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TMV vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TMV vs. SQQQ

Last updated Jun 4, 2026

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 -0.80%/yr vs -56.01%/yr for SQQQ. At a correlation of -0.19, they often move in opposite directions. TMV charges 1.04%/yr vs 0.95%/yr for SQQQ.

Performance

TMV vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 20-Year Treasury Bear 3X (TMV) and ProShares UltraPro Short QQQ (SQQQ). 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 SQQQ's -45.27% return. Over the past 10 years, TMV has outperformed SQQQ with an annualized return of -0.80%, while SQQQ has yielded a comparatively lower -56.01% 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%

SQQQ

1D
0.76%
1M
-26.37%
YTD
-45.27%
6M
-42.79%
1Y
-65.16%
3Y*
-56.19%
5Y*
-49.17%
10Y*
-56.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TMV vs. SQQQ - 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%
SQQQ
ProShares UltraPro Short QQQ		-45.27%-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 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.16

Correlation (3Y)
Calculated over the trailing 3-year period

0.14

Correlation (5Y)
Calculated over the trailing 5-year period

0.07

Correlation (10Y)
Calculated over the trailing 10-year period

-0.04

Correlation (All Time)
Calculated using the full available price history since Feb 12, 2010

-0.19

The correlation between TMV and SQQQ shifts across timeframes, from -0.19 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily 20-Year Treasury Bear 3X

ProShares UltraPro Short QQQ

Often compared with TMV:
TMV vs. TMFTMV vs. TBTTMV vs. TLTTMV vs. ^TNXTMV vs. TTTTMV vs. TBFTMV vs. SPY
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. UVXYSQQQ vs. SPXUSQQQ vs. QID

Return for Risk

TMV vs. SQQQ — 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
SQQQ
SQQQ Risk / Return Rank: 00
Overall Rank
SQQQ Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 00
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 00
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 00
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
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. 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.

TMVSQQQDifference
Sharpe ratioReturn per unit of total volatility
-0.15
-1.37

+1.22

Sortino ratioReturn per unit of downside risk
-0.01
-2.63

+2.62

Omega ratioGain probability vs. loss probability

1.00

0.72

+0.27

Calmar ratioReturn relative to maximum drawdown

-0.20

-0.99

+0.79

Martin ratioReturn relative to average drawdown

-0.40

-1.82

+1.43

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. SQQQ - Sharpe Ratio Comparison

The current TMV Sharpe Ratio is -0.15, which is higher than the SQQQ Sharpe Ratio of -1.37. The chart below compares the historical Sharpe Ratios of TMV and SQQQ, 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

TMVSQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.15

-1.37

+1.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.41

-0.74

+1.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.02

-0.85

+0.83

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.33

-0.88

+0.55

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

TMVSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-98.96%

-100.00%

+1.04%

Max Drawdown (1Y)

Largest decline over 1 year

-21.62%

-65.95%

+44.33%

Max Drawdown (3Y)

Largest decline over 3 years

-48.49%

-92.38%

+43.89%

Max Drawdown (5Y)

Largest decline over 5 years

-48.49%

-97.23%

+48.74%

Max Drawdown (10Y)

Largest decline over 10 years

-82.31%

-99.98%

+17.67%

Current Drawdown

Current decline from peak

-95.94%

-100.00%

+4.06%

Average Drawdown

Average peak-to-trough decline

-86.60%

-92.40%

+5.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.13%

35.73%

-24.60%

Volatility

TMV vs. SQQQ - Volatility Comparison

The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 8.15%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.75%. 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

TMVSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.15%

13.75%

-5.60%

Volatility (6M)

Calculated over the trailing 6-month period

19.18%

36.45%

-17.27%

Volatility (1Y)

Calculated over the trailing 1-year period

29.12%

47.79%

-18.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

47.21%

66.64%

-19.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.44%

66.11%

-21.67%

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 2.62%, less than SQQQ's 12.48% yield.

PositionTTM202520242023202220212020201920182017
SQQQ
ProShares UltraPro Short QQQ		12.48%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		2.62%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 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (13.75%) compared to TMV (8.15%). In terms of maximum drawdown, TMV dropped -98.96% vs SQQQ's -100.00%.

On 10-year performance, TMV leads with -0.80% vs -56.01% for SQQQ. On fees, SQQQ is cheaper at 0.95% 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 -56.01%. 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 12.48%, compared with 2.62% 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 (-0.15 vs -1.37), 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.

Portfolio Optimizer

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