{"url":"https://etfiq.com/compare/leverage/tmv-vs-ubt","section":"compare","title":"TMV vs UBT: which held to its multiple? | ETFIQ","description":"TMV sets out to return -3 times TLT each day and UBT +2 times. Over the three months to Sep 30, 2026 they finished +7.5 pts and +0.1 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, TMV or UBT?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, TMV finished 7.5 points from what its multiple implies and UBT finished 0.1 points from its own, so UBT came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are TMV and UBT levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on 20-year Treasuries, TMV at -3 times and UBT at +2 times the daily move."}},{"@type":"Question","name":"Which one decays faster, TMV or UBT?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window TMV\u2019s moved at 10% annualized and UBT\u2019s at 10%, so TMV has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold TMV or UBT 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, TMV or UBT?","acceptedAnswer":{"@type":"Answer","text":"TMV charges 0.97% a year and UBT charges 0.95%, so UBT 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":"TMV vs UBT","item":"https://etfiq.com/compare/leverage/tmv-vs-ubt"}]},{"@type":"WebPage","name":"TMV vs UBT: which held to its multiple?","description":"TMV sets out to return -3 times TLT each day and UBT +2 times. Over the three months to Sep 30, 2026 they finished +7.5 pts and +0.1 pts away.","url":"https://etfiq.com/compare/leverage/tmv-vs-ubt","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, TMV finished 4.6 points over and UBT 0.4 points short.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of TMV and UBT","description":"TMV sets out to return -3 times TLT each day and UBT +2 times. Over the three months to Sep 30, 2026 they finished +7.5 pts and +0.1 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/tmv-vs-ubt","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":7076,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / TMV vs UBT \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n TMV vs UBT: which held to its multiple?\n\n Over three months against its own daily promise, TMV finished 4.6 points over and UBT 0.4 points short.\n Copy this for sharing \n \n Direxion Daily 20+ Year Treasury Bear 3X ETF and ProShares Ultra 20+ Year Treasury.\n\n Download as PDF \n\n +32.5% TMV returned, 3 months \n \u221216.6% UBT returned, 3 months \n +7.5 pts TMV from its stated multiple \n +0.1 pts UBT from its stated multiple \n\n ETFIQ Decay Resistance Score: UBT scores higher\n Did i","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/tmv-vs-ubt","a":{"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"}]},"b":{"ticker":"UBT","name":"ProShares Ultra 20+ Year Treasury","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: UBT returned \u221216.6% where its own daily promise gave \u221216.2%, 0.4 points short.","url":"https://etfiq.com/funds/ubt","key_facts":[{"label":"What TLT did","value":"\u22128.3%","as_of":"2026-09-30","source":null},{"label":"What 2 times a day gives","value":"\u221216.2%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u221216.6%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22120.4 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$57m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.95%","as_of":"2026-09-30","source":"485BPOS XBRL, Sep 25, 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/tmv-vs-ubt"}