TYO vs. EVSD

Last updated Jun 24, 2026

TYO (Direxion Daily 7-10 Year Treasury Bear 3X) and EVSD (Eaton Vance Short Duration Income ETF) are both exchange-traded funds - TYO is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index, while EVSD is a Short-Term Bond fund actively managed by Eaton Vance. TYO is passively managed, while EVSD is actively managed. Over the past year, TYO returned 5.39% vs 4.39% for EVSD. At a correlation of -0.80, they often move in opposite directions. TYO charges 1.08%/yr vs 0.24%/yr for EVSD.

Performance

TYO vs. EVSD - 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 Eaton Vance Short Duration Income ETF (EVSD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TYO achieves a 7.50% return, which is significantly higher than EVSD's 0.83% return.

TYO

• 1D: -0.95%
• 1M: -1.40%
• YTD: 7.50%
• 6M: 7.74%
• 1Y: 5.39%
• 3Y*: 7.07%
• 5Y*: 12.78%
• 10Y*: 2.13%

EVSD

• 1D: 0.03%
• 1M: 0.30%
• YTD: 0.83%
• 6M: 1.04%
• 1Y: 4.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TYO vs. EVSD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TYO Direxion Daily 7-10 Year Treasury Bear 3X	7.50%	-7.64%	9.26%
EVSD Eaton Vance Short Duration Income ETF	0.83%	6.80%	3.86%

Correlation

The correlation between TYO and EVSD is -0.87, 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	-0.87
Correlation (All Time) Calculated using the full available price history since Jun 17, 2024	-0.80

The correlation between TYO and EVSD has been stable across timeframes, ranging from -0.87 to -0.80 - a consistent structural relationship.

Return for Risk

TYO vs. EVSD — Risk / Return Rank

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

TYO

TYO Risk / Return Rank: 14
TYO Sharpe Ratio Rank: 14
TYO Sortino Ratio Rank: 13
TYO Omega Ratio Rank: 13
TYO Calmar Ratio Rank: 15
TYO Martin Ratio Rank: 13

EVSD

EVSD Risk / Return Rank: 86
EVSD Sharpe Ratio Rank: 90
EVSD Sortino Ratio Rank: 94
EVSD Omega Ratio Rank: 93
EVSD Calmar Ratio Rank: 73
EVSD Martin Ratio Rank: 79

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. EVSD - 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 Eaton Vance Short Duration Income ETF (EVSD). 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.

	TYO	EVSD	Difference
Sharpe ratio: Return per unit of total volatility	0.38	2.82	-2.45
Sortino ratio: Return per unit of downside risk	0.63	4.42	-3.79
Omega ratio: Gain probability vs. loss probability	1.07	1.59	-0.52
Calmar ratio: Return relative to maximum drawdown	0.54	3.50	-2.96
Martin ratio: Return relative to average drawdown	1.00	14.55	-13.55

TYO vs. EVSD - Sharpe Ratio Comparison

The current TYO Sharpe Ratio is 0.38, which is lower than the EVSD Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of TYO and EVSD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TYO vs. EVSD - Drawdown Comparison

The maximum TYO drawdown since its inception was -89.25%, which is greater than EVSD's maximum drawdown of -1.26%. Use the drawdown chart below to compare losses from any high point for TYO and EVSD.

Drawdown Indicators

	TYO	EVSD	Difference
Max Drawdown Largest peak-to-trough decline	-89.25%	-1.26%	-87.99%
Max Drawdown (1Y) Largest decline over 1 year	-10.00%	-1.26%	-8.74%
Max Drawdown (3Y) Largest decline over 3 years	-24.40%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-52.21%	—	—
Current Drawdown Current decline from peak	-77.30%	-0.20%	-77.10%
Average Drawdown Average peak-to-trough decline	-71.10%	-0.19%	-70.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.42%	0.30%	+5.12%

Volatility

TYO vs. EVSD - Volatility Comparison

Direxion Daily 7-10 Year Treasury Bear 3X (TYO) has a higher volatility of 4.29% compared to Eaton Vance Short Duration Income ETF (EVSD) at 0.54%. This indicates that TYO's price experiences larger fluctuations and is considered to be riskier than EVSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TYO	EVSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	0.54%	+3.75%
Volatility (6M) Calculated over the trailing 6-month period	10.61%	1.21%	+9.40%
Volatility (1Y) Calculated over the trailing 1-year period	14.36%	1.56%	+12.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.23%	1.95%	+21.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.17%	1.95%	+18.22%

TYO vs. EVSD - Expense Ratio Comparison

TYO has a 1.08% expense ratio, which is higher than EVSD's 0.24% expense ratio.

Dividends

TYO vs. EVSD - Dividend Comparison

TYO's dividend yield for the trailing twelve months is around 2.83%, less than EVSD's 4.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EVSD Eaton Vance Short Duration Income ETF	4.62%	4.64%	2.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TYO Direxion Daily 7-10 Year Treasury Bear 3X	2.83%	3.69%	4.22%	3.62%	0.09%	0.00%	0.36%	1.58%	0.32%

Frequently Asked Questions

Can I hold both TYO and EVSD in my portfolio?

TYO and EVSD have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TYO or EVSD?

TYO has higher volatility (4.29%) compared to EVSD (0.54%). In terms of maximum drawdown, TYO dropped -89.25% vs EVSD's -1.26%.

Which ETF is better, TYO or EVSD?

On 1-year performance, TYO leads with 5.39% vs 4.39% for EVSD. On fees, EVSD is cheaper at 0.24% per year. On volatility, EVSD has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TYO or EVSD?

Over the 1-year period, TYO has performed better with a 5.39% return vs 4.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TYO or EVSD?

EVSD is cheaper with a 0.24% expense ratio, compared with 1.08% for TYO.

Which ETF pays a higher dividend yield, TYO or EVSD?

EVSD has the higher dividend yield at 4.62%, compared with 2.83% for TYO.

What is the main difference between TYO and EVSD?

TYO is categorized as Leveraged Bonds, while EVSD is Short-Term Bond. They also come from different issuers: Direxion and Eaton Vance. Their fees differ too: 1.08% for TYO and 0.24% for EVSD.

Which has better risk-adjusted returns?

EVSD currently has the higher Sharpe Ratio (2.82 vs 0.38), 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.