TTT vs. TMV
TTT (UltraPro Short 20+ Year Treasury) and TMV (Direxion Daily 20-Year Treasury Bear 3X) are both Leveraged Bonds funds - TTT tracks the Barclays Capital U.S. 20+ Year Treasury Index (-300%) while TMV tracks the NYSE 20 Year Plus Treasury Bond Index (-300%). Both are passively managed. Over the past 10 years, TTT returned -0.81%/yr vs -0.34%/yr for TMV. With a 0.99 correlation, they move nearly in lockstep. TTT charges 0.95%/yr vs 1.04%/yr for TMV.
Performance
TTT vs. TMV - Performance Comparison
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Returns By Period
In the year-to-date period, TTT achieves a 0.95% return, which is significantly lower than TMV's 2.64% return. Over the past 10 years, TTT has underperformed TMV with an annualized return of -0.81%, while TMV has yielded a comparatively higher -0.34% annualized return.
TTT
- 1D
- 1.82%
- 1M
- -5.76%
- YTD
- 0.95%
- 6M
- 1.96%
- 1Y
- -4.56%
- 3Y*
- 10.25%
- 5Y*
- 18.56%
- 10Y*
- -0.81%
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%
TTT vs. TMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 0.95% | -7.89% | 38.07% | -11.25% | 150.17% | 2.55% | -54.12% | -34.88% | 6.34% | -25.87% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.64% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
Correlation
The correlation between TTT and TMV is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2012 | 0.99 |
The correlation between TTT and TMV has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
TTT vs. TMV — Risk / Return Rank
TTT
TMV
TTT vs. TMV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UltraPro Short 20+ Year Treasury (TTT) and Direxion Daily 20-Year Treasury Bear 3X (TMV). 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.
| TTT | TMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.01 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | -0.07 | -0.14 |
| Martin ratioReturn relative to average drawdown | -0.38 | -0.14 | -0.25 |
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Drawdowns
TTT vs. TMV - Drawdown Comparison
The maximum TTT drawdown since its inception was -94.00%, smaller than the maximum TMV drawdown of -98.96%. Use the drawdown chart below to compare losses from any high point for TTT and TMV.
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Drawdown Indicators
| TTT | TMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.00% | -98.96% | +4.96% |
Max Drawdown (1Y)Largest decline over 1 year | -22.18% | -21.62% | -0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -49.69% | -48.49% | -1.20% |
Max Drawdown (5Y)Largest decline over 5 years | -49.69% | -48.49% | -1.20% |
Max Drawdown (10Y)Largest decline over 10 years | -81.76% | -82.31% | +0.55% |
Current DrawdownCurrent decline from peak | -78.83% | -96.02% | +17.19% |
Average DrawdownAverage peak-to-trough decline | -70.37% | -86.61% | +16.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.88% | 11.08% | +0.80% |
Volatility
TTT vs. TMV - Volatility Comparison
UltraPro Short 20+ Year Treasury (TTT) and Direxion Daily 20-Year Treasury Bear 3X (TMV) have volatilities of 6.37% and 6.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TTT | TMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.37% | 6.54% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 19.81% | 19.56% | +0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.38% | 28.28% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.02% | 47.05% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.39% | 44.45% | -1.06% |
TTT vs. TMV - Expense Ratio Comparison
TTT has a 0.95% expense ratio, which is lower than TMV's 1.04% expense ratio.
Dividends
TTT vs. TMV - Dividend Comparison
TTT's dividend yield for the trailing twelve months is around 9.58%, more than TMV's 2.67% 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% |
TTT UltraPro Short 20+ Year Treasury | 9.58% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% |
Frequently Asked Questions
With a correlation of 0.99, TTT and TMV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TMV has higher volatility (6.54%) compared to TTT (6.37%). In terms of maximum drawdown, TTT dropped -94.00% vs TMV's -98.96%.
On 10-year performance, TMV leads with -0.34% vs -0.81% for TTT. On fees, TTT is cheaper at 0.95% per year. On volatility, TTT has been the lower-risk option at 6.37%. 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 -0.34% return vs -0.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TTT is cheaper with a 0.95% expense ratio, compared with 1.04% for TMV.
TTT has the higher dividend yield at 9.58%, compared with 2.67% for TMV.
TTT tracks Barclays Capital U.S. 20+ Year Treasury Index (-300%), while TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for TTT and 1.04% for TMV.
TMV currently has the higher Sharpe Ratio (-0.05 vs -0.16), 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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