TYO vs. PFFL
TYO (Direxion Daily 7-10 Year Treasury Bear 3X) and PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) are both exchange-traded funds - TYO is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index, while PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index. Both are passively managed. Over the past 5 years, TYO returned 14.33%/yr vs -7.00%/yr for PFFL. At a correlation of -0.25, they often move in opposite directions. TYO charges 1.08%/yr vs 0.85%/yr for PFFL.
Performance
TYO vs. PFFL - Performance Comparison
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Returns By Period
In the year-to-date period, TYO achieves a 10.78% return, which is significantly higher than PFFL's -3.57% return.
TYO
- 1D
- 1.40%
- 1M
- 3.20%
- 6M
- 10.70%
- YTD
- 10.78%
- 1Y
- 6.55%
- 3Y*
- 7.57%
- 5Y*
- 14.33%
- 10Y*
- 2.43%
PFFL
- 1D
- -0.48%
- 1M
- -2.65%
- 6M
- -6.30%
- YTD
- -3.57%
- 1Y
- -2.06%
- 3Y*
- 2.84%
- 5Y*
- -7.00%
- 10Y*
- —
TYO vs. PFFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 10.78% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -10.88% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -3.57% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
Correlation
The correlation between TYO and PFFL is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.35 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | -0.25 |
The correlation between TYO and PFFL shifts across timeframes, from -0.39 (3 years) to -0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TYO vs. PFFL — Risk / Return Rank
TYO
PFFL
TYO vs. PFFL - 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 ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL). 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 | PFFL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.99 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | -0.17 | +0.83 |
| Martin ratioReturn relative to average drawdown | 1.20 | -0.37 | +1.57 |
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Drawdowns
TYO vs. PFFL - Drawdown Comparison
The maximum TYO drawdown since its inception was -89.25%, which is greater than PFFL's maximum drawdown of -80.68%. Use the drawdown chart below to compare losses from any high point for TYO and PFFL.
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Drawdown Indicators
| TYO | PFFL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.25% | -80.68% | -8.57% |
Max Drawdown (1Y)Largest decline over 1 year | -10.00% | -11.92% | +1.92% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -23.75% | -0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -48.51% | +24.11% |
Max Drawdown (10Y)Largest decline over 10 years | -52.21% | — | — |
Current DrawdownCurrent decline from peak | -76.60% | -40.60% | -36.00% |
Average DrawdownAverage peak-to-trough decline | -71.11% | -28.67% | -42.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.48% | 5.55% | -0.07% |
Volatility
TYO vs. PFFL - Volatility Comparison
Direxion Daily 7-10 Year Treasury Bear 3X (TYO) has a higher volatility of 4.73% compared to ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) at 4.25%. This indicates that TYO's price experiences larger fluctuations and is considered to be riskier than PFFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TYO | PFFL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.73% | 4.25% | +0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 10.88% | 10.91% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.28% | 16.91% | -2.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.21% | 23.69% | -0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.15% | 54.99% | -34.84% |
TYO vs. PFFL - Expense Ratio Comparison
TYO has a 1.08% expense ratio, which is higher than PFFL's 0.85% expense ratio.
Dividends
TYO vs. PFFL - Dividend Comparison
TYO's dividend yield for the trailing twelve months is around 2.52%, less than PFFL's 13.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 13.37% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.52% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% |
Frequently Asked Questions
TYO and PFFL have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TYO has higher volatility (4.73%) compared to PFFL (4.25%). In terms of maximum drawdown, TYO dropped -89.25% vs PFFL's -80.68%.
On 5-year performance, TYO leads with 14.33% vs -7.00% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFL has been the lower-risk option at 4.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TYO has performed better with a 14.33% return vs -7.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 1.08% for TYO.
PFFL has the higher dividend yield at 13.37%, compared with 2.52% for TYO.
TYO is categorized as Leveraged Bonds, while PFFL is Preferred Stock/Convertible Bonds. TYO tracks NYSE 7-10 Year Treasury Bond Index, while PFFL tracks Solactive Preferred Stock ETF Index. They also come from different issuers: Direxion and UBS. Their fees differ too: 1.08% for TYO and 0.85% for PFFL.
TYO currently has the higher Sharpe Ratio (0.46 vs -0.12), 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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