TMV vs. TYO
TMV (Direxion Daily 20-Year Treasury Bear 3X) and TYO (Direxion Daily 7-10 Year Treasury Bear 3X) are both Leveraged Bonds funds from Direxion - TMV tracks the NYSE 20 Year Plus Treasury Bond Index (-300%) while TYO tracks the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, TMV returned -0.80%/yr vs 1.79%/yr for TYO. Their correlation of 0.89 suggests significant overlap in exposure. TMV charges 1.04%/yr vs 1.08%/yr for TYO.
Performance
TMV vs. TYO - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 4.73% return, which is significantly lower than TYO's 8.03% return. Over the past 10 years, TMV has underperformed TYO with an annualized return of -0.80%, while TYO has yielded a comparatively higher 1.79% 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%
TYO
- 1D
- 1.07%
- 1M
- 1.54%
- YTD
- 8.03%
- 6M
- 11.18%
- 1Y
- 3.00%
- 3Y*
- 7.71%
- 5Y*
- 12.51%
- 10Y*
- 1.79%
TMV vs. TYO - 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% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 8.03% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -1.42% | -8.94% |
Correlation
The correlation between TMV and TYO is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| 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 | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Apr 17, 2009 | 0.89 |
The correlation between TMV and TYO has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.
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Return for Risk
TMV vs. TYO — Risk / Return Rank
TMV
TYO
TMV vs. TYO - 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 Bear 3X (TYO). 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 | TYO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.05 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 0.29 | -0.49 |
| Martin ratioReturn relative to average drawdown | -0.40 | 0.51 | -0.91 |
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 | TYO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.15 | 0.21 | -0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.54 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.02 | 0.09 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | -0.34 | +0.01 |
Drawdowns
TMV vs. TYO - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than TYO's maximum drawdown of -89.25%. Use the drawdown chart below to compare losses from any high point for TMV and TYO.
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Drawdown Indicators
| TMV | TYO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -89.25% | -9.71% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -10.48% | -11.14% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -24.40% | -24.09% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -24.40% | -24.09% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -52.21% | -30.10% |
Current DrawdownCurrent decline from peak | -95.94% | -77.19% | -18.75% |
Average DrawdownAverage peak-to-trough decline | -86.60% | -71.09% | -15.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.13% | 5.85% | +5.28% |
Volatility
TMV vs. TYO - 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 Bear 3X (TYO) at 4.94%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than TYO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | TYO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 4.94% | +3.21% |
Volatility (6M)Calculated over the trailing 6-month period | 19.18% | 10.14% | +9.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.12% | 14.56% | +14.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.21% | 23.23% | +23.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.44% | 20.19% | +24.25% |
TMV vs. TYO - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is lower than TYO's 1.08% expense ratio.
Dividends
TMV vs. TYO - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.62%, less than TYO's 2.82% 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% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.82% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% |
Frequently Asked Questions
TMV and TYO 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 TYO (4.94%). In terms of maximum drawdown, TMV dropped -98.96% vs TYO's -89.25%.
On 10-year performance, TYO leads with 1.79% vs -0.80% for TMV. On fees, TMV is cheaper at 1.04% per year. On volatility, TYO has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TYO has performed better with a 1.79% return vs -0.80%. 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 1.08% for TYO.
TYO has the higher dividend yield at 2.82%, compared with 2.62% for TMV.
TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%), while TYO tracks NYSE 7-10 Year Treasury Bond Index. Their fees differ too: 1.04% for TMV and 1.08% for TYO.
TYO currently has the higher Sharpe Ratio (0.21 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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