TMV vs. SQQQ
TMV (Direxion Daily 20-Year Treasury Bear 3X) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, TMV returned 1.70%/yr vs -54.51%/yr for SQQQ. Their -0.18 correlation means they have often moved in opposite directions in the past. TMV charges 1.04%/yr vs 0.95%/yr for SQQQ.
Performance
TMV vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 16.38% return, which is significantly higher than SQQQ's -38.05% return. Over the past 10 years, TMV has outperformed SQQQ with an annualized return of 1.70%, while SQQQ has yielded a comparatively lower -54.51% annualized return.
TMV
- 1D
- -0.98%
- 1M
- 12.24%
- 6M
- 14.16%
- YTD
- 16.38%
- 1Y
- 18.32%
- 3Y*
- 10.87%
- 5Y*
- 28.21%
- 10Y*
- 1.70%
- ALL TIME*
- -14.09%
SQQQ
- 1D
- -5.26%
- 1M
- 3.70%
- 6M
- -34.63%
- YTD
- -38.05%
- 1Y
- -54.82%
- 3Y*
- -52.10%
- 5Y*
- -44.80%
- 10Y*
- -54.51%
- ALL TIME*
- -52.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.77B | $2.43B | $2.72B | |
| $31.46M | $23.47M | $25.72M |
TMV vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 16.38% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
SQQQ ProShares UltraPro Short QQQ | -38.05% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between TMV and SQQQ is 0.18, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.18 |
Correlation (3Y) Balances recent behavior with more history. | 0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.18 |
The correlation between TMV and SQQQ shifts across timeframes, from -0.18 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMV vs. SQQQ — Risk / Return Rank
TMV
SQQQ
TMV vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.63 | ||
| Sortino ratioReturn per unit of downside risk | +2.62 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.84 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | -0.92 | +1.87 |
| Martin ratioReturn relative to average drawdown | 1.97 | -1.65 | +3.62 |
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Drawdowns
TMV vs. SQQQ - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TMV and SQQQ.
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Drawdown Indicators
| TMV | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -100.00% | +1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -19.32% | -59.62% | +40.30% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -92.51% | +44.02% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -97.27% | +48.78% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -99.97% | +17.66% |
Current DrawdownCurrent decline from peak | -95.48% | -100.00% | +4.52% |
Average DrawdownAverage peak-to-trough decline | -86.67% | -92.78% | +6.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.30% | 35.25% | -25.95% |
Volatility
TMV vs. SQQQ - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 7.23%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 21.07%. This indicates that TMV experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.23% | 21.07% | -13.84% |
Volatility (6M)Calculated over the trailing 6-month period | 20.10% | 48.20% | -28.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.33% | 57.95% | -30.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.82% | 68.24% | -21.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.23% | 66.78% | -22.55% |
TMV vs. SQQQ - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than SQQQ's 0.95% expense ratio.
Dividends
TMV vs. SQQQ - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.27%, less than SQQQ's 9.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 9.64% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.27% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% | 0.00% |
Frequently Asked Questions
TMV and SQQQ have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (21.07%) compared to TMV (7.23%). In terms of maximum drawdown, TMV dropped -98.96% vs SQQQ's -100.00%.
On 10-year performance, TMV leads with 1.70% vs -54.51% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, TMV has been the lower-risk option at 7.23%. 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 1.70% return vs -54.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SQQQ is cheaper with a 0.95% expense ratio, compared with 1.04% for TMV.
SQQQ has the higher dividend yield at 9.64%, compared with 2.27% for TMV.
TMV is categorized as Leveraged Bonds, while SQQQ is Leveraged Equities. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while SQQQ tracks NASDAQ-100 Index (-300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.04% for TMV and 0.95% for SQQQ.
TMV currently has the higher Sharpe Ratio (0.67 vs -0.95), 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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