TYO vs. SPTL
TYO (Direxion Daily 7-10 Year Treasury Bear 3X) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both exchange-traded funds - TYO is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index, while SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury Index. Both are passively managed. Over the past 10 years, TYO returned 2.74%/yr vs -1.81%/yr for SPTL. Their -0.88 correlation means they have often moved in opposite directions in the past. TYO charges 1.08%/yr vs 0.03%/yr for SPTL.
Performance
TYO vs. SPTL - Performance Comparison
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Returns By Period
In the year-to-date period, TYO achieves a 13.00% return, which is significantly higher than SPTL's -3.28% return. Over the past 10 years, TYO has outperformed SPTL with an annualized return of 2.74%, while SPTL has yielded a comparatively lower -1.81% annualized return.
TYO
- 1D
- 1.13%
- 1M
- 4.90%
- 6M
- 11.24%
- YTD
- 13.00%
- 1Y
- 13.40%
- 3Y*
- 6.55%
- 5Y*
- 15.57%
- 10Y*
- 2.74%
- ALL TIME*
- -6.54%
SPTL
- 1D
- -0.67%
- 1M
- -3.50%
- 6M
- -3.17%
- YTD
- -3.28%
- 1Y
- -1.73%
- 3Y*
- -0.59%
- 5Y*
- -7.09%
- 10Y*
- -1.81%
- ALL TIME*
- 3.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $141.08M | $126.11M | $146.73M | |
| $187.18K | $201.48K | $266.73K |
TYO vs. SPTL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 13.00% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -1.42% | -8.94% |
SPTL SPDR Portfolio Long Term Treasury ETF | -3.28% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
Correlation
The correlation between TYO and SPTL is -0.91, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.91 |
Correlation (3Y) Balances recent behavior with more history. | -0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.88 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.88 |
The correlation between TYO and SPTL has been stable across timeframes, ranging from -0.93 to -0.88 - a consistent structural relationship.
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Return for Risk
TYO vs. SPTL — Risk / Return Rank
TYO
SPTL
TYO vs. SPTL - 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 SPDR Portfolio Long Term Treasury ETF (SPTL). 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 | SPTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.00 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | -0.06 | +1.46 |
| Martin ratioReturn relative to average drawdown | 2.88 | -0.14 | +3.02 |
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Drawdowns
TYO vs. SPTL - Drawdown Comparison
The maximum TYO drawdown since its inception was -89.25%, which is greater than SPTL's maximum drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for TYO and SPTL.
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Drawdown Indicators
| TYO | SPTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.25% | -46.20% | -43.05% |
Max Drawdown (1Y)Largest decline over 1 year | -6.90% | -7.09% | +0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -13.39% | -11.01% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -41.02% | +16.62% |
Max Drawdown (10Y)Largest decline over 10 years | -52.21% | -46.20% | -6.01% |
Current DrawdownCurrent decline from peak | -76.14% | -38.71% | -37.43% |
Average DrawdownAverage peak-to-trough decline | -71.13% | -14.43% | -56.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.91% | 3.21% | +0.70% |
Volatility
TYO vs. SPTL - Volatility Comparison
Direxion Daily 7-10 Year Treasury Bear 3X (TYO) has a higher volatility of 3.79% compared to SPDR Portfolio Long Term Treasury ETF (SPTL) at 2.26%. This indicates that TYO's price experiences larger fluctuations and is considered to be riskier than SPTL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TYO | SPTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.79% | 2.26% | +1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 11.04% | 6.39% | +4.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.19% | 8.51% | +5.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.17% | 14.50% | +8.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.15% | 13.88% | +6.27% |
TYO vs. SPTL - Expense Ratio Comparison
TYO has a 1.08% expense ratio, which is higher than SPTL's 0.03% expense ratio.
Dividends
TYO vs. SPTL - Dividend Comparison
TYO's dividend yield for the trailing twelve months is around 2.47%, less than SPTL's 4.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | 3.99% | 4.12% | 4.03% | 3.24% | 2.75% | 1.68% | 1.71% | 2.45% | 2.69% | 2.53% | 2.56% | 2.60% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.47% | 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 SPTL have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TYO has higher volatility (3.79%) compared to SPTL (2.26%). In terms of maximum drawdown, TYO dropped -89.25% vs SPTL's -46.20%.
On 10-year performance, TYO leads with 2.74% vs -1.81% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, SPTL has been the lower-risk option at 2.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TYO has performed better with a 2.74% return vs -1.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTL is cheaper with a 0.03% expense ratio, compared with 1.08% for TYO.
SPTL has the higher dividend yield at 3.99%, compared with 2.47% for TYO.
TYO is categorized as Leveraged Bonds, while SPTL is Government Bonds. TYO tracks NYSE 7-10 Year Treasury Bond Index, while SPTL tracks Bloomberg Long U.S. Treasury Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.08% for TYO and 0.03% for SPTL.
TYO currently has the higher Sharpe Ratio (0.68 vs -0.05), 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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