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 10.87%/yr vs -17.93%/yr for TSLL. Their -0.08 correlation means they have often moved in opposite directions in the past. TMV charges 1.04%/yr vs 0.83%/yr for TSLL.
Performance
TMV vs. TSLL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TMV achieves a 16.38% return, which is significantly higher than TSLL's -58.49% return.
TMV
- 1D
- -0.98%
- 1M
- 12.24%
- 6M
- 14.16%
- YTD
- 16.38%
- 1Y
- 18.32%
- 3Y*
- 10.87%
- 5Y*
- 28.21%
- 10Y*
- 1.70%
- ALL TIME*
- -14.09%
TSLL
- 1D
- 6.84%
- 1M
- -36.50%
- 6M
- -51.69%
- YTD
- -58.49%
- 1Y
- -20.06%
- 3Y*
- -17.93%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -22.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $31.46M | $23.47M | $25.72M | |
| $747.52M | $658.50M | $943.03M |
TMV vs. TSLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 16.38% | -3.75% | 39.76% | -9.69% | 51.42% |
TSLL Direxion Daily TSLA Bull 2X ETF | -58.49% | -26.80% | 99.63% | 139.86% | -74.99% |
Correlation
The correlation between TMV and TSLL is -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.08 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | -0.08 |
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. 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.
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 | TSLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.89 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.04 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | -0.29 | +1.24 |
| Martin ratioReturn relative to average drawdown | 1.97 | -0.63 | +2.60 |
Loading charts...
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.
Loading charts...
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 | -19.32% | -70.13% | +50.81% |
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 | -95.48% | -79.04% | -16.44% |
Average DrawdownAverage peak-to-trough decline | -86.67% | -54.39% | -32.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.30% | 31.89% | -22.59% |
Volatility
TMV vs. TSLL - Volatility Comparison
The current volatility for Direxion Daily 20-Year Treasury Bear 3X (TMV) is 7.23%, while Direxion Daily TSLA Bull 2X ETF (TSLL) has a volatility of 41.90%. 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.
Loading charts...
Volatility by Period
| TMV | TSLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.23% | 41.90% | -34.67% |
Volatility (6M)Calculated over the trailing 6-month period | 20.10% | 70.55% | -50.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.33% | 92.52% | -65.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.82% | 107.77% | -60.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.23% | 107.77% | -63.54% |
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 2.27%, less than TSLL's 12.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.27% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
TSLL Direxion Daily TSLA Bull 2X ETF | 12.62% | 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 -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLL has higher volatility (41.90%) compared to TMV (7.23%). In terms of maximum drawdown, TMV dropped -98.96% vs TSLL's -82.88%.
On 3-year performance, TMV leads with 10.87% vs -17.93% for TSLL. On fees, TSLL is cheaper at 0.83% per year. On volatility, TMV has been the lower-risk option at 7.23%. 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 10.87% return vs -17.93%. 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 12.62%, compared with 2.27% 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.
TMV currently has the higher Sharpe Ratio (0.67 vs -0.22), 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 TSLL
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