TTT vs. TYO
TTT (UltraPro Short 20+ Year Treasury) and TYO (Direxion Daily 7-10 Year Treasury Bear 3X) are both Leveraged Bonds funds - TTT tracks the Barclays Capital U.S. 20+ Year Treasury Index (-300%) while TYO tracks the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, TTT returned -0.85%/yr vs 2.13%/yr for TYO. Their correlation of 0.88 suggests significant overlap in exposure. TTT charges 0.95%/yr vs 1.08%/yr for TYO.
Performance
TTT vs. TYO - Performance Comparison
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Returns By Period
In the year-to-date period, TTT achieves a 0.59% return, which is significantly lower than TYO's 7.50% return. Over the past 10 years, TTT has underperformed TYO with an annualized return of -0.85%, while TYO has yielded a comparatively higher 2.13% annualized return.
TTT
- 1D
- -0.36%
- 1M
- -6.09%
- YTD
- 0.59%
- 6M
- 2.13%
- 1Y
- -4.00%
- 3Y*
- 10.12%
- 5Y*
- 18.57%
- 10Y*
- -0.85%
TYO
- 1D
- -0.95%
- 1M
- -1.40%
- YTD
- 7.50%
- 6M
- 7.74%
- 1Y
- 5.39%
- 3Y*
- 7.07%
- 5Y*
- 12.78%
- 10Y*
- 2.13%
TTT vs. TYO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 0.59% | -7.89% | 38.07% | -11.25% | 150.17% | 2.55% | -54.12% | -34.88% | 6.34% | -25.87% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 7.50% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -1.42% | -8.94% |
Correlation
The correlation between TTT and TYO is 0.88, 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 | 0.88 |
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 Mar 29, 2012 | 0.88 |
The correlation between TTT 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
TTT vs. TYO — Risk / Return Rank
TTT
TYO
TTT vs. TYO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UltraPro Short 20+ Year Treasury (TTT) 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.
| TTT | TYO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.07 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 0.54 | -0.72 |
| Martin ratioReturn relative to average drawdown | -0.34 | 1.00 | -1.33 |
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Drawdowns
TTT vs. TYO - Drawdown Comparison
The maximum TTT drawdown since its inception was -94.00%, which is greater than TYO's maximum drawdown of -89.25%. Use the drawdown chart below to compare losses from any high point for TTT and TYO.
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Drawdown Indicators
| TTT | TYO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.00% | -89.25% | -4.75% |
Max Drawdown (1Y)Largest decline over 1 year | -22.18% | -10.00% | -12.18% |
Max Drawdown (3Y)Largest decline over 3 years | -49.69% | -24.40% | -25.29% |
Max Drawdown (5Y)Largest decline over 5 years | -49.69% | -24.40% | -25.29% |
Max Drawdown (10Y)Largest decline over 10 years | -81.76% | -52.21% | -29.55% |
Current DrawdownCurrent decline from peak | -78.91% | -77.30% | -1.61% |
Average DrawdownAverage peak-to-trough decline | -70.37% | -71.10% | +0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.89% | 5.42% | +6.47% |
Volatility
TTT vs. TYO - Volatility Comparison
UltraPro Short 20+ Year Treasury (TTT) has a higher volatility of 6.36% compared to Direxion Daily 7-10 Year Treasury Bear 3X (TYO) at 4.29%. This indicates that TTT'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
| TTT | TYO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 4.29% | +2.07% |
Volatility (6M)Calculated over the trailing 6-month period | 19.77% | 10.61% | +9.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.33% | 14.36% | +13.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.02% | 23.23% | +23.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.32% | 20.17% | +23.15% |
TTT vs. TYO - Expense Ratio Comparison
TTT has a 0.95% expense ratio, which is lower than TYO's 1.08% expense ratio.
Dividends
TTT vs. TYO - Dividend Comparison
TTT's dividend yield for the trailing twelve months is around 9.61%, more than TYO's 2.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 9.61% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.83% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% |
Frequently Asked Questions
TTT and TYO have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TTT has higher volatility (6.36%) compared to TYO (4.29%). In terms of maximum drawdown, TTT dropped -94.00% vs TYO's -89.25%.
On 10-year performance, TYO leads with 2.13% vs -0.85% for TTT. On fees, TTT is cheaper at 0.95% per year. On volatility, TYO has been the lower-risk option at 4.29%. 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 2.13% return vs -0.85%. 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 1.08% for TYO.
TTT has the higher dividend yield at 9.61%, compared with 2.83% for TYO.
TTT tracks Barclays Capital U.S. 20+ Year Treasury Index (-300%), while TYO tracks NYSE 7-10 Year Treasury Bond Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for TTT and 1.08% for TYO.
TYO currently has the higher Sharpe Ratio (0.38 vs -0.14), 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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