TYO vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about Direxion Daily 7-10 Year Treasury Bear 3X (TYO) and S&P 500 Index (^GSPC).

TYO 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.

Performance

TYO vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 7-10 Year Treasury Bear 3X (TYO) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

TYO vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TYO Direxion Daily 7-10 Year Treasury Bear 3X	4.07%	-7.64%	18.94%	1.06%	58.83%	7.47%	-28.56%	-18.71%	-1.42%	-8.94%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, TYO achieves a 4.07% return, which is significantly higher than ^GSPC's -3.95% return. Over the past 10 years, TYO has underperformed ^GSPC with an annualized return of 1.03%, while ^GSPC has yielded a comparatively higher 12.24% annualized return.

TYO

• 1D: 0.22%
• 1M: 6.97%
• YTD: 4.07%
• 6M: 6.21%
• 1Y: 4.76%
• 3Y*: 8.43%
• 5Y*: 10.63%
• 10Y*: 1.03%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

TYO vs. ^GSPC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TYO

TYO Risk / Return Rank: 18
TYO Sharpe Ratio Rank: 19
TYO Sortino Ratio Rank: 19
TYO Omega Ratio Rank: 17
TYO Calmar Ratio Rank: 18
TYO Martin Ratio Rank: 15

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TYO vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) and S&P 500 Index (^GSPC). 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.

	TYO	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.29	0.92	-0.62
Sortino ratio Return per unit of downside risk	0.54	1.41	-0.88
Omega ratio Gain probability vs. loss probability	1.06	1.21	-0.15
Calmar ratio Return relative to maximum drawdown	0.32	1.41	-1.10
Martin ratio Return relative to average drawdown	0.53	6.61	-6.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TYO vs. ^GSPC - Sharpe Ratio Comparison

The current TYO Sharpe Ratio is 0.29, which is lower than the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of TYO and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TYO	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.29	0.92	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.61	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.05	0.68	-0.63
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	0.46	-0.81

Correlation

The correlation between TYO and ^GSPC is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

TYO vs. ^GSPC - Drawdown Comparison

The maximum TYO drawdown since its inception was -89.25%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for TYO and ^GSPC.

Drawdown Indicators

	TYO	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-89.25%	-56.78%	-32.47%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-12.14%	+0.28%
Max Drawdown (5Y) Largest decline over 5 years	-24.40%	-25.43%	+1.03%
Max Drawdown (10Y) Largest decline over 10 years	-52.21%	-33.92%	-18.29%
Current Drawdown Current decline from peak	-78.02%	-5.78%	-72.24%
Average Drawdown Average peak-to-trough decline	-71.03%	-10.75%	-60.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.10%	2.60%	+4.50%

Volatility

TYO vs. ^GSPC - Volatility Comparison

Direxion Daily 7-10 Year Treasury Bear 3X (TYO) has a higher volatility of 5.91% compared to S&P 500 Index (^GSPC) at 5.37%. This indicates that TYO's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TYO	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.91%	5.37%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	9.68%	9.55%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	16.38%	18.33%	-1.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.18%	16.90%	+6.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.21%	18.05%	+2.16%