TYO vs. SPY
TYO (Direxion Daily 7-10 Year Treasury Bear 3X) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - TYO is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, TYO returned 2.23%/yr vs 15.70%/yr for SPY. At a 0.23 correlation, their price movements are largely independent. TYO charges 1.08%/yr vs 0.09%/yr for SPY.
Performance
TYO vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, TYO achieves a 8.53% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, TYO has underperformed SPY with an annualized return of 2.23%, while SPY has yielded a comparatively higher 15.70% annualized return.
TYO
- 1D
- 1.14%
- 1M
- -0.45%
- YTD
- 8.53%
- 6M
- 8.84%
- 1Y
- 5.03%
- 3Y*
- 7.41%
- 5Y*
- 12.94%
- 10Y*
- 2.23%
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
TYO vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 8.53% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -1.42% | -8.94% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between TYO and SPY is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.23 |
The correlation between TYO and SPY shifts across timeframes, from -0.26 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TYO vs. SPY — Risk / Return Rank
TYO
SPY
TYO vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.80 | ||
| Sortino ratioReturn per unit of downside risk | -2.32 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.39 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | 3.01 | -2.51 |
| Martin ratioReturn relative to average drawdown | 0.93 | 13.54 | -12.61 |
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Drawdowns
TYO vs. SPY - Drawdown Comparison
The maximum TYO drawdown since its inception was -89.25%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TYO and SPY.
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Drawdown Indicators
| TYO | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.25% | -55.19% | -34.06% |
Max Drawdown (1Y)Largest decline over 1 year | -10.00% | -8.88% | -1.12% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -18.76% | -5.64% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -24.50% | +0.10% |
Max Drawdown (10Y)Largest decline over 10 years | -52.21% | -33.72% | -18.49% |
Current DrawdownCurrent decline from peak | -77.08% | -1.75% | -75.33% |
Average DrawdownAverage peak-to-trough decline | -71.10% | -9.04% | -62.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.43% | 1.97% | +3.46% |
Volatility
TYO vs. SPY - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) is 4.20%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that TYO experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TYO | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.20% | 4.64% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 10.58% | 9.75% | +0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.36% | 12.43% | +1.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.23% | 17.14% | +6.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.19% | 17.99% | +2.20% |
TYO vs. SPY - Expense Ratio Comparison
TYO has a 1.08% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
TYO vs. SPY - Dividend Comparison
TYO's dividend yield for the trailing twelve months is around 2.81%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.81% | 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 SPY have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.64%) compared to TYO (4.20%). In terms of maximum drawdown, TYO dropped -89.25% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.70% vs 2.23% for TYO. On fees, SPY is cheaper at 0.09% per year. On volatility, TYO has been the lower-risk option at 4.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.70% return vs 2.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 1.08% for TYO.
TYO has the higher dividend yield at 2.81%, compared with 1.01% for SPY.
TYO is categorized as Leveraged Bonds, while SPY is S&P 500. TYO tracks NYSE 7-10 Year Treasury Bond Index, while SPY tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.08% for TYO and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs 0.35), 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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