.00%0.00%NovemberDecember2025FebruaryMarchApril
-96.58%
-9.89%
TMV
SPY

Volatility

TMV vs. SPY - Volatility Comparison

Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 17.35% compared to SPDR S&P 500 ETF (SPY) at 15.12%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


0.00%5.00%10.00%15.00%NovemberDecember2025FebruaryMarchApril
17.35%
15.12%
TMV
SPY