TMV vs. TYD
TMV (Direxion Daily 20-Year Treasury Bear 3X) and TYD (Direxion Daily 7-10 Year Treasury Bull 3X) are both Leveraged Bonds funds from Direxion - TMV tracks the NYSE 20 Year Plus Treasury Bond Index (-300%) while TYD tracks the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, TMV returned -0.80%/yr vs -4.71%/yr for TYD. At a correlation of -0.83, they often move in opposite directions. TMV charges 1.04%/yr vs 1.09%/yr for TYD.
Performance
TMV vs. TYD - 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 TYD's -6.21% return. Over the past 10 years, TMV has outperformed TYD with an annualized return of -0.80%, while TYD has yielded a comparatively lower -4.71% annualized 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%
TYD
- 1D
- -0.86%
- 1M
- -1.19%
- YTD
- -6.21%
- 6M
- -8.43%
- 1Y
- 0.66%
- 3Y*
- -5.07%
- 5Y*
- -12.90%
- 10Y*
- -4.71%
TMV vs. TYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 4.73% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -6.21% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 5.64% |
Correlation
The correlation between TMV and TYD is -0.90, 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 | -0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.85 |
Correlation (All Time) Calculated using the full available price history since Apr 17, 2009 | -0.83 |
The correlation between TMV and TYD has been stable across timeframes, ranging from -0.92 to -0.83 - a consistent structural relationship.
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Return for Risk
TMV vs. TYD — Risk / Return Rank
TMV
TYD
TMV vs. TYD - 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 7-10 Year Treasury Bull 3X (TYD). 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 | TYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.02 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 0.05 | -0.25 |
| Martin ratioReturn relative to average drawdown | -0.40 | 0.13 | -0.53 |
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 | TYD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.15 | 0.05 | -0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | -0.56 | +0.97 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.02 | -0.23 | +0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | 0.05 | -0.38 |
Drawdowns
TMV vs. TYD - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than TYD's maximum drawdown of -64.28%. Use the drawdown chart below to compare losses from any high point for TMV and TYD.
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Drawdown Indicators
| TMV | TYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -64.28% | -34.68% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -13.54% | -8.08% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -25.04% | -23.45% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -59.84% | +11.35% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -64.28% | -18.03% |
Current DrawdownCurrent decline from peak | -95.94% | -59.24% | -36.70% |
Average DrawdownAverage peak-to-trough decline | -86.60% | -21.95% | -64.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.13% | 4.97% | +6.16% |
Volatility
TMV vs. TYD - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 8.15% compared to Direxion Daily 7-10 Year Treasury Bull 3X (TYD) at 4.20%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than TYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | TYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 4.20% | +3.95% |
Volatility (6M)Calculated over the trailing 6-month period | 19.18% | 9.58% | +9.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.12% | 14.13% | +14.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.21% | 22.98% | +24.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.44% | 20.36% | +24.08% |
TMV vs. TYD - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is lower than TYD's 1.09% expense ratio.
Dividends
TMV vs. TYD - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.62%, less than TYD's 3.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.23% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
Frequently Asked Questions
TMV and TYD have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (8.15%) compared to TYD (4.20%). In terms of maximum drawdown, TMV dropped -98.96% vs TYD's -64.28%.
On 10-year performance, TMV leads with -0.80% vs -4.71% for TYD. On fees, TMV is cheaper at 1.04% per year. On volatility, TYD has been the lower-risk option at 4.20%. 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 -0.80% return vs -4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMV is cheaper with a 1.04% expense ratio, compared with 1.09% for TYD.
TYD has the higher dividend yield at 3.23%, compared with 2.62% for TMV.
TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while TYD tracks NYSE 7-10 Year Treasury Bond Index. Their fees differ too: 1.04% for TMV and 1.09% for TYD.
TYD currently has the higher Sharpe Ratio (0.05 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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