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 1.08%/yr vs -55.43%/yr for SQQQ. At a correlation of -0.18, they often move in opposite directions. 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 9.48% return, which is significantly higher than SQQQ's -42.24% return. Over the past 10 years, TMV has outperformed SQQQ with an annualized return of 1.08%, while SQQQ has yielded a comparatively lower -55.43% 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%
SQQQ
- 1D
- -3.30%
- 1M
- -1.98%
- 6M
- -38.99%
- YTD
- -42.24%
- 1Y
- -57.13%
- 3Y*
- -52.32%
- 5Y*
- -46.24%
- 10Y*
- -55.43%
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 | 9.48% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
SQQQ ProShares UltraPro Short QQQ | -42.24% | -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 | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 0.16 (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 | +1.12 | ||
| Sortino ratioReturn per unit of downside risk | +2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.81 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | -0.94 | +1.05 |
| Martin ratioReturn relative to average drawdown | 0.21 | -1.73 | +1.95 |
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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 | -21.62% | -61.03% | +39.41% |
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 | -95.75% | -100.00% | +4.25% |
Average DrawdownAverage peak-to-trough decline | -86.64% | -92.75% | +6.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.32% | 32.98% | -21.66% |
Volatility
TMV vs. SQQQ - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 7.69%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 24.18%. 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 | 7.69% | 24.18% | -16.49% |
Volatility (6M)Calculated over the trailing 6-month period | 20.06% | 45.91% | -25.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.92% | 55.61% | -27.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.97% | 67.89% | -20.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.25% | 66.57% | -22.32% |
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 2.41%, less than SQQQ's 10.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 10.34% | 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 | 2.41% | 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 (24.18%) compared to TMV (7.69%). In terms of maximum drawdown, TMV dropped -98.96% vs SQQQ's -100.00%.
On 10-year performance, TMV leads with 1.08% vs -55.43% for SQQQ. On fees, SQQQ is cheaper at 0.95% 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 -55.43%. 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 10.34%, compared with 2.41% 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 (0.09 vs -1.03), 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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