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TYO vs. ISTB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TYO vs. ISTB

Last updated Jun 4, 2026

TYO (Direxion Daily 7-10 Year Treasury Bear 3X) and ISTB (iShares Core 1-5 Year USD Bond ETF) are both exchange-traded funds - TYO is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index, while ISTB is a Short-Term Bond fund tracking the BBG US Universal 1-5 Year Index (USD). Both are passively managed. Over the past 10 years, TYO returned 1.79%/yr vs 2.27%/yr for ISTB. At a correlation of -0.67, they often move in opposite directions. TYO charges 1.08%/yr vs 0.06%/yr for ISTB.

Performance

TYO vs. ISTB - 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 iShares Core 1-5 Year USD Bond ETF (ISTB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TYO achieves a 8.03% return, which is significantly higher than ISTB's 0.49% return. Over the past 10 years, TYO has underperformed ISTB with an annualized return of 1.79%, while ISTB has yielded a comparatively higher 2.27% annualized return.

TYO

1D
1.07%
1M
1.54%
YTD
8.03%
6M
11.18%
1Y
3.00%
3Y*
7.71%
5Y*
12.51%
10Y*
1.79%

ISTB

1D
-0.08%
1M
0.15%
YTD
0.49%
6M
0.71%
1Y
4.19%
3Y*
4.95%
5Y*
1.85%
10Y*
2.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TYO vs. ISTB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TYO
Direxion Daily 7-10 Year Treasury Bear 3X		8.03%-7.64%18.94%1.06%58.83%7.47%-28.56%-18.71%-1.42%-8.94%
ISTB
iShares Core 1-5 Year USD Bond ETF		0.49%6.36%4.37%5.56%-6.08%-0.71%4.75%5.61%1.02%1.72%

Correlation

The correlation between TYO and ISTB 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

-0.91

Correlation (5Y)
Calculated over the trailing 5-year period

-0.88

Correlation (10Y)
Calculated over the trailing 10-year period

-0.75

Correlation (All Time)
Calculated using the full available price history since Oct 25, 2012

-0.67

Over the past year, the inverse relationship between TYO and ISTB has strengthened: their correlation has moved from -0.67 to -0.90, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

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Direxion Daily 7-10 Year Treasury Bear 3X

iShares Core 1-5 Year USD Bond ETF

Often compared with TYO:
TYO vs. TYDTYO vs. YANGTYO vs. PSTTYO vs. SPYTYO vs. SPTLTYO vs. TMFTYO vs. ^GSPC
Often compared with ISTB:
ISTB vs. BSVISTB vs. AGGISTB vs. FUMBXISTB vs. IMTBISTB vs. SHYISTB vs. IAGGISTB vs. FIBR

Return for Risk

TYO vs. ISTB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TYO
TYO Risk / Return Rank: 1111
Overall Rank
TYO Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
TYO Sortino Ratio Rank: 1111
Sortino Ratio Rank
TYO Omega Ratio Rank: 1111
Omega Ratio Rank
TYO Calmar Ratio Rank: 1212
Calmar Ratio Rank
TYO Martin Ratio Rank: 1111
Martin Ratio Rank
ISTB
ISTB Risk / Return Rank: 7373
Overall Rank
ISTB Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
ISTB Sortino Ratio Rank: 8181
Sortino Ratio Rank
ISTB Omega Ratio Rank: 7777
Omega Ratio Rank
ISTB Calmar Ratio Rank: 6767
Calmar Ratio Rank
ISTB Martin Ratio Rank: 6868
Martin Ratio Rank
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. ISTB - 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 iShares Core 1-5 Year USD Bond ETF (ISTB). 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.

