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 -5.30%/yr vs 15.70%/yr for SPY. At a correlation of -0.20, they often move in opposite directions. 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 -6.59% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, TYD has underperformed SPY with an annualized return of -5.30%, while SPY has yielded a comparatively higher 15.70% annualized return.
TYD
- 1D
- -1.17%
- 1M
- 0.77%
- YTD
- -6.59%
- 6M
- -6.82%
- 1Y
- -1.55%
- 3Y*
- -4.77%
- 5Y*
- -13.14%
- 10Y*
- -5.30%
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
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 | -6.59% | 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 | 9.74% | 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 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
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 0.26 (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 | -2.27 | ||
| Sortino ratioReturn per unit of downside risk | -2.97 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.39 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | 3.01 | -3.13 |
| Martin ratioReturn relative to average drawdown | -0.28 | 13.54 | -13.82 |
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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 | -13.54% | -8.88% | -4.66% |
Max Drawdown (3Y)Largest decline over 3 years | -24.62% | -18.76% | -5.86% |
Max Drawdown (5Y)Largest decline over 5 years | -59.84% | -24.50% | -35.34% |
Max Drawdown (10Y)Largest decline over 10 years | -64.28% | -33.72% | -30.56% |
Current DrawdownCurrent decline from peak | -59.40% | -1.75% | -57.65% |
Average DrawdownAverage peak-to-trough decline | -22.04% | -9.04% | -13.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.49% | 1.97% | +3.52% |
Volatility
TYD vs. SPY - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) is 4.01%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that TYD experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. 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 | 4.01% | 4.64% | -0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 9.98% | 9.75% | +0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.87% | 12.43% | +1.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.98% | 17.14% | +5.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.36% | 17.99% | +2.37% |
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 3.24%, 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 | 3.24% | 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 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.64%) compared to TYD (4.01%). In terms of maximum drawdown, TYD dropped -64.28% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.70% vs -5.30% for TYD. On fees, SPY is cheaper at 0.09% per year. On volatility, TYD has been the lower-risk option at 4.01%. 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 15.70% return vs -5.30%. 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 3.24%, 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 (2.16 vs -0.11), 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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