TYO vs. PST
Compare and contrast key facts about Direxion Daily 7-10 Year Treasury Bear 3X (TYO) and ProShares UltraShort 7-10 Year Treasury (PST).
TYO and PST are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. PST is a passively managed fund by ProShares that tracks the performance of the ICE BofA US Treasury (7-10 Y) (-200%). It was launched on May 1, 2008. Both TYO and PST are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: TYO or PST.
Key characteristics
| TYO | PST | |
|---|---|---|
| YTD Return | 15.49% | 11.24% |
| 1Y Return | -2.19% | -0.27% |
| 3Y Return (Ann) | 21.94% | 16.17% |
| 5Y Return (Ann) | 7.73% | 6.42% |
| 10Y Return (Ann) | -2.02% | 0.28% |
| Sharpe Ratio | -0.09 | 0.01 |
| Sortino Ratio | 0.03 | 0.11 |
| Omega Ratio | 1.00 | 1.01 |
| Calmar Ratio | -0.02 | 0.00 |
| Martin Ratio | -0.17 | 0.01 |
| Ulcer Index | 11.01% | 7.25% |
| Daily Std Dev | 21.94% | 14.71% |
| Max Drawdown | -89.25% | -79.25% |
| Current Drawdown | -77.80% | -64.44% |
Correlation
The correlation between TYO and PST is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
TYO vs. PST - Performance Comparison
In the year-to-date period, TYO achieves a 15.49% return, which is significantly higher than PST's 11.24% return. Over the past 10 years, TYO has underperformed PST with an annualized return of -2.02%, while PST has yielded a comparatively higher 0.28% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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TYO vs. PST - Expense Ratio Comparison
TYO has a 1.08% expense ratio, which is higher than PST's 0.95% expense ratio.
Risk-Adjusted Performance
TYO vs. PST - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) and ProShares UltraShort 7-10 Year Treasury (PST). 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.
Dividends
TYO vs. PST - Dividend Comparison
TYO's dividend yield for the trailing twelve months is around 4.51%, more than PST's 3.79% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 4.51% | 3.62% | 0.09% | 0.00% | 0.37% | 1.57% | 0.32% |
PST ProShares UltraShort 7-10 Year Treasury | 3.79% | 3.70% | 0.02% | 0.00% | 0.11% | 1.86% | 0.67% |
Drawdowns
TYO vs. PST - Drawdown Comparison
The maximum TYO drawdown since its inception was -89.25%, which is greater than PST's maximum drawdown of -79.25%. Use the drawdown chart below to compare losses from any high point for TYO and PST. For additional features, visit the drawdowns tool.
Volatility
TYO vs. PST - Volatility Comparison
Direxion Daily 7-10 Year Treasury Bear 3X (TYO) has a higher volatility of 6.43% compared to ProShares UltraShort 7-10 Year Treasury (PST) at 4.49%. This indicates that TYO's price experiences larger fluctuations and is considered to be riskier than PST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.