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TBF vs TMV

ProShares Short 20+ Year Treasury

TBFBNYSE Arca

Direxion Daily 20+ Year Treasury Bear 3X ETF

TMVDNYSE Arca

Overlap

No data

Expense ratio

TBF −0.02pt a year

TBF0.95%TMV0.97%

Avg volume · 30D

TMV 5.6×the volume

TBF213KTMV1.19M

10Y return · a year

TBF +3.6pt

TBF+2.7%TMV−0.9%

TBF vs TMV Performance

Nov 9, 2021 – Nov 9, 2026

+85.1%TBF+260.5%TMV

Nov 9, 2021 to Nov 9, 2026. TBF +85.1%. TMV +260.5%. Use the arrow keys to read each point.0%200%300%Nov 2021May 2024Nov 2026
Expense ratio
TBF 0.95%, better
TMV 0.97%
Fund size
TBF $114M
TMV $186M
1Y total return
TBF +9.9%
TMV +25.5%, better
Yield (12M)
TBF 2.32%, better
TMV 2.27%
Holdings
TBF 3
TMV 6
Avg volume (30D)
TBF 213K sh
TMV 1.19M sh, better
NAV per share
TBF $25.38
TMV $42.22
52W range

ETF.net Grade

TBF: Cost 56, Risk 69, Mission not scored, Tradability 69, Holdings 55, Durability 58. TMV: Cost 24, Risk 37, Mission not scored, Tradability 59, Holdings 41, Durability 54.
Pillar letters and Scores for TBF, TMV, with each pillar’s weight
PillarTBFTMV
Cost30% weightB56HigherF24
Mission25% weightNot scoredNot scored
Risk15% weightB69HigherD37
Tradability15% weightB69HigherB59
Holdings10% weightB55HigherC41
Durability5% weightB58HigherC54

Rank among Inverse Treasury funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. TBF and TMV are both graded against the same 7 Inverse Treasury funds, so their Grades compare head to head.

Inverse Treasury⁠

Category · 7 funds
See all 7 ›

TBF ranks 3rd and TMV 6th of 7 funds in the Inverse Treasury Category.

  1. Rank 1BTBTProShares UltraShort 20+ Year TreasuryScore 68
  2. Rank 2BTBXProShares Short 7-10 Year TreasuryScore 62
  3. Rank 3BTBFProShares Short 20+ Year TreasuryScore 61
  4. Rank 4CPSTProShares UltraShort 7-10 Year TreasuryScore 52
  5. Rank 5CTTTProShares UltraPro Short 20+ Year TreasuryScore 51
  6. Rank 6DTMVDirexion Daily 20+ Year Treasury Bear 3X ETFScore 37
  7. Rank 7DTYODirexion Daily 7-10 Year Treasury Bear 3X ETFScore 28

Our read on each fund

ETF.net Research

TBFBProShares Short 20+ Year Treasury

TMVDDirexion Daily 20+ Year Treasury Bear 3X ETF

In short

TBF The plain one in a geared lineup: TBF aims for -1x the daily move of the S&P ICE U.S. Treasury 20+ Year Bond Index, with no 2x or 3x amplification. Trading since 2009 at 0.95% net of a waiver through September 30, 2027.

TMV TMV aims for 300% of the inverse daily move of the ICE U.S. Treasury 20+ Year Bond Index, then resets the clock every day. Running since 2009 and priced under the typical bear-Treasury fund, it is built around a one-day objective.

Stated mandate

TBF The fund seeks daily investment results, before fees and expenses, corresponding to -1x the daily performance of the S&P ICE U.S. Treasury 20+ Year Bond Index.

TMV The fund seeks, before fees and expenses, daily results equal to 300% of the inverse performance of the ICE U.S. Treasury 20+ Year Bond Index. This objective applies to a single day rather than longer holding periods.

Why people hold it

  • TBF Straight -1x: one dollar of inverse long-Treasury exposure per dollar in, while the 2x and 3x siblings (TBT, TTT) stack the daily move on top of it.proshares.com
  • Costs 0.95% net of a waiver through September 30, 2027, versus 1.00% gross, sitting near the median fee for geared Treasury funds.
  • Live since August 2009, a long operating history for a daily-reset fund, and it lands in the upper half of its geared Treasury-short peer group on our review.
  • TMV At 0.97%, the cheaper of the two triple-short funds on the same long-bond index (TTT charges 1.13%), and below the median fee in its bear-Treasury group.
  • The mandate leaves nothing vague: 300% of the inverse daily move of the ICE U.S. Treasury 20+ Year Bond Index. One index, one day, no manager discretion about the curve.direxion.com
  • Live