Which came closer to its stated multiple, TMF or TMV?

Over the window to Sep 30, 2026, TMF finished 0.3 points from what its multiple implies and TMV finished 7.5 points from its own, so TMF came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are TMF and TMV levered on the same thing?

Yes. Both are levered on 20-year Treasuries, TMF at +3 times and TMV at -3 times the daily move.

Which one decays faster, TMF or TMV?

Decay follows how much the underlying moves about. Over this window TMF’s moved at 10% annualized and TMV’s at 10%, so TMF has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold TMF 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.

Which is cheaper, TMF or TMV?

TMF charges 0.90% a year and TMV charges 0.97%, so TMF is cheaper. Fees come from each fund's prospectus.

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TMF vs TMV: which held to its multiple?

Over three months against its own daily promise, TMF finished 1.8 points short and TMV 4.6 points over. Direxion Daily 20+ Year Treasury Bull 3X ETF and Direxion Daily 20+ Year Treasury Bear 3X ETF.

−25.3%

TMF returned, 3 months

+32.5%

TMV returned, 3 months

−0.3 pts

TMF from its stated multiple

+7.5 pts

TMV from its stated multiple

TMF · 3 months to Sep 30, 2026On its stated multiple

TMF returned −25.3% while 3 times TLT's move would have been −25.0%

TMV · 3 months to Sep 30, 20267.5 pts ahead of its stated multiple

TMV returned +32.5% while −3 times TLT's move would have been +25.0%

ETFIQ Decay Resistance Score · TMV scores higherDid it keep up with its own daily multiple, compounded day by day?

TMF among the 470 leveraged ETFs, long, over three months

TMF 77.2

0.1, the lowest in this set99.9, the highest

TMV among the 125 inverse ETFs over three months

TMV 98

0.4, the lowest in this set99.6, the highest

A percentile among the 470 leveraged ETFs, long, over three months. TMV is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. 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	TMF	TMV	TMF	TMV	TMF	TMV
1 month	−16.0%	+18.4%	−16.1%	+16.1%	+0.1 pts	+2.3 pts
3 months	−25.3%	+32.5%	−25.0%	+25.0%	−0.3 pts	+7.5 pts
6 months	−27.0%	+34.8%	−24.3%	+24.3%	−2.7 pts	+10.5 pts
1 year	−33.5%	+46.0%	−26.9%	+26.9%	−6.6 pts	+19.0 pts
3 years	−40.6%	+25.0%	−1.3%	+1.3%	−39.3 pts	+23.6 pts
Since launch TMF Jan 2010 · TMV Jan 2010	−57.5%	−93.2%	+124.7%	−124.7%	−182.1 pts	+31.5 pts

TMF 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

TMF

Direxion Daily 20+ Year Treasury Bull 3X ETF · Aims to return three times the daily move of 20-year Treasuries (TLT)

TMV

Direxion Daily 20+ Year Treasury Bear 3X ETF · Aims to return three times the opposite of the daily move of 20-year Treasuries (TLT)

Issuer Direxion Direxion

Sets out to return +3x -3x

Underlying asset TLT TLT

Segment bond bond

Fund returned, 3 months or since launch −25.3% +32.5%

Underlying returned, over that window −8.3% −8.3%

What the stated multiple implies, over that window −25.0% +25.0%

Difference from stated, over that window −0.3 pts +7.5 pts

Fund returned, 1 year or since launch −33.5% +46.0%

Difference from stated, over that window −6.6 pts +19.0 pts

Underlying volatility 10% 10%

Difference over the days both have traded no shared window +7.5 pts

Expense ratio 0.90% 0.97%

Launched Jan 4, 2010 Jan 4, 2010

Net assets $2.0bn $243m

TMF and TMV on the same fields, as of Sep 30, 2026. Source: ETFIQ.

TMF in plain words

Three months to Sep 30, 2026: TMF returned −25.3% where its own daily promise gave −23.6%, 1.8 points short. Read the multiple against the whole window instead and 3 times TLT's −8.3% implies −25.0%, which makes TMF look 0.3 points short. 1.4 of that is daily compounding, which happens to any 3 times fund over the same path, and the rest is the fund. TMF aims to return +3 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 +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. 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, TMF or TMV?: Over the window to Sep 30, 2026, TMF finished 0.3 points from what its multiple implies and TMV finished 7.5 points from its own, so TMF came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are TMF and TMV levered on the same thing?: Yes. Both are levered on 20-year Treasuries, TMF at +3 times and TMV at -3 times the daily move.
Which one decays faster, TMF or TMV?: Decay follows how much the underlying moves about. Over this window TMF’s moved at 10% annualized and TMV’s at 10%, so TMF has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold TMF 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.
Which is cheaper, TMF or TMV?: TMF charges 0.90% a year and TMV charges 0.97%, so TMF is cheaper. Fees come from each fund's prospectus.

Other comparisons

TMF vs TTT TMF vs UBT TMF vs TBF TMF vs TBT TMV vs TTT TMV vs UBT TMV vs TBF TMV vs TBT

TLT →TMF on its own →TMV on its own →How every figure is computed →Standards and sources →

Where these figures came from

TMF and TMV filings on SEC EDGAR ↗TMF and TMV prospectus with the expense ratio (SEC) ↗Direxion website ↗

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.

Cite this page

ETFIQ, TMF against TMV, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tmf-vs-tmv

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.