TMV vs. UCON
TMV (Direxion Daily 20-Year Treasury Bear 3X) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (-300%), while UCON is a Nontraditional Bonds fund actively managed by First Trust. TMV is passively managed, while UCON is actively managed. Over the past 5 years, TMV returned 20.55%/yr vs 2.79%/yr for UCON. At a correlation of -0.42, they often move in opposite directions. TMV charges 1.04%/yr vs 0.86%/yr for UCON.
Performance
TMV vs. UCON - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 2.64% return, which is significantly higher than UCON's 0.74% return.
TMV
- 1D
- 2.30%
- 1M
- -5.15%
- YTD
- 2.64%
- 6M
- 3.66%
- 1Y
- -1.53%
- 3Y*
- 13.35%
- 5Y*
- 20.55%
- 10Y*
- -0.34%
UCON
- 1D
- -0.04%
- 1M
- 0.48%
- YTD
- 0.74%
- 6M
- 0.90%
- 1Y
- 5.16%
- 3Y*
- 5.89%
- 5Y*
- 2.79%
- 10Y*
- —
TMV vs. UCON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.64% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | -9.37% |
UCON First Trust TCW Unconstrained Plus Bond ETF | 0.74% | 7.00% | 4.69% | 7.72% | -5.72% | 1.02% | 6.54% | 7.39% | 1.11% |
Correlation
The correlation between TMV and UCON is -0.79, 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2018 | -0.42 |
Over the past year, the inverse relationship between TMV and UCON has strengthened: their correlation has moved from -0.42 to -0.79, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
TMV vs. UCON — Risk / Return Rank
TMV
UCON
TMV vs. UCON - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and First Trust TCW Unconstrained Plus Bond ETF (UCON). 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 | UCON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.79 | ||
| Sortino ratioReturn per unit of downside risk | -2.36 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.32 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 2.11 | -2.18 |
| Martin ratioReturn relative to average drawdown | -0.14 | 8.09 | -8.23 |
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Drawdowns
TMV vs. UCON - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than UCON's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for TMV and UCON.
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Drawdown Indicators
| TMV | UCON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -15.31% | -83.65% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -2.45% | -19.17% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -2.85% | -45.64% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -9.60% | -38.89% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | — | — |
Current DrawdownCurrent decline from peak | -96.02% | -0.45% | -95.57% |
Average DrawdownAverage peak-to-trough decline | -86.61% | -1.48% | -85.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.08% | 0.64% | +10.44% |
Volatility
TMV vs. UCON - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 6.54% compared to First Trust TCW Unconstrained Plus Bond ETF (UCON) at 0.86%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than UCON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | UCON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.54% | 0.86% | +5.68% |
Volatility (6M)Calculated over the trailing 6-month period | 19.56% | 2.38% | +17.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.28% | 2.99% | +25.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.05% | 3.90% | +43.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.45% | 5.88% | +38.57% |
TMV vs. UCON - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than UCON's 0.86% expense ratio.
Dividends
TMV vs. UCON - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.67%, less than UCON's 4.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.67% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
UCON First Trust TCW Unconstrained Plus Bond ETF | 4.66% | 4.63% | 4.95% | 4.75% | 3.12% | 2.20% | 3.14% | 3.25% | 1.76% |
Frequently Asked Questions
TMV and UCON have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (6.54%) compared to UCON (0.86%). In terms of maximum drawdown, TMV dropped -98.96% vs UCON's -15.31%.
On 5-year performance, TMV leads with 20.55% vs 2.79% for UCON. On fees, UCON is cheaper at 0.86% per year. On volatility, UCON has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TMV has performed better with a 20.55% return vs 2.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCON is cheaper with a 0.86% expense ratio, compared with 1.04% for TMV.
UCON has the higher dividend yield at 4.66%, compared with 2.67% for TMV.
TMV is categorized as Leveraged Bonds, while UCON is Nontraditional Bonds. They also come from different issuers: Direxion and First Trust. Their fees differ too: 1.04% for TMV and 0.86% for UCON.
UCON currently has the higher Sharpe Ratio (1.73 vs -0.05), 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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