TYD vs. TLTW
Compare and contrast key facts about Direxion Daily 7-10 Year Treasury Bull 3X (TYD) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW).
TYD and TLTW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TYD is a passively managed fund by Direxion that tracks the performance of the NYSE 7-10 Year Treasury Bond Index. It was launched on Apr 16, 2009. TLTW is a passively managed fund by iShares that tracks the performance of the CBOE TLT 2% OTM Buywrite Index (USD). It was launched on Jun 18, 2022. Both TYD and TLTW are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
TYD vs. TLTW - Performance Comparison
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TYD vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -3.07% | 11.68% | -13.89% | -2.87% | -18.07% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.44% | 11.36% | -2.18% | 0.73% | -11.09% |
Returns By Period
In the year-to-date period, TYD achieves a -3.07% return, which is significantly lower than TLTW's 1.44% return.
TYD
- 1D
- 0.45%
- 1M
- -7.75%
- YTD
- -3.07%
- 6M
- -3.16%
- 1Y
- -0.42%
- 3Y*
- -5.91%
- 5Y*
- -11.66%
- 10Y*
- -4.44%
TLTW
- 1D
- 0.22%
- 1M
- -2.98%
- YTD
- 1.44%
- 6M
- 2.22%
- 1Y
- 7.46%
- 3Y*
- 0.70%
- 5Y*
- —
- 10Y*
- —
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TYD vs. TLTW - Expense Ratio Comparison
TYD has a 1.09% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Return for Risk
TYD vs. TLTW — Risk / Return Rank
TYD
TLTW
TYD vs. TLTW - 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 iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). 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.
| TYD | TLTW | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.03 | 0.84 | -0.87 |
Sortino ratioReturn per unit of downside risk | 0.08 | 1.17 | -1.09 |
Omega ratioGain probability vs. loss probability | 1.01 | 1.15 | -0.15 |
Calmar ratioReturn relative to maximum drawdown | 0.04 | 1.42 | -1.37 |
Martin ratioReturn relative to average drawdown | 0.09 | 3.74 | -3.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TYD | TLTW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.03 | 0.84 | -0.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.51 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.22 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | -0.03 | +0.09 |
Correlation
The correlation between TYD and TLTW is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
TYD vs. TLTW - Dividend Comparison
TYD's dividend yield for the trailing twelve months is around 3.12%, less than TLTW's 13.66% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.12% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 13.66% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
TYD vs. TLTW - Drawdown Comparison
The maximum TYD drawdown since its inception was -64.28%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for TYD and TLTW.
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Drawdown Indicators
| TYD | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.28% | -18.61% | -45.67% |
Max Drawdown (1Y)Largest decline over 1 year | -10.99% | -5.80% | -5.19% |
Max Drawdown (5Y)Largest decline over 5 years | -59.84% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -64.28% | — | — |
Current DrawdownCurrent decline from peak | -57.87% | -2.98% | -54.89% |
Average DrawdownAverage peak-to-trough decline | -21.57% | -8.49% | -13.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.18% | 2.20% | +2.98% |
Volatility
TYD vs. TLTW - Volatility Comparison
Direxion Daily 7-10 Year Treasury Bull 3X (TYD) has a higher volatility of 5.53% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 3.46%. This indicates that TYD's price experiences larger fluctuations and is considered to be riskier than TLTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TYD | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.53% | 3.46% | +2.07% |
Volatility (6M)Calculated over the trailing 6-month period | 9.59% | 5.80% | +3.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.22% | 8.91% | +7.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.96% | 11.55% | +11.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.47% | 11.55% | +8.92% |