TBT vs TMV: which held to its multiple?
Over three months against its own daily promise, TBT finished 2.7 points over and TMV 4.6 points over. ProShares UltraShort 20+ Year Treasury and Direxion Daily 20+ Year Treasury Bear 3X ETF.
TBT returned +20.8% while −2 times TLT's move would have been +16.7%
TMV returned +32.5% while −3 times TLT's move would have been +25.0%
A percentile among the 125 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | TBT | TMV | TBT | TMV | TBT | TMV |
| 1 month | +12.0% | +18.4% | +10.8% | +16.1% | +1.3 pts | +2.3 pts |
| 3 months | +20.8% | +32.5% | +16.7% | +25.0% | +4.2 pts | +7.5 pts |
| 6 months | +22.3% | +34.8% | +16.2% | +24.3% | +6.2 pts | +10.5 pts |
| 1 year | +29.1% | +46.0% | +17.9% | +26.9% | +11.1 pts | +19.0 pts |
| 3 years | +21.8% | +25.0% | +0.9% | +1.3% | +20.9 pts | +23.6 pts |
| Since launch TBT Jan 2010 · TMV Jan 2010 | −74.5% | −93.2% | −83.1% | −124.7% | +8.6 pts | +31.5 pts |
TBT and TMV over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
TBT and TMV on the same fields, as of Sep 30, 2026. Source: ETFIQ.
TBT in plain words
Three months to Sep 30, 2026: TBT returned +20.8% where its own daily promise gave +18.1%, 2.7 points over. Read the multiple against the whole window instead and −2 times TLT's −8.3% implies +16.7%, which makes TBT look 4.2 points over. 1.5 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. TBT aims to return -2 times TLT's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. TLT moved at 10% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
TMV in plain words
Three months to Sep 30, 2026: TMV returned +32.5% where its own daily promise gave +27.9%, 4.6 points over. Read the multiple against the whole window instead and −3 times TLT's −8.3% implies +25.0%, which makes TMV look 7.5 points over. 2.9 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. TMV aims to return -3 times TLT's move each day, then resets. Over longer, the daily results compound, so the total is not -3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, TBT or TMV?
- Over the window to Sep 30, 2026, TBT finished 4.2 points from what its multiple implies and TMV finished 7.5 points from its own, so TBT came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are TBT and TMV levered on the same thing?
- Yes. Both are levered on 20-year Treasuries, TBT at -2 times and TMV at -3 times the daily move.
- Which one decays faster, TBT or TMV?
- Decay follows how much the underlying moves about. Over this window TBT’s moved at 10% annualized and TMV’s at 10%, so TBT has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold TBT or TMV for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, TBT against TMV, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tbt-vs-tmv
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, TBT against TMV, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tbt-vs-tmv Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, TBT against TMV, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tbt-vs-tmv
- APA
- ETFIQ. (Sep 30, 2026). TBT against TMV. Retrieved from https://etfiq.com/compare/leverage/tbt-vs-tmv
- Markdown
- [TBT against TMV (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/tbt-vs-tmv)