TMV vs. TBT
Compare and contrast key facts about Direxion Daily 20-Year Treasury Bear 3X (TMV) and ProShares UltraShort 20+ Year Treasury (TBT).
TMV and TBT 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. TBT is a passively managed fund by ProShares that tracks the performance of the U.S. Treasury 20+ Year Index (-200%). It was launched on May 1, 2008. Both TMV and TBT 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 TBT.
Correlation
The correlation between TMV and TBT is 0.27, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
TMV vs. TBT - Performance Comparison
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Key characteristics
TMV:
0.16
TBT:
0.23
TMV:
0.57
TBT:
0.56
TMV:
1.06
TBT:
1.06
TMV:
0.08
TBT:
0.08
TMV:
0.46
TBT:
0.64
TMV:
16.16%
TBT:
10.92%
TMV:
42.79%
TBT:
28.54%
TMV:
-99.06%
TBT:
-94.99%
TMV:
-96.40%
TBT:
-85.87%
Returns By Period
In the year-to-date period, TMV achieves a -1.33% return, which is significantly lower than TBT's -0.06% return. Over the past 10 years, TMV has underperformed TBT with an annualized return of -6.43%, while TBT has yielded a comparatively higher -1.64% annualized return.
TMV
-1.33%
-1.20%
15.58%
5.06%
26.61%
-6.43%
TBT
-0.06%
-0.55%
11.17%
5.41%
20.50%
-1.64%
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TMV vs. TBT - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than TBT's 0.92% expense ratio.
Risk-Adjusted Performance
TMV vs. TBT — Risk-Adjusted Performance Rank
TMV
TBT
TMV vs. TBT - 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 UltraShort 20+ Year Treasury (TBT). 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.
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Dividends
TMV vs. TBT - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 3.34%, less than TBT's 4.38% yield.
| TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 3.34% | 3.42% | 3.87% | 0.00% | 0.00% | 0.52% | 2.24% | 0.88% |
TBT ProShares UltraShort 20+ Year Treasury | 4.38% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
Drawdowns
TMV vs. TBT - Drawdown Comparison
The maximum TMV drawdown since its inception was -99.06%, roughly equal to the maximum TBT drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for TMV and TBT. For additional features, visit the drawdowns tool.
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Volatility
TMV vs. TBT - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 13.53% compared to ProShares UltraShort 20+ Year Treasury (TBT) at 8.86%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than TBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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