TYD vs. SPY
TYD (Direxion Daily 7-10 Year Treasury Bull 3X) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - TYD is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, TYD returned -5.77%/yr vs 15.07%/yr for SPY. Their -0.20 correlation means they have often moved in opposite directions in the past. TYD charges 1.09%/yr vs 0.09%/yr for SPY.
Performance
TYD vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, TYD achieves a -10.03% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, TYD has underperformed SPY with an annualized return of -5.77%, while SPY has yielded a comparatively higher 15.07% annualized return.
TYD
- 1D
- -1.01%
- 1M
- -4.64%
- 6M
- -8.59%
- YTD
- -10.03%
- 1Y
- -8.85%
- 3Y*
- -3.83%
- 5Y*
- -14.92%
- 10Y*
- -5.77%
- ALL TIME*
- 0.87%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $37.27B | $35.99B | $39.23B | |
| $420.72K | $411.37K | $510.43K |
TYD vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -10.03% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 5.64% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between TYD and SPY is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.20 |
The correlation between TYD and SPY shifts across timeframes, from -0.20 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TYD vs. SPY — Risk / Return Rank
TYD
SPY
TYD vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) and State Street SPDR S&P 500 ETF (SPY). 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.
| TYD | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.93 | ||
| Sortino ratioReturn per unit of downside risk | -2.61 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.27 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | 2.20 | -2.60 |
| Martin ratioReturn relative to average drawdown | -0.84 | 9.40 | -10.24 |
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Drawdowns
TYD vs. SPY - Drawdown Comparison
The maximum TYD drawdown since its inception was -64.28%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TYD and SPY.
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Drawdown Indicators
| TYD | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.28% | -55.19% | -9.09% |
Max Drawdown (1Y)Largest decline over 1 year | -14.41% | -8.88% | -5.53% |
Max Drawdown (3Y)Largest decline over 3 years | -22.32% | -18.76% | -3.56% |
Max Drawdown (5Y)Largest decline over 5 years | -59.80% | -24.50% | -35.30% |
Max Drawdown (10Y)Largest decline over 10 years | -64.28% | -33.72% | -30.56% |
Current DrawdownCurrent decline from peak | -60.90% | -1.40% | -59.50% |
Average DrawdownAverage peak-to-trough decline | -22.29% | -9.01% | -13.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.69% | 2.08% | +4.61% |
Volatility
TYD vs. SPY - Volatility Comparison
Direxion Daily 7-10 Year Treasury Bull 3X (TYD) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 3.45% and 3.58%, 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
| TYD | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.45% | 3.58% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 10.38% | 10.14% | +0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.68% | 12.89% | +0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.92% | 17.18% | +5.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.18% | 17.95% | +2.23% |
TYD vs. SPY - Expense Ratio Comparison
TYD has a 1.09% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
TYD vs. SPY - Dividend Comparison
TYD's dividend yield for the trailing twelve months is around 3.43%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.43% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
Frequently Asked Questions
TYD and SPY have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (3.58%) compared to TYD (3.45%). In terms of maximum drawdown, TYD dropped -64.28% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.07% vs -5.77% for TYD. On fees, SPY is cheaper at 0.09% per year. On volatility, TYD has been the lower-risk option at 3.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.07% return vs -5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 1.09% for TYD.
TYD has the higher dividend yield at 3.43%, compared with 1.01% for SPY.
TYD is categorized as Leveraged Bonds, while SPY is S&P 500. TYD tracks NYSE 7-10 Year Treasury Bond Index, while SPY tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.09% for TYD and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.52 vs -0.41), 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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