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 -5.77%/yr vs 1.86%/yr for TMV. Their -0.83 correlation means they have often moved in opposite directions in the past. 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 -10.03% return, which is significantly lower than TMV's 17.52% return. Over the past 10 years, TYD has underperformed TMV with an annualized return of -5.77%, while TMV has yielded a comparatively higher 1.86% 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%
TMV
- 1D
- 1.99%
- 1M
- 13.35%
- 6M
- 16.52%
- YTD
- 17.52%
- 1Y
- 19.49%
- 3Y*
- 13.00%
- 5Y*
- 27.59%
- 10Y*
- 1.86%
- ALL TIME*
- -14.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.38M | $22.37M | $25.43M | |
| $420.72K | $411.37K | $510.43K |
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 | -10.03% | 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 | 17.52% | -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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.89 |
Correlation (3Y) Balances recent behavior with more history. | -0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.42 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.11 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | 0.75 | -1.14 |
| Martin ratioReturn relative to average drawdown | -0.84 | 1.56 | -2.40 |
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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 | -14.41% | -19.32% | +4.91% |
Max Drawdown (3Y)Largest decline over 3 years | -22.32% | -48.49% | +26.17% |
Max Drawdown (5Y)Largest decline over 5 years | -59.80% | -48.49% | -11.31% |
Max Drawdown (10Y)Largest decline over 10 years | -64.28% | -82.31% | +18.03% |
Current DrawdownCurrent decline from peak | -60.90% | -95.44% | +34.54% |
Average DrawdownAverage peak-to-trough decline | -22.29% | -86.66% | +64.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.69% | 9.32% | -2.63% |
Volatility
TYD vs. TMV - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) is 3.45%, while Direxion Daily 20-Year Treasury Bear 3X (TMV) has a volatility of 7.07%. 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 | 3.45% | 7.07% | -3.62% |
Volatility (6M)Calculated over the trailing 6-month period | 10.38% | 20.12% | -9.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.68% | 27.60% | -13.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.92% | 46.81% | -23.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.18% | 44.23% | -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 3.43%, more than TMV's 2.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.25% | 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 | 3.43% | 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 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 (7.07%) compared to TYD (3.45%). In terms of maximum drawdown, TYD dropped -64.28% vs TMV's -98.96%.
On 10-year performance, TMV leads with 1.86% vs -5.77% for TYD. On fees, TMV is cheaper at 1.04% 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, TMV has performed better with a 1.86% return vs -5.77%. 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 3.43%, compared with 2.25% 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 (0.53 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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