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 0.71%/yr vs 2.43%/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 8.27% return, which is significantly lower than TYO's 10.78% return. Over the past 10 years, TTT has underperformed TYO with an annualized return of 0.71%, while TYO has yielded a comparatively higher 2.43% annualized return.
TTT
- 1D
- 1.71%
- 1M
- 5.70%
- 6M
- 9.78%
- YTD
- 8.27%
- 1Y
- 0.44%
- 3Y*
- 10.81%
- 5Y*
- 22.32%
- 10Y*
- 0.71%
TYO
- 1D
- 1.40%
- 1M
- 3.20%
- 6M
- 10.70%
- YTD
- 10.78%
- 1Y
- 6.55%
- 3Y*
- 7.57%
- 5Y*
- 14.33%
- 10Y*
- 2.43%
TTT vs. TYO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 8.27% | -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 | 10.78% | -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 0.87, 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 | 0.87 |
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 | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.09 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | 0.66 | -0.64 |
| Martin ratioReturn relative to average drawdown | 0.04 | 1.20 | -1.16 |
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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 | -77.29% | -76.60% | -0.69% |
Average DrawdownAverage peak-to-trough decline | -70.40% | -71.11% | +0.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.12% | 5.48% | +6.64% |
Volatility
TTT vs. TYO - Volatility Comparison
UltraPro Short 20+ Year Treasury (TTT) has a higher volatility of 8.57% compared to Direxion Daily 7-10 Year Treasury Bear 3X (TYO) at 4.73%. 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 | 8.57% | 4.73% | +3.84% |
Volatility (6M)Calculated over the trailing 6-month period | 20.35% | 10.88% | +9.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.99% | 14.28% | +13.71% |
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 | 43.18% | 20.15% | +23.03% |
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 8.96%, more than TYO's 2.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 8.96% | 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 | 2.52% | 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 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TTT has higher volatility (8.57%) compared to TYO (4.73%). In terms of maximum drawdown, TTT dropped -94.00% vs TYO's -89.25%.
On 10-year performance, TYO leads with 2.43% vs 0.71% for TTT. On fees, TTT is cheaper at 0.95% per year. On volatility, TYO has been the lower-risk option at 4.73%. 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 2.43% return vs 0.71%. 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 8.96%, compared with 2.52% 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 (0.46 vs 0.02), 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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