TYD vs. TYO
TYD (Direxion Daily 7-10 Year Treasury Bull 3X) and TYO (Direxion Daily 7-10 Year Treasury Bear 3X) are both Leveraged Bonds funds from Direxion tracking the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, TYD returned -5.30%/yr vs 2.23%/yr for TYO. At a correlation of -0.88, they often move in opposite directions. TYD charges 1.09%/yr vs 1.08%/yr for TYO.
Performance
TYD vs. TYO - 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 TYO's 8.53% return. Over the past 10 years, TYD has underperformed TYO with an annualized return of -5.30%, while TYO has yielded a comparatively higher 2.23% 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%
TYO
- 1D
- 1.14%
- 1M
- -0.45%
- YTD
- 8.53%
- 6M
- 8.84%
- 1Y
- 5.03%
- 3Y*
- 7.41%
- 5Y*
- 12.94%
- 10Y*
- 2.23%
TYD vs. TYO - 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% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 8.53% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -1.42% | -8.94% |
Correlation
The correlation between TYD and TYO is -0.98, 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 | -0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.88 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.88 |
The correlation between TYD and TYO shifts across timeframes, from -0.98 (5 years) to -0.88 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TYD vs. TYO — Risk / Return Rank
TYD
TYO
TYD vs. TYO - 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 7-10 Year Treasury Bear 3X (TYO). 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 | TYO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.07 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | 0.50 | -0.62 |
| Martin ratioReturn relative to average drawdown | -0.28 | 0.93 | -1.21 |
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Drawdowns
TYD vs. TYO - Drawdown Comparison
The maximum TYD drawdown since its inception was -64.28%, smaller than the maximum TYO drawdown of -89.25%. Use the drawdown chart below to compare losses from any high point for TYD and TYO.
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Drawdown Indicators
| TYD | TYO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.28% | -89.25% | +24.97% |
Max Drawdown (1Y)Largest decline over 1 year | -13.54% | -10.00% | -3.54% |
Max Drawdown (3Y)Largest decline over 3 years | -24.62% | -24.40% | -0.22% |
Max Drawdown (5Y)Largest decline over 5 years | -59.84% | -24.40% | -35.44% |
Max Drawdown (10Y)Largest decline over 10 years | -64.28% | -52.21% | -12.07% |
Current DrawdownCurrent decline from peak | -59.40% | -77.08% | +17.68% |
Average DrawdownAverage peak-to-trough decline | -22.04% | -71.10% | +49.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.49% | 5.43% | +0.06% |
Volatility
TYD vs. TYO - Volatility Comparison
Direxion Daily 7-10 Year Treasury Bull 3X (TYD) and Direxion Daily 7-10 Year Treasury Bear 3X (TYO) have volatilities of 4.01% and 4.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TYD | TYO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.01% | 4.20% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 9.98% | 10.58% | -0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.87% | 14.36% | -0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.98% | 23.23% | -0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.36% | 20.19% | +0.17% |
TYD vs. TYO - Expense Ratio Comparison
TYD has a 1.09% expense ratio, which is higher than TYO's 1.08% expense ratio.
Dividends
TYD vs. TYO - Dividend Comparison
TYD's dividend yield for the trailing twelve months is around 3.24%, more than TYO's 2.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.81% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TYD and TYO have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TYO has higher volatility (4.20%) compared to TYD (4.01%). In terms of maximum drawdown, TYD dropped -64.28% vs TYO's -89.25%.
On 10-year performance, TYO leads with 2.23% vs -5.30% for TYD. On fees, TYO is cheaper at 1.08% 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, TYO has performed better with a 2.23% return vs -5.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TYO is cheaper with a 1.08% expense ratio, compared with 1.09% for TYD.
TYD has the higher dividend yield at 3.24%, compared with 2.81% for TYO.
Both ETFs track NYSE 7-10 Year Treasury Bond Index. Their fees differ too: 1.09% for TYD and 1.08% for TYO.
TYO currently has the higher Sharpe Ratio (0.35 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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