TYO vs. TMV
TYO (Direxion Daily 7-10 Year Treasury Bear 3X) and TMV (Direxion Daily 20-Year Treasury Bear 3X) are both Leveraged Bonds funds from Direxion - TYO tracks the NYSE 7-10 Year Treasury Bond Index while TMV tracks the NYSE 20 Year Plus Treasury Bond Index (-300%). Both are passively managed. Over the past 10 years, TYO returned 2.43%/yr vs 1.11%/yr for TMV. Their correlation of 0.89 suggests significant overlap in exposure. TYO charges 1.08%/yr vs 1.04%/yr for TMV.
Performance
TYO vs. TMV - 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 TMV's 9.86% return. Over the past 10 years, TYO has outperformed TMV with an annualized return of 2.43%, while TMV has yielded a comparatively lower 1.11% annualized 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%
TMV
- 1D
- 1.93%
- 1M
- 6.11%
- 6M
- 11.42%
- YTD
- 9.86%
- 1Y
- 3.30%
- 3Y*
- 13.84%
- 5Y*
- 24.30%
- 10Y*
- 1.11%
TYO vs. TMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | -1.42% | -8.94% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 9.86% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
Correlation
The correlation between TYO and TMV is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.89 |
The correlation between TYO and TMV has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.
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Return for Risk
TYO vs. TMV — Risk / Return Rank
TYO
TMV
TYO vs. TMV - 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 Direxion Daily 20-Year Treasury Bear 3X (TMV). 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 | TMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.04 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 0.15 | +0.50 |
| Martin ratioReturn relative to average drawdown | 1.20 | 0.29 | +0.90 |
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Drawdowns
TYO vs. TMV - Drawdown Comparison
The maximum TYO drawdown since its inception was -89.25%, smaller than the maximum TMV drawdown of -98.96%. Use the drawdown chart below to compare losses from any high point for TYO and TMV.
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Drawdown Indicators
| TYO | TMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.25% | -98.96% | +9.71% |
Max Drawdown (1Y)Largest decline over 1 year | -10.00% | -21.62% | +11.62% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -48.49% | +24.09% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -48.49% | +24.09% |
Max Drawdown (10Y)Largest decline over 10 years | -52.21% | -82.31% | +30.10% |
Current DrawdownCurrent decline from peak | -76.60% | -95.74% | +19.14% |
Average DrawdownAverage peak-to-trough decline | -71.11% | -86.64% | +15.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.48% | 11.32% | -5.84% |
Volatility
TYO vs. TMV - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) is 4.73%, while Direxion Daily 20-Year Treasury Bear 3X (TMV) has a volatility of 8.70%. This indicates that TYO experiences smaller price fluctuations and is considered to be less risky than TMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TYO | TMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.73% | 8.70% | -3.97% |
Volatility (6M)Calculated over the trailing 6-month period | 10.88% | 20.16% | -9.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.28% | 27.98% | -13.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.21% | 47.00% | -23.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.15% | 44.25% | -24.10% |
TYO vs. TMV - Expense Ratio Comparison
TYO has a 1.08% expense ratio, which is higher than TMV's 1.04% expense ratio.
Dividends
TYO vs. TMV - Dividend Comparison
TYO's dividend yield for the trailing twelve months is around 2.52%, more than TMV's 2.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.41% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
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 TMV have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (8.70%) compared to TYO (4.73%). In terms of maximum drawdown, TYO dropped -89.25% vs TMV's -98.96%.
On 10-year performance, TYO leads with 2.43% vs 1.11% for TMV. On fees, TMV is cheaper at 1.04% per year. On volatility, TYO has been the lower-risk option at 4.73%. 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 2.43% return vs 1.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMV is cheaper with a 1.04% expense ratio, compared with 1.08% for TYO.
TYO has the higher dividend yield at 2.52%, compared with 2.41% for TMV.
TYO tracks NYSE 7-10 Year Treasury Bond Index, while TMV tracks NYSE 20 Year Plus Treasury Bond Index (-300%). Their fees differ too: 1.08% for TYO and 1.04% for TMV.
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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