TYOISTBDifference

Sharpe ratio

Return per unit of total volatility

0.21

2.37

-2.16

Sortino ratio

Return per unit of downside risk

0.39

3.69

-3.30

Omega ratio

Gain probability vs. loss probability

1.05

1.46

-0.42

Calmar ratio

Return relative to maximum drawdown

0.29

3.34

-3.05

Martin ratio

Return relative to average drawdown

0.51

12.72

-12.20

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. ISTB - Sharpe Ratio Comparison

The current TYO Sharpe Ratio is 0.21, which is lower than the ISTB Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of TYO and ISTB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TYOISTBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.21

2.37

-2.16

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.54

0.67

-0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.09

0.91

-0.82

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.34

0.84

-1.18

Drawdowns

TYO vs. ISTB - Drawdown Comparison

The maximum TYO drawdown since its inception was -89.25%, which is greater than ISTB's maximum drawdown of -9.34%. Use the drawdown chart below to compare losses from any high point for TYO and ISTB.

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Drawdown Indicators

TYOISTBDifference

Max Drawdown

Largest peak-to-trough decline

-89.25%

-9.34%

-79.91%

Max Drawdown (1Y)

Largest decline over 1 year

-10.48%

-1.26%

-9.22%

Max Drawdown (3Y)

Largest decline over 3 years

-24.40%

-1.36%

-23.04%

Max Drawdown (5Y)

Largest decline over 5 years

-24.40%

-9.34%

-15.06%

Max Drawdown (10Y)

Largest decline over 10 years

-52.21%

-9.34%

-42.87%

Current Drawdown

Current decline from peak

-77.19%

-0.42%

-76.77%

Average Drawdown

Average peak-to-trough decline

-71.09%

-1.22%

-69.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.85%

0.33%

+5.52%

Volatility

TYO vs. ISTB - Volatility Comparison

Direxion Daily 7-10 Year Treasury Bear 3X (TYO) has a higher volatility of 4.94% compared to iShares Core 1-5 Year USD Bond ETF (ISTB) at 0.54%. This indicates that TYO's price experiences larger fluctuations and is considered to be riskier than ISTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TYOISTBDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.94%

0.54%

+4.40%

Volatility (6M)

Calculated over the trailing 6-month period

10.14%

1.28%

+8.86%

Volatility (1Y)

Calculated over the trailing 1-year period

14.56%

1.77%

+12.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.23%

2.79%

+20.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.19%

2.51%

+17.68%

TYO vs. ISTB - Expense Ratio Comparison

TYO has a 1.08% expense ratio, which is higher than ISTB's 0.06% expense ratio.

Dividends

TYO vs. ISTB - Dividend Comparison

TYO's dividend yield for the trailing twelve months is around 2.82%, less than ISTB's 4.25% yield.

PositionTTM20252024202320222021202020192018201720162015
ISTB
iShares Core 1-5 Year USD Bond ETF		4.25%4.12%3.83%2.97%2.01%1.69%2.20%2.75%2.57%2.06%1.90%1.58%
TYO
Direxion Daily 7-10 Year Treasury Bear 3X		2.82%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

TYO and ISTB 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.

TYO has higher volatility (4.94%) compared to ISTB (0.54%). In terms of maximum drawdown, TYO dropped -89.25% vs ISTB's -9.34%.

On 10-year performance, ISTB leads with 2.27% vs 1.79% for TYO. On fees, ISTB is cheaper at 0.06% per year. On volatility, ISTB has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ISTB has performed better with a 2.27% return vs 1.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ISTB is cheaper with a 0.06% expense ratio, compared with 1.08% for TYO.

ISTB has the higher dividend yield at 4.25%, compared with 2.82% for TYO.

TYO is categorized as Leveraged Bonds, while ISTB is Short-Term Bond. TYO tracks NYSE 7-10 Year Treasury Bond Index, while ISTB tracks BBG US Universal 1-5 Year Index (USD). They also come from different issuers: Direxion and iShares. Their fees differ too: 1.08% for TYO and 0.06% for ISTB.

ISTB currently has the higher Sharpe Ratio (2.37 vs 0.21), 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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