TMV vs. TBF
Compare and contrast key facts about Direxion Daily 20-Year Treasury Bear 3X (TMV) and ProShares Short 20+ Year Treasury (TBF).
TMV and TBF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TMV is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (-300%). It was launched on Apr 16, 2009. TBF is a passively managed fund by ProShares that tracks the performance of the U.S. Treasury 20+ Year Index (-100%). It was launched on Aug 20, 2009. Both TMV and TBF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: TMV or TBF.
Key characteristics
| TMV | TBF | |
|---|---|---|
| YTD Return | 37.69% | 12.81% |
| 1Y Return | 56.18% | 22.27% |
| 3Y Return (Ann) | 31.07% | 14.16% |
| 5Y Return (Ann) | 0.43% | 4.00% |
| 10Y Return (Ann) | -10.07% | -0.77% |
| Sharpe Ratio | 0.90 | 1.16 |
| Daily Std Dev | 49.92% | 16.78% |
| Max Drawdown | -99.06% | -70.40% |
| Current Drawdown | -96.40% | -47.06% |
Correlation
The correlation between TMV and TBF is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
TMV vs. TBF - Performance Comparison
In the year-to-date period, TMV achieves a 37.69% return, which is significantly higher than TBF's 12.81% return. Over the past 10 years, TMV has underperformed TBF with an annualized return of -10.07%, while TBF has yielded a comparatively higher -0.77% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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TMV vs. TBF - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than TBF's 0.94% expense ratio.
Risk-Adjusted Performance
TMV vs. TBF - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and ProShares Short 20+ Year Treasury (TBF). 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.
Dividends
TMV vs. TBF - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 3.33%, less than TBF's 4.33% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 3.33% | 3.87% | 0.00% | 0.00% | 0.52% | 2.25% | 0.89% |
TBF ProShares Short 20+ Year Treasury | 4.33% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% |
Drawdowns
TMV vs. TBF - Drawdown Comparison
The maximum TMV drawdown since its inception was -99.06%, which is greater than TBF's maximum drawdown of -70.40%. Use the drawdown chart below to compare losses from any high point for TMV and TBF. For additional features, visit the drawdowns tool.
Volatility
TMV vs. TBF - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 11.82% compared to ProShares Short 20+ Year Treasury (TBF) at 3.96%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than TBF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.