TMV vs. T
TMV (Direxion Daily 20-Year Treasury Bear 3X) is Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while T (AT&T Inc.) is a stock. Over the past 10 years, TMV returned 1.70%/yr vs 2.67%/yr for T. Their 0.11 correlation means their historical movements had little consistent relationship.
Performance
TMV vs. T - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TMV achieves a 16.38% return, which is significantly higher than T's -1.62% return. Over the past 10 years, TMV has underperformed T with an annualized return of 1.70%, while T has yielded a comparatively higher 2.67% 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%
T
- 1D
- 1.46%
- 1M
- 16.16%
- 6M
- -8.16%
- YTD
- -1.62%
- 1Y
- -10.99%
- 3Y*
- 25.43%
- 5Y*
- 8.39%
- 10Y*
- 2.67%
- ALL TIME*
- 9.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.06B | $1.79B | $1.45B | |
| $31.46M | $23.47M | $25.72M |
TMV vs. T - 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% |
T AT&T Inc. | -1.62% | 13.97% | 44.08% | -2.74% | 5.76% | -8.09% | -21.37% | 45.55% | -22.25% | -4.01% |
Correlation
The correlation between TMV and T is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.01 |
Correlation (3Y) Balances recent behavior with more history. | -0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.11 |
The correlation between TMV and T shifts across timeframes, from -0.14 (3 years) to 0.11 (all time), 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.
Return for Risk
TMV vs. T — Risk / Return Rank
TMV
T
TMV vs. T - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and AT&T Inc. (T). 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 | T | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.12 | ||
| Sortino ratioReturn per unit of downside risk | +1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.94 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | -0.38 | +1.33 |
| Martin ratioReturn relative to average drawdown | 1.97 | -0.82 | +2.80 |
Loading charts...
Drawdowns
TMV vs. T - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than T's maximum drawdown of -64.15%. Use the drawdown chart below to compare losses from any high point for TMV and T.
Loading charts...
Drawdown Indicators
| TMV | T | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -64.15% | -34.81% |
Max Drawdown (1Y)Largest decline over 1 year | -19.32% | -28.89% | +9.57% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -28.89% | -19.60% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -32.01% | -16.48% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -42.35% | -39.96% |
Current DrawdownCurrent decline from peak | -95.48% | -16.99% | -78.49% |
Average DrawdownAverage peak-to-trough decline | -86.67% | -15.74% | -70.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.30% | 13.41% | -4.11% |
Volatility
TMV vs. T - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 7.23%, while AT&T Inc. (T) has a volatility of 8.78%. This indicates that TMV experiences smaller price fluctuations and is considered to be less risky than T based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TMV | T | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.23% | 8.78% | -1.55% |
Volatility (6M)Calculated over the trailing 6-month period | 20.10% | 19.88% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.33% | 24.84% | +2.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.82% | 24.63% | +22.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.23% | 24.03% | +20.20% |
Dividends
TMV vs. T - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.27%, less than T's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
T AT&T Inc. | 4.71% | 4.47% | 4.87% | 6.62% | 6.66% | 8.46% | 7.23% | 5.22% | 7.01% | 5.04% | 4.51% | 5.46% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
TMV and T have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
T has higher volatility (8.78%) compared to TMV (7.23%). In terms of maximum drawdown, TMV dropped -98.96% vs T's -64.15%.
TMV currently has the higher Sharpe Ratio (0.67 vs -0.44), 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.
Find the right allocation for TMV and T
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer