TMV vs. T

Last updated Jun 24, 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 -0.46%/yr vs 2.70%/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 1.44% return, which is significantly higher than T's -6.13% return. Over the past 10 years, TMV has underperformed T with an annualized return of -0.46%, while T has yielded a comparatively higher 2.70% annualized return.

TMV

• 1D: -1.17%
• 1M: -6.25%
• YTD: 1.44%
• 6M: 2.97%
• 1Y: -1.80%
• 3Y*: 12.91%
• 5Y*: 20.39%
• 10Y*: -0.46%

T

• 1D: 3.21%
• 1M: -9.70%
• YTD: -6.13%
• 6M: -4.67%
• 1Y: -15.59%
• 3Y*: 20.20%
• 5Y*: 7.06%
• 10Y*: 2.70%

*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	1.44%	-3.75%	39.76%	-9.69%	150.18%	0.83%	-54.13%	-34.22%	3.99%	-26.48%
T AT&T Inc.	-6.13%	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 -0.03, 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	-0.03
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	0.02
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: 8
TMV Sharpe Ratio Rank: 8
TMV Sortino Ratio Rank: 8
TMV Omega Ratio Rank: 8
TMV Calmar Ratio Rank: 8
TMV Martin Ratio Rank: 8

T

T Risk / Return Rank: 14
T Sharpe Ratio Rank: 13
T Sortino Ratio Rank: 14
T Omega Ratio Rank: 15
T Calmar Ratio Rank: 18
T Martin Ratio Rank: 9

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	-0.06	-0.69	+0.63
Sortino ratio: Return per unit of downside risk	0.11	-0.89	+0.99
Omega ratio: Gain probability vs. loss probability	1.01	0.90	+0.12
Calmar ratio: Return relative to maximum drawdown	-0.08	-0.66	+0.58
Martin ratio: Return relative to average drawdown	-0.16	-1.40	+1.24

TMV vs. T - Sharpe Ratio Comparison

The current TMV Sharpe Ratio is -0.06, which is higher than the T Sharpe Ratio of -0.69. 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%	-23.57%	+1.95%
Max Drawdown (3Y) Largest decline over 3 years	-48.49%	-23.57%	-24.92%
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	-96.06%	-20.80%	-75.26%
Average Drawdown Average peak-to-trough decline	-86.61%	-15.72%	-70.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.09%	11.14%	-0.05%

Volatility

TMV vs. T - Volatility Comparison

The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 6.55%, while AT&T Inc. (T) has a volatility of 8.49%. 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	6.55%	8.49%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	19.56%	18.37%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	28.25%	22.66%	+5.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.05%	24.12%	+22.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.38%	23.79%	+20.59%

Dividends

TMV vs. T - Dividend Comparison

TMV's dividend yield for the trailing twelve months is around 2.70%, less than T's 4.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
T AT&T Inc.	4.87%	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	2.70%	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 -0.03, 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 (8.49%) compared to TMV (6.55%). 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 (-0.06 vs -0.69), 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.