TMV vs. TECL
TMV (Direxion Daily 20-Year Treasury Bear 3X) and TECL (Direxion Daily Technology Bull 3X Shares) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while TECL is a Leveraged Equities fund tracking the Technology Select Sector Index (300%). Both are passively managed. Over the past 10 years, TMV returned -0.46%/yr vs 52.52%/yr for TECL. At a 0.20 correlation, their price movements are largely independent. TMV charges 1.04%/yr vs 0.91%/yr for TECL.
Performance
TMV vs. TECL - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 1.44% return, which is significantly lower than TECL's 79.13% return. Over the past 10 years, TMV has underperformed TECL with an annualized return of -0.46%, while TECL has yielded a comparatively higher 52.52% 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%
TECL
- 1D
- -12.35%
- 1M
- 1.15%
- YTD
- 79.13%
- 6M
- 71.47%
- 1Y
- 169.88%
- 3Y*
- 65.84%
- 5Y*
- 33.78%
- 10Y*
- 52.52%
TMV vs. TECL - 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% |
TECL Direxion Daily Technology Bull 3X Shares | 79.13% | 38.60% | 36.15% | 203.14% | -74.32% | 112.80% | 69.46% | 185.58% | -24.03% | 124.82% |
Correlation
The correlation between TMV and TECL is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.20 |
The correlation between TMV and TECL shifts across timeframes, from -0.11 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TMV vs. TECL — Risk / Return Rank
TMV
TECL
TMV vs. TECL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and Direxion Daily Technology Bull 3X Shares (TECL). 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 | TECL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.51 | ||
| Sortino ratioReturn per unit of downside risk | -2.45 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.34 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 3.67 | -3.75 |
| Martin ratioReturn relative to average drawdown | -0.16 | 10.12 | -10.29 |
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Drawdowns
TMV vs. TECL - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than TECL's maximum drawdown of -77.96%. Use the drawdown chart below to compare losses from any high point for TMV and TECL.
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Drawdown Indicators
| TMV | TECL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -77.96% | -21.00% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -46.58% | +24.96% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -66.58% | +18.09% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -77.96% | +29.47% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -77.96% | -4.35% |
Current DrawdownCurrent decline from peak | -96.06% | -23.07% | -72.99% |
Average DrawdownAverage peak-to-trough decline | -86.61% | -18.38% | -68.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.09% | 16.85% | -5.76% |
Volatility
TMV vs. TECL - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 6.55%, while Direxion Daily Technology Bull 3X Shares (TECL) has a volatility of 38.27%. This indicates that TMV experiences smaller price fluctuations and is considered to be less risky than TECL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | TECL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.55% | 38.27% | -31.72% |
Volatility (6M)Calculated over the trailing 6-month period | 19.56% | 59.36% | -39.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.25% | 70.05% | -41.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.05% | 75.49% | -28.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.38% | 73.01% | -28.63% |
TMV vs. TECL - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than TECL's 0.91% expense ratio.
Dividends
TMV vs. TECL - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.70%, less than TECL's 3.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TECL Direxion Daily Technology Bull 3X Shares | 3.97% | 7.19% | 0.29% | 0.28% | 0.22% | 0.32% | 0.52% | 0.25% | 0.47% | 0.10% |
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% |
Frequently Asked Questions
TMV and TECL have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECL has higher volatility (38.27%) compared to TMV (6.55%). In terms of maximum drawdown, TMV dropped -98.96% vs TECL's -77.96%.
On 10-year performance, TECL leads with 52.52% vs -0.46% for TMV. On fees, TECL is cheaper at 0.91% per year. On volatility, TMV has been the lower-risk option at 6.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TECL has performed better with a 52.52% return vs -0.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TECL is cheaper with a 0.91% expense ratio, compared with 1.04% for TMV.
TECL has the higher dividend yield at 3.97%, compared with 2.70% for TMV.
TMV is categorized as Leveraged Bonds, while TECL is Leveraged Equities. TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while TECL tracks Technology Select Sector Index (300%). Their fees differ too: 1.04% for TMV and 0.91% for TECL.
TECL currently has the higher Sharpe Ratio (2.44 vs -0.06), 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.
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