{"url":"https://etfiq.com/compare/leverage/tmf-vs-tmv","section":"compare","title":"TMF vs TMV: which held to its multiple? | ETFIQ","description":"TMF sets out to return +3 times TLT each day and TMV -3 times. Over the three months to Sep 30, 2026 they finished \u22120.3 pts and +7.5 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, TMF or TMV?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Are TMF and TMV levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on 20-year Treasuries, TMF at +3 times and TMV at -3 times the daily move."}},{"@type":"Question","name":"Which one decays faster, TMF or TMV?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window TMF\u2019s moved at 10% annualized and TMV\u2019s at 10%, so TMF has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold TMF or TMV for a year?","acceptedAnswer":{"@type":"Answer","text":"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\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}},{"@type":"Question","name":"Which is cheaper, TMF or TMV?","acceptedAnswer":{"@type":"Answer","text":"TMF charges 0.90% a year and TMV charges 0.97%, so TMF is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"TMF vs TMV","item":"https://etfiq.com/compare/leverage/tmf-vs-tmv"}]},{"@type":"WebPage","name":"TMF vs TMV: which held to its multiple?","description":"TMF sets out to return +3 times TLT each day and TMV -3 times. Over the three months to Sep 30, 2026 they finished \u22120.3 pts and +7.5 pts away.","url":"https://etfiq.com/compare/leverage/tmf-vs-tmv","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, TMF finished 1.8 points short and TMV 4.6 points over.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of TMF and TMV","description":"TMF sets out to return +3 times TLT each day and TMV -3 times. Over the three months to Sep 30, 2026 they finished \u22120.3 pts and +7.5 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/tmf-vs-tmv","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":7032,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / TMF vs TMV \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n TMF vs TMV: which held to its multiple?\n\n Over three months against its own daily promise, TMF finished 1.8 points short and TMV 4.6 points over.\n Copy this for sharing \n \n Direxion Daily 20+ Year Treasury Bull 3X ETF and Direxion Daily 20+ Year Treasury Bear 3X ETF.\n\n Download as PDF \n\n \u221225.3% TMF returned, 3 months \n +32.5% TMV returned, 3 months \n \u22120.3 pts TMF from its stated multiple \n +7.5 pts TMV from its stated multiple \n\n ETFIQ Decay Resistance Score: TMV scores hi","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/tmf-vs-tmv","a":{"ticker":"TMF","name":"Direxion Daily 20+ Year Treasury Bull 3X ETF","issuer":"Direxion","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: TMF returned \u221225.3% where its own daily promise gave \u221223.6%, 1.8 points short.","url":"https://etfiq.com/funds/tmf","key_facts":[{"label":"What TLT did","value":"\u22128.3%","as_of":"2026-09-30","source":null},{"label":"What 3 times a day gives","value":"\u221223.6%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u221225.3%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22121.8 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$2.0bn","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.90%","as_of":"2026-09-30","source":"485BPOS XBRL, Feb 26, 2026"}]},"b":{"ticker":"TMV","name":"Direxion Daily 20+ Year Treasury Bear 3X ETF","issuer":"Direxion","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: TMV returned +32.5% where its own daily promise gave +27.9%, 4.6 points over.","url":"https://etfiq.com/funds/tmv","key_facts":[{"label":"What TLT did","value":"\u22128.3%","as_of":"2026-09-30","source":null},{"label":"What \u22123 times a day gives","value":"+27.9%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+32.5%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+4.6 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$243m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.97%","as_of":"2026-09-30","source":"485BPOS XBRL, Feb 26, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/tmf-vs-tmv"}