TYO vs. TYD
TYO (Direxion Daily 7-10 Year Treasury Bear 3X) and TYD (Direxion Daily 7-10 Year Treasury Bull 3X) are both Leveraged Bonds funds from Direxion tracking the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, TYO returned 2.13%/yr vs -5.34%/yr for TYD. At a correlation of -0.88, they often move in opposite directions. TYO charges 1.08%/yr vs 1.09%/yr for TYD.
Performance
TYO vs. TYD - Performance Comparison
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Returns By Period
In the year-to-date period, TYO achieves a 7.50% return, which is significantly higher than TYD's -7.02% return. Over the past 10 years, TYO has outperformed TYD with an annualized return of 2.13%, while TYD has yielded a comparatively lower -5.34% annualized return.
TYO
- 1D
- -0.95%
- 1M
- -1.40%
- YTD
- 7.50%
- 6M
- 7.74%
- 1Y
- 5.39%
- 3Y*
- 7.07%
- 5Y*
- 12.78%
- 10Y*
- 2.13%
TYD
- 1D
- -0.47%
- 1M
- 0.30%
- YTD
- -7.02%
- 6M
- -7.06%
- 1Y
- -2.87%
- 3Y*
- -4.91%
- 5Y*
- -13.23%
- 10Y*
- -5.34%
TYO vs. TYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 7.50% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -1.42% | -8.94% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -7.02% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 5.64% |
Correlation
The correlation between TYO and TYD is -0.97, 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 | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.88 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.88 |
The correlation between TYO and TYD shifts across timeframes, from -0.98 (5 years) to -0.88 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TYO vs. TYD — Risk / Return Rank
TYO
TYD
TYO vs. TYD - 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 7-10 Year Treasury Bull 3X (TYD). 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 | TYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.98 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | -0.21 | +0.75 |
| Martin ratioReturn relative to average drawdown | 1.00 | -0.52 | +1.52 |
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Drawdowns
TYO vs. TYD - Drawdown Comparison
The maximum TYO drawdown since its inception was -89.25%, which is greater than TYD's maximum drawdown of -64.28%. Use the drawdown chart below to compare losses from any high point for TYO and TYD.
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Drawdown Indicators
| TYO | TYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.25% | -64.28% | -24.97% |
Max Drawdown (1Y)Largest decline over 1 year | -10.00% | -13.54% | +3.54% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -24.62% | +0.22% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -59.84% | +35.44% |
Max Drawdown (10Y)Largest decline over 10 years | -52.21% | -64.28% | +12.07% |
Current DrawdownCurrent decline from peak | -77.30% | -59.59% | -17.71% |
Average DrawdownAverage peak-to-trough decline | -71.10% | -22.05% | -49.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.42% | 5.54% | -0.12% |
Volatility
TYO vs. TYD - Volatility Comparison
Direxion Daily 7-10 Year Treasury Bear 3X (TYO) has a higher volatility of 4.29% compared to Direxion Daily 7-10 Year Treasury Bull 3X (TYD) at 4.04%. This indicates that TYO's price experiences larger fluctuations and is considered to be riskier than TYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TYO | TYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.29% | 4.04% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 10.61% | 9.96% | +0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.36% | 13.85% | +0.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.23% | 22.98% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.17% | 20.33% | -0.16% |
TYO vs. TYD - Expense Ratio Comparison
TYO has a 1.08% expense ratio, which is lower than TYD's 1.09% expense ratio.
Dividends
TYO vs. TYD - Dividend Comparison
TYO's dividend yield for the trailing twelve months is around 2.83%, less than TYD's 3.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.26% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.83% | 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 TYD have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TYO has higher volatility (4.29%) compared to TYD (4.04%). In terms of maximum drawdown, TYO dropped -89.25% vs TYD's -64.28%.
On 10-year performance, TYO leads with 2.13% vs -5.34% for TYD. On fees, TYO is cheaper at 1.08% per year. On volatility, TYD has been the lower-risk option at 4.04%. 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 2.13% return vs -5.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TYO is cheaper with a 1.08% expense ratio, compared with 1.09% for TYD.
TYD has the higher dividend yield at 3.26%, compared with 2.83% for TYO.
Both ETFs track NYSE 7-10 Year Treasury Bond Index. Their fees differ too: 1.08% for TYO and 1.09% for TYD.
TYO currently has the higher Sharpe Ratio (0.38 vs -0.21), 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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