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 1.08%/yr vs 2.34%/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
The year-to-date returns for both investments are quite close, with TMV having a 9.48% return and TYO slightly higher at 9.90%. Over the past 10 years, TMV has underperformed TYO with an annualized return of 1.08%, while TYO has yielded a comparatively higher 2.34% annualized return.
TMV
- 1D
- -0.35%
- 1M
- 5.74%
- 6M
- 11.49%
- YTD
- 9.48%
- 1Y
- 2.40%
- 3Y*
- 13.70%
- 5Y*
- 25.06%
- 10Y*
- 1.08%
TYO
- 1D
- -0.79%
- 1M
- 2.38%
- 6M
- 9.98%
- YTD
- 9.90%
- 1Y
- 5.47%
- 3Y*
- 7.28%
- 5Y*
- 14.31%
- 10Y*
- 2.34%
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 | 9.48% | -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 | 9.90% | -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 0.89, 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 | 0.89 |
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 16, 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.
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 | TYO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.07 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | 0.55 | -0.44 |
| Martin ratioReturn relative to average drawdown | 0.21 | 1.00 | -0.79 |
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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% | -10.00% | -11.62% |
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 | -95.75% | -76.79% | -18.96% |
Average DrawdownAverage peak-to-trough decline | -86.64% | -71.12% | -15.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.32% | 5.48% | +5.84% |
Volatility
TMV vs. TYO - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 7.69% compared to Direxion Daily 7-10 Year Treasury Bear 3X (TYO) at 4.32%. 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 | 7.69% | 4.32% | +3.37% |
Volatility (6M)Calculated over the trailing 6-month period | 20.06% | 10.91% | +9.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.92% | 14.28% | +13.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.97% | 23.21% | +23.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.25% | 20.15% | +24.10% |
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 2.41%, less than TYO's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.41% | 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 | 2.54% | 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 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (7.69%) compared to TYO (4.32%). In terms of maximum drawdown, TMV dropped -98.96% vs TYO's -89.25%.
On 10-year performance, TYO leads with 2.34% vs 1.08% for TMV. On fees, TMV is cheaper at 1.04% per year. On volatility, TYO has been the lower-risk option at 4.32%. 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 2.34% return vs 1.08%. 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 2.54%, compared with 2.41% 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 (0.38 vs 0.09), 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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