TMV vs. TMF
TMV (Direxion Daily 20-Year Treasury Bear 3X) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both Leveraged Bonds funds from Direxion - TMV tracks the NYSE 20 Year Plus Treasury Bond Index (-300%) while TMF tracks the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, TMV returned -0.46%/yr vs -16.87%/yr for TMF. At a correlation of -1.00, they often move in opposite directions. TMV charges 1.04%/yr vs 1.01%/yr for TMF.
Performance
TMV vs. TMF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TMV achieves a 1.44% return, which is significantly higher than TMF's -4.67% return. Over the past 10 years, TMV has outperformed TMF with an annualized return of -0.46%, while TMF has yielded a comparatively lower -16.87% 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%
TMF
- 1D
- -0.62%
- 1M
- 4.96%
- YTD
- -4.67%
- 6M
- -5.95%
- 1Y
- -2.80%
- 3Y*
- -21.07%
- 5Y*
- -31.33%
- 10Y*
- -16.87%
TMV vs. TMF - 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% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -4.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between TMV and TMF is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -1.00 |
The correlation between TMV and TMF has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TMV vs. TMF — Risk / Return Rank
TMV
TMF
TMV vs. TMF - 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 20+ Year Treasury Bull 3X ETF (TMF). 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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.01 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | -0.11 | +0.02 |
| Martin ratioReturn relative to average drawdown | -0.16 | -0.23 | +0.07 |
Loading charts...
Drawdowns
TMV vs. TMF - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for TMV and TMF.
Loading charts...
Drawdown Indicators
| TMV | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -92.89% | -6.07% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -26.51% | +4.89% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -56.09% | +7.60% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -88.81% | +40.32% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -92.89% | +10.58% |
Current DrawdownCurrent decline from peak | -96.06% | -92.11% | -3.95% |
Average DrawdownAverage peak-to-trough decline | -86.61% | -43.76% | -42.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.09% | 12.26% | -1.17% |
Volatility
TMV vs. TMF - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) have volatilities of 6.55% and 6.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TMV | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.55% | 6.50% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 19.56% | 19.35% | +0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.25% | 27.91% | +0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.05% | 46.59% | +0.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.38% | 43.86% | +0.52% |
TMV vs. TMF - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
TMV vs. TMF - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.70%, less than TMF's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.09% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
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 TMF have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (6.55%) compared to TMF (6.50%). In terms of maximum drawdown, TMV dropped -98.96% vs TMF's -92.89%.
On 10-year performance, TMV leads with -0.46% vs -16.87% for TMF. On fees, TMF is cheaper at 1.01% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMV has performed better with a -0.46% return vs -16.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.04% for TMV.
TMF has the higher dividend yield at 4.09%, compared with 2.70% for TMV.
TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.04% for TMV and 1.01% for TMF.
TMV currently has the higher Sharpe Ratio (-0.06 vs -0.10), 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.
Find the right allocation for TMV and TMF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer