TMV vs. TSLL
TMV (Direxion Daily 20-Year Treasury Bear 3X) and TSLL (Direxion Daily TSLA Bull 2X ETF) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while TSLL is a Leveraged Equities fund actively managed by Direxion. TMV is passively managed, while TSLL is actively managed. Over the past 3 years, TMV returned 12.83%/yr vs 9.79%/yr for TSLL. At a correlation of -0.08, they often move in opposite directions. TMV charges 1.04%/yr vs 0.83%/yr for TSLL.
Performance
TMV vs. TSLL - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 4.73% return, which is significantly higher than TSLL's -20.85% return.
TMV
- 1D
- 1.13%
- 1M
- -1.68%
- YTD
- 4.73%
- 6M
- 11.42%
- 1Y
- -4.33%
- 3Y*
- 12.83%
- 5Y*
- 19.12%
- 10Y*
- -0.80%
TSLL
- 1D
- 0.00%
- 1M
- 13.88%
- YTD
- -20.85%
- 6M
- -21.38%
- 1Y
- 7.17%
- 3Y*
- 9.79%
- 5Y*
- —
- 10Y*
- —
TMV vs. TSLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 4.73% | -3.75% | 39.76% | -9.69% | 49.73% |
TSLL Direxion Daily TSLA Bull 2X ETF | -20.85% | -26.80% | 99.63% | 139.86% | -73.85% |
Correlation
The correlation between TMV and TSLL is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | -0.08 |
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Return for Risk
TMV vs. TSLL — Risk / Return Rank
TMV
TSLL
TMV vs. TSLL - 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 TSLA Bull 2X ETF (TSLL). 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 | TSLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.09 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 0.13 | -0.33 |
| Martin ratioReturn relative to average drawdown | -0.40 | 0.27 | -0.67 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TMV | TSLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.15 | 0.08 | -0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.02 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | -0.08 | -0.25 |
Drawdowns
TMV vs. TSLL - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than TSLL's maximum drawdown of -82.88%. Use the drawdown chart below to compare losses from any high point for TMV and TSLL.
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Drawdown Indicators
| TMV | TSLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -82.88% | -16.08% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -54.75% | +33.13% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -82.88% | +34.39% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | — | — |
Current DrawdownCurrent decline from peak | -95.94% | -60.03% | -35.91% |
Average DrawdownAverage peak-to-trough decline | -86.60% | -53.82% | -32.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.13% | 26.72% | -15.59% |
Volatility
TMV vs. TSLL - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 8.15%, while Direxion Daily TSLA Bull 2X ETF (TSLL) has a volatility of 24.26%. This indicates that TMV experiences smaller price fluctuations and is considered to be less risky than TSLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | TSLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 24.26% | -16.11% |
Volatility (6M)Calculated over the trailing 6-month period | 19.18% | 54.47% | -35.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.12% | 92.38% | -63.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.21% | 106.87% | -59.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.44% | 106.87% | -62.43% |
TMV vs. TSLL - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than TSLL's 0.83% expense ratio.
Dividends
TMV vs. TSLL - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.62%, less than TSLL's 6.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.62% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
TSLL Direxion Daily TSLA Bull 2X ETF | 6.46% | 5.00% | 2.47% | 4.44% | 1.57% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TMV and TSLL have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLL has higher volatility (24.26%) compared to TMV (8.15%). In terms of maximum drawdown, TMV dropped -98.96% vs TSLL's -82.88%.
On 3-year performance, TMV leads with 12.83% vs 9.79% for TSLL. On fees, TSLL is cheaper at 0.83% per year. On volatility, TMV has been the lower-risk option at 8.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TMV has performed better with a 12.83% return vs 9.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSLL is cheaper with a 0.83% expense ratio, compared with 1.04% for TMV.
TSLL has the higher dividend yield at 6.46%, compared with 2.62% for TMV.
TMV is categorized as Leveraged Bonds, while TSLL is Leveraged Equities. Their fees differ too: 1.04% for TMV and 0.83% for TSLL.
TSLL currently has the higher Sharpe Ratio (0.08 vs -0.15), 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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