TMV vs. ^TNX
Compare and contrast key facts about Direxion Daily 20-Year Treasury Bear 3X (TMV) and Treasury Yield 10 Years (^TNX).
TMV is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (-300%). It was launched on Apr 16, 2009.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: TMV or ^TNX.
Key characteristics
| TMV | ^TNX | |
|---|---|---|
| YTD Return | 37.69% | 21.21% |
| 1Y Return | 56.18% | 36.26% |
| 3Y Return (Ann) | 31.07% | 42.36% |
| 5Y Return (Ann) | 0.43% | 13.17% |
| 10Y Return (Ann) | -10.07% | 6.12% |
| Sharpe Ratio | 0.90 | 1.38 |
| Daily Std Dev | 49.92% | 25.93% |
| Max Drawdown | -99.06% | -93.78% |
| Current Drawdown | -96.40% | -41.59% |
Correlation
The correlation between TMV and ^TNX is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
TMV vs. ^TNX - Performance Comparison
In the year-to-date period, TMV achieves a 37.69% return, which is significantly higher than ^TNX's 21.21% return. Over the past 10 years, TMV has underperformed ^TNX with an annualized return of -10.07%, while ^TNX has yielded a comparatively higher 6.12% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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Risk-Adjusted Performance
TMV vs. ^TNX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and Treasury Yield 10 Years (^TNX). 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.
Drawdowns
TMV vs. ^TNX - Drawdown Comparison
The maximum TMV drawdown since its inception was -99.06%, which is greater than ^TNX's maximum drawdown of -93.78%. Use the drawdown chart below to compare losses from any high point for TMV and ^TNX. For additional features, visit the drawdowns tool.
Volatility
TMV vs. ^TNX - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 11.82% compared to Treasury Yield 10 Years (^TNX) at 7.01%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.