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 -4.63%/yr vs -0.91%/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 -5.40% return, which is significantly lower than TMV's 3.56% return. Over the past 10 years, TYD has underperformed TMV with an annualized return of -4.63%, while TMV has yielded a comparatively higher -0.91% annualized return.
TYD
- 1D
- 0.13%
- 1M
- -1.42%
- YTD
- -5.40%
- 6M
- -7.08%
- 1Y
- 1.17%
- 3Y*
- -4.80%
- 5Y*
- -12.47%
- 10Y*
- -4.63%
TMV
- 1D
- -0.63%
- 1M
- -0.68%
- YTD
- 3.56%
- 6M
- 9.40%
- 1Y
- -4.92%
- 3Y*
- 12.41%
- 5Y*
- 17.86%
- 10Y*
- -0.91%
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 | -5.40% | 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 | 3.56% | -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 -0.90, 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 | -0.90 |
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 17, 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.
| TYD | TMV | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.08 | -0.17 | +0.25 |
Sortino ratioReturn per unit of downside risk | 0.22 | -0.04 | +0.26 |
Omega ratioGain probability vs. loss probability | 1.02 | 1.00 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 0.02 | -0.11 | +0.13 |
Martin ratioReturn relative to average drawdown | 0.05 | -0.22 | +0.27 |
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 | TMV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.08 | -0.17 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.55 | 0.38 | -0.93 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.23 | -0.02 | -0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | -0.33 | +0.38 |
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% | -21.73% | +8.19% |
Max Drawdown (3Y)Largest decline over 3 years | -25.04% | -48.49% | +23.45% |
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 | -58.89% | -95.98% | +37.09% |
Average DrawdownAverage peak-to-trough decline | -21.94% | -86.60% | +64.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.92% | 11.12% | -6.20% |
Volatility
TYD vs. TMV - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) is 4.26%, while Direxion Daily 20-Year Treasury Bear 3X (TMV) has a volatility of 8.37%. 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 | 4.26% | 8.37% | -4.11% |
Volatility (6M)Calculated over the trailing 6-month period | 9.67% | 19.47% | -9.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.13% | 29.22% | -15.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.98% | 47.21% | -24.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.37% | 44.45% | -24.08% |
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 3.20%, more than TMV's 2.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.65% | 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 | 3.20% | 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 -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (8.37%) compared to TYD (4.26%). In terms of maximum drawdown, TYD dropped -64.28% vs TMV's -98.96%.
On 10-year performance, TMV leads with -0.91% vs -4.63% for TYD. On fees, TMV is cheaper at 1.04% per year. On volatility, TYD has been the lower-risk option at 4.26%. 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 -0.91% return vs -4.63%. 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 3.20%, compared with 2.65% 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.
TYD currently has the higher Sharpe Ratio (0.08 vs -0.17), 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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