Direxion Daily 20+ Year Treasury Bear 3X Shares (TMV) Performance
TMV total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +19.6% since Dec 31, 2025
- 1 year
- +36.8% total return
- 5 years
- +26.2% a year
- 10 years
- +1.3% a year
- Since first price
- −14.3% a year since 2009
TMV trailing returns vs SPY, QQQ, AGG
| Period | TMV total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −3.7% | −3.7% | −1.0% | −5.0% | +0.9% |
| 3 months | +5.4% | +4.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +17.9% | +16.5% | +7.8% | +8.4% | −1.5% |
| YTD | +19.6% | +17.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +36.8% | +33.5% | +14.4% | +15.9% | −1.1% |
| 3 years | −4.4%−1.5%/yr | −13.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +220.1%+26.2%/yr | +181.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +14.1%+1.3%/yr | −3.0% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −77.7%−9.5%/yr | −81.0% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionApr 16, 2009 | −93.3%−14.3%/yr | −94.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: TMV vs SPY
From Apr 16, 2009: TMV grew to $668, SPY to $119,892.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TMV returns by calendar year
5 of 16 full years positive. Best 2022 (+150.2%), worst 2011 (−68.5%). 2026 is year to date.
TMV annual returns table
| Year | TMV | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +19.6% | −15.8% | +12.3% | +15.1% | −1.0% |
| 2025 | −3.8% | −25.0% | +17.7% | +20.8% | +7.2% |
| 2024 | +39.8% | −36.1% | +24.9% | +25.6% | +1.3% |
| 2023 | −9.7% | −46.4% | +26.2% | +54.9% | +5.7% |
| 2022 | +150.2% | −42.5% | −18.2% | −32.6% | −13.0% |
| 2021 | +0.8% | −42.4% | +28.7% | +27.4% | −1.8% |
| 2020 | −54.1% | −61.2% | +18.3% | +48.6% | +7.5% |
| 2019 | −33.8% | −50.0% | +31.2% | +39.0% | +8.5% |
| 2018 | +4.2% | −22.6% | −4.6% | −0.1% | +0.1% |
| 2017 | −26.5% | −31.3% | +21.7% | +32.7% | +3.6% |
| 2016 | −14.3% | −45.7% | +12.0% | +7.1% | +2.4% |
| 2015 | −11.8% | −28.1% | +1.2% | +9.4% | +0.5% |
| 2014 | −56.4% | −57.0% | +13.5% | +19.2% | +6.0% |
| 2013 | +34.1% | −23.0% | +32.3% | +36.6% | −2.0% |
| 2012 | −20.2% | −46.6% | +16.0% | +18.1% | +3.8% |
| 2011 | −68.5% | −74.6% | +1.9% | +3.4% | +7.7% |
| 2010 | −36.7% | −55.0% | +15.1% | +19.9% | +6.4% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
TMV largest drawdowns
Now 95.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jun 10, 2009 | −99.1% | Aug 4, 2020 | not yet | 11.2 years | 17.4 years so far |
| May 27, 2009 | −13.9% | May 29, 2009 | Jun 10, 2009 | 2 days | 14 days |
| May 7, 2009 | −11.5% | May 14, 2009 | May 21, 2009 | 7 days | 14 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
TMV risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2009 |
|---|---|---|---|---|
| Annualized return | +7.7% | +29.5% | +3.6% | −14.5% |
| Volatility (annualized) | 40.2% | 44.2% | 41.4% | 40.2% |
| Sharpe ratio | 0.27 | 0.72 | 0.24 | -0.21 |
| Sortino ratio | 0.42 | 1.25 | 0.36 | -0.28 |
| Best month | +22.8% | +32.8% | +32.8% | +32.8% |
| Worst month | −25.2% | −25.2% | −30.7% | −33.9% |
| Best 12 months | +45.9% | +179.2% | +179.2% | +179.2% |
| Worst 12 months | −31.4% | −31.4% | −69.6% | −71.4% |
| Positive months | 50% | 58% | 52% | 49% |
| Beta vs S&P 500 | -1.59 | -1.56 | -0.45 | — |
| Correlation with S&P 500 | -0.49 | -0.55 | -0.17 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
TMV rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 199 | −71.4% | −10.3% | +179.2% | 41% |
| 3-year (a year) | 175 | −49.0% | −19.8% | +56.0% | 28% |
| 5-year (a year) | 151 | −40.3% | −19.3% | +30.4% | 21% |
| 10-year (a year) | 91 | −33.6% | −14.6% | +3.6% | 5% |
Every holding period starting at a month-end since 2009. Returns for 3 years and longer are annualized.
TMV performance overview
Direxion Daily 20+ Year Treasury Bear 3X Shares (TMV) returned +36.8% over the past year and +1.3% a year over ten years, with distributions reinvested. Since its first recorded price in 2009 it has returned −14.3% a year, turning $10,000 into about $668. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −99.1%, from Jun 10, 2009 to Aug 4, 2020; the fund has not yet regained that high. TMV finished 5 of its 16 full calendar years with a gain; the best year was 2022 (+150.2%) and the worst 2011 (−68.5%). Volatility has been 40.2% a year.
Related: TMV chart, TMV dividends. See the TMV overview for the latest quote and fund facts.
TMV performance FAQ
What is the TMV return over the past year?
TMV returned +36.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 33.5%.
What is the average annual return of TMV?
TMV has returned +26.2% a year over 5 years, +1.3% a year over 10 years, −14.3% a year since April 16, 2009 (total return, distributions reinvested).
How much would $10,000 invested in TMV be worth?
$10,000 invested in TMV at its first recorded close on April 16, 2009 would be worth about $668 on October 23, 2026 with distributions reinvested.
What was the worst year for TMV?
The worst calendar year was 2011, with a total return of −68.5%. The best was 2022 at +150.2%.
What is the biggest drawdown of TMV?
The largest peak-to-trough decline was −99.1% between June 10, 2009 and August 4, 2020. It has not yet recovered to that high; it is 95.8% below its peak.
How volatile is TMV?
Over the past 3 years TMV had an annualized volatility of 40.2% and a Sharpe ratio of 0.27 (excess return over 1–3 month T-bills per unit of risk).