TYD vs. TMV
TYD (Direxion Daily 7-10 Year Treasury Bull 3X) and TMV (Direxion Daily 20-Year Treasury Bear 3X) are both Leveraged Bonds funds from Direxion - TYD tracks the NYSE 7-10 Year Treasury Bond Index while TMV tracks the NYSE 20 Year Plus Treasury Bond Index (-300%). Both are passively managed. Over the past 10 years, TYD returned -5.51%/yr vs 1.11%/yr for TMV. At a correlation of -0.83, they often move in opposite directions. TYD charges 1.09%/yr vs 1.04%/yr for TMV.
Performance
TYD vs. TMV - Performance Comparison
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Returns By Period
In the year-to-date period, TYD achieves a -8.30% return, which is significantly lower than TMV's 9.86% return. Over the past 10 years, TYD has underperformed TMV with an annualized return of -5.51%, while TMV has yielded a comparatively higher 1.11% annualized return.
TYD
- 1D
- -0.90%
- 1M
- -2.66%
- 6M
- -8.14%
- YTD
- -8.30%
- 1Y
- -2.67%
- 3Y*
- -4.77%
- 5Y*
- -14.07%
- 10Y*
- -5.51%
TMV
- 1D
- 1.93%
- 1M
- 6.11%
- 6M
- 11.42%
- YTD
- 9.86%
- 1Y
- 3.30%
- 3Y*
- 13.84%
- 5Y*
- 24.30%
- 10Y*
- 1.11%
TYD vs. TMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -8.30% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 5.64% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 9.86% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
Correlation
The correlation between TYD and TMV is -0.89, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.85 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.83 |
The correlation between TYD and TMV has been stable across timeframes, ranging from -0.92 to -0.83 - a consistent structural relationship.
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Return for Risk
TYD vs. TMV — Risk / Return Rank
TYD
TMV
TYD vs. TMV - 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 Direxion Daily 20-Year Treasury Bear 3X (TMV). 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 | TMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.54 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.04 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 0.15 | -0.35 |
| Martin ratioReturn relative to average drawdown | -0.45 | 0.29 | -0.74 |
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Drawdowns
TYD vs. TMV - Drawdown Comparison
The maximum TYD drawdown since its inception was -64.28%, smaller than the maximum TMV drawdown of -98.96%. Use the drawdown chart below to compare losses from any high point for TYD and TMV.
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Drawdown Indicators
| TYD | TMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.28% | -98.96% | +34.68% |
Max Drawdown (1Y)Largest decline over 1 year | -13.54% | -21.62% | +8.08% |
Max Drawdown (3Y)Largest decline over 3 years | -23.96% | -48.49% | +24.53% |
Max Drawdown (5Y)Largest decline over 5 years | -59.84% | -48.49% | -11.35% |
Max Drawdown (10Y)Largest decline over 10 years | -64.28% | -82.31% | +18.03% |
Current DrawdownCurrent decline from peak | -60.15% | -95.74% | +35.59% |
Average DrawdownAverage peak-to-trough decline | -22.16% | -86.64% | +64.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.95% | 11.32% | -5.37% |
Volatility
TYD vs. TMV - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) is 4.65%, while Direxion Daily 20-Year Treasury Bear 3X (TMV) has a volatility of 8.70%. This indicates that TYD experiences smaller price fluctuations and is considered to be less risky than TMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TYD | TMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.65% | 8.70% | -4.05% |
Volatility (6M)Calculated over the trailing 6-month period | 10.29% | 20.16% | -9.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.84% | 27.98% | -14.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.98% | 47.00% | -24.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.20% | 44.25% | -24.05% |
TYD vs. TMV - Expense Ratio Comparison
TYD has a 1.09% expense ratio, which is higher than TMV's 1.04% expense ratio.
Dividends
TYD vs. TMV - Dividend Comparison
TYD's dividend yield for the trailing twelve months is around 3.36%, more than TMV's 2.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.41% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% | 0.00% | 0.00% | 0.00% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.36% | 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 TMV have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (8.70%) compared to TYD (4.65%). In terms of maximum drawdown, TYD dropped -64.28% vs TMV's -98.96%.
On 10-year performance, TMV leads with 1.11% vs -5.51% for TYD. On fees, TMV is cheaper at 1.04% per year. On volatility, TYD has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMV has performed better with a 1.11% return vs -5.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMV is cheaper with a 1.04% expense ratio, compared with 1.09% for TYD.
TYD has the higher dividend yield at 3.36%, compared with 2.41% for TMV.
TYD tracks NYSE 7-10 Year Treasury Bond Index, while TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%). Their fees differ too: 1.09% for TYD and 1.04% for TMV.
TMV currently has the higher Sharpe Ratio (0.12 vs -0.19), 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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