TMV vs. T

Last updated Jul 15, 2026

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 1.08%/yr vs 1.68%/yr for T. At a 0.11 correlation, their price movements are largely independent.

Performance

TMV vs. T - Performance Comparison

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

Returns By Period

In the year-to-date period, TMV achieves a 9.48% return, which is significantly higher than T's -11.25% return. Over the past 10 years, TMV has underperformed T with an annualized return of 1.08%, while T has yielded a comparatively higher 1.68% 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%

T

• 1D: -1.25%
• 1M: -8.55%
• 6M: -6.48%
• YTD: -11.25%
• 1Y: -17.96%
• 3Y*: 19.78%
• 5Y*: 5.75%
• 10Y*: 1.68%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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	9.48%	-3.75%	39.76%	-9.69%	150.18%	0.83%	-54.13%	-34.22%	3.99%	-26.48%
T AT&T Inc.	-11.25%	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 is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
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	0.03
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.

Return for Risk

TMV vs. T — Risk / Return Rank

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

TMV

TMV Risk / Return Rank: 11
TMV Sharpe Ratio Rank: 11
TMV Sortino Ratio Rank: 11
TMV Omega Ratio Rank: 11
TMV Calmar Ratio Rank: 11
TMV Martin Ratio Rank: 10

T

T Risk / Return Rank: 14
T Sharpe Ratio Rank: 11
T Sortino Ratio Rank: 13
T Omega Ratio Rank: 15
T Calmar Ratio Rank: 21
T Martin Ratio Rank: 8

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. 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 ratio: Return per unit of total volatility	0.09	-0.77	+0.85
Sortino ratio: Return per unit of downside risk	0.32	-0.98	+1.30
Omega ratio: Gain probability vs. loss probability	1.04	0.88	+0.15
Calmar ratio: Return relative to maximum drawdown	0.11	-0.62	+0.74
Martin ratio: Return relative to average drawdown	0.21	-1.43	+1.64

TMV vs. T - Sharpe Ratio Comparison

The current TMV Sharpe Ratio is 0.09, which is higher than the T Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of TMV and T, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	TMV	T	Difference
Max Drawdown Largest peak-to-trough decline	-98.96%	-64.15%	-34.81%
Max Drawdown (1Y) Largest decline over 1 year	-21.62%	-28.89%	+7.27%
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 Drawdown Current decline from peak	-95.75%	-25.12%	-70.63%
Average Drawdown Average peak-to-trough decline	-86.64%	-15.74%	-70.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.32%	12.62%	-1.30%

Volatility

TMV vs. T - Volatility Comparison

The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 7.69%, while AT&T Inc. (T) has a volatility of 10.03%. 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.

Volatility by Period

	TMV	T	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.69%	10.03%	-2.34%
Volatility (6M) Calculated over the trailing 6-month period	20.06%	19.84%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	27.92%	23.51%	+4.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.97%	24.37%	+22.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.25%	23.90%	+20.35%

Dividends

TMV vs. T - Dividend Comparison

TMV's dividend yield for the trailing twelve months is around 2.41%, less than T's 5.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
T AT&T Inc.	5.22%	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	2.41%	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

Can I hold both TMV and T in my portfolio?

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.

Which is riskier, TMV or T?

T has higher volatility (10.03%) compared to TMV (7.69%). In terms of maximum drawdown, TMV dropped -98.96% vs T's -64.15%.

Which has better risk-adjusted returns?

TMV currently has the higher Sharpe Ratio (0.09 vs -0.77), 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.