TYD vs TYO: which held to its multiple?
Over three months against its own daily promise, TYD finished 2.3 points short and TYO 4.7 points over. Direxion Daily 7-10 Year Treasury Bull 3X ETF and Direxion Daily 7-10 Year Treasury Bear 3X ETF.
TYD returned −15.0% while 3 times IEF's move would have been −13.1%
TYO returned +18.5% while −3 times IEF's move would have been +13.1%
TYD among the 470 leveraged ETFs, long, over three months
TYO among the 125 inverse ETFs over three months
A percentile among the 470 leveraged ETFs, long, over three months. TYO 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 | TYD | TYO | TYD | TYO | TYD | TYO |
| 1 month | −10.6% | +11.9% | −10.1% | +10.1% | −0.5 pts | +1.8 pts |
| 3 months | −15.0% | +18.5% | −13.1% | +13.1% | −2.0 pts | +5.4 pts |
| 6 months | −17.3% | +22.4% | −13.3% | +13.3% | −4.0 pts | +9.1 pts |
| 1 year | −20.0% | +28.8% | −11.2% | +11.2% | −8.8 pts | +17.6 pts |
| 3 years | −10.7% | +19.9% | +26.8% | −26.8% | −37.5 pts | +46.6 pts |
| Since launch TYD Jan 2010 · TYO Jan 2010 | +30.9% | −69.5% | +141.4% | −141.4% | −110.5 pts | +71.9 pts |
TYD and TYO over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
TYD and TYO on the same fields, as of Sep 30, 2026. Source: ETFIQ.
TYD in plain words
Three months to Sep 30, 2026: TYD returned −15.0% where its own daily promise gave −12.7%, 2.3 points short. Read the multiple against the whole window instead and 3 times IEF's −4.3% implies −13.1%, which makes TYD look 2.0 points short. 0.4 of that is daily compounding, which happens to any 3 times fund over the same path, and the rest is the fund. TYD aims to return +3 times IEF'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. IEF moved at 5% 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.
TYO in plain words
Three months to Sep 30, 2026: TYO returned +18.5% where its own daily promise gave +13.8%, 4.7 points over. Read the multiple against the whole window instead and −3 times IEF's −4.3% implies +13.1%, which makes TYO look 5.4 points over. 0.8 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. TYO aims to return -3 times IEF'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, TYD or TYO?
- Over the window to Sep 30, 2026, TYD finished 2.0 points from what its multiple implies and TYO finished 5.4 points from its own, so TYD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are TYD and TYO levered on the same thing?
- Yes. Both are levered on 10-year Treasuries, TYD at +3 times and TYO at -3 times the daily move.
- Which one decays faster, TYD or TYO?
- Decay follows how much the underlying moves about. Over this window TYD’s moved at 5% annualized and TYO’s at 5%, so TYD has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold TYD or TYO 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, TYD against TYO, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tyd-vs-tyo
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, TYD against TYO, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tyd-vs-tyo Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, TYD against TYO, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tyd-vs-tyo
- APA
- ETFIQ. (Sep 30, 2026). TYD against TYO. Retrieved from https://etfiq.com/compare/leverage/tyd-vs-tyo
- Markdown
- [TYD against TYO (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/tyd-vs-tyo)