TMV vs. TLT

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily 20-Year Treasury Bear 3X (TMV) and iShares 20+ Year Treasury Bond ETF (TLT).

TMV and TLT 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. TLT is a passively managed fund by iShares that tracks the performance of the ICE U.S. Treasury 20+ Year Bond Index. It was launched on Jul 22, 2002. Both TMV and TLT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TMV vs. TLT - Performance Comparison

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

TMV vs. TLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMV Direxion Daily 20-Year Treasury Bear 3X	1.55%	-3.75%	39.76%	-9.69%	150.18%	0.83%	-54.13%	-34.22%	3.99%	-26.48%
TLT iShares 20+ Year Treasury Bond ETF	0.17%	4.25%	-8.05%	2.77%	-31.23%	-4.60%	18.15%	14.12%	-1.61%	9.18%

Returns By Period

In the year-to-date period, TMV achieves a 1.55% return, which is significantly higher than TLT's 0.17% return. Over the past 10 years, TMV has underperformed TLT with an annualized return of -1.93%, while TLT has yielded a comparatively higher -1.38% annualized return.

TMV

• 1D: 0.35%
• 1M: 13.94%
• YTD: 1.55%
• 6M: 8.04%
• 1Y: 10.47%
• 3Y*: 15.75%
• 5Y*: 16.67%
• 10Y*: -1.93%

TLT

• 1D: -0.10%
• 1M: -4.23%
• YTD: 0.17%
• 6M: -0.87%
• 1Y: -0.49%
• 3Y*: -2.78%
• 5Y*: -5.85%
• 10Y*: -1.38%

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

TMV vs. TLT - Expense Ratio Comparison

TMV has a 1.04% expense ratio, which is higher than TLT's 0.15% expense ratio.

TMV

Direxion Daily 20-Year Treasury Bear 3X

TLT

iShares 20+ Year Treasury Bond ETF

Return for Risk

TMV vs. TLT — Risk / Return Rank

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

TMV

TMV Risk / Return Rank: 21
TMV Sharpe Ratio Rank: 21
TMV Sortino Ratio Rank: 26
TMV Omega Ratio Rank: 22
TMV Calmar Ratio Rank: 19
TMV Martin Ratio Rank: 16

TLT

TLT Risk / Return Rank: 12
TLT Sharpe Ratio Rank: 11
TLT Sortino Ratio Rank: 10
TLT Omega Ratio Rank: 10
TLT Calmar Ratio Rank: 14
TLT Martin Ratio Rank: 13

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. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and iShares 20+ Year Treasury Bond ETF (TLT). 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.

	TMV	TLT	Difference
Sharpe ratio Return per unit of total volatility	0.31	-0.04	+0.35
Sortino ratio Return per unit of downside risk	0.71	0.02	+0.69
Omega ratio Gain probability vs. loss probability	1.08	1.00	+0.08
Calmar ratio Return relative to maximum drawdown	0.30	0.05	+0.24
Martin ratio Return relative to average drawdown	0.53	0.11	+0.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMV vs. TLT - Sharpe Ratio Comparison

The current TMV Sharpe Ratio is 0.31, which is higher than the TLT Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of TMV and TLT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TMV	TLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.31	-0.04	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	-0.37	+0.72
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.04	-0.09	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	0.26	-0.59

Correlation

The correlation between TMV and TLT is -1.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

TMV vs. TLT - Dividend Comparison

TMV's dividend yield for the trailing twelve months is around 2.70%, less than TLT's 4.49% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TLT iShares 20+ Year Treasury Bond ETF	4.49%	4.43%	4.30%	3.38%	2.67%	1.50%	1.50%	2.27%	2.63%	2.43%	2.60%	2.61%

Drawdowns

TMV vs. TLT - Drawdown Comparison

The maximum TMV drawdown since its inception was -98.96%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for TMV and TLT.

Drawdown Indicators

	TMV	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-98.96%	-48.35%	-50.61%
Max Drawdown (1Y) Largest decline over 1 year	-25.01%	-9.23%	-15.78%
Max Drawdown (5Y) Largest decline over 5 years	-48.49%	-43.70%	-4.79%
Max Drawdown (10Y) Largest decline over 10 years	-82.31%	-48.35%	-33.96%
Current Drawdown Current decline from peak	-96.06%	-40.17%	-55.89%
Average Drawdown Average peak-to-trough decline	-86.50%	-13.62%	-72.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.04%	4.38%	+9.66%

Volatility

TMV vs. TLT - Volatility Comparison

Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 10.96% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 3.71%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMV	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.96%	3.71%	+7.25%
Volatility (6M) Calculated over the trailing 6-month period	19.59%	6.61%	+12.98%
Volatility (1Y) Calculated over the trailing 1-year period	34.15%	11.44%	+22.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.30%	15.90%	+31.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.52%	14.93%	+29.59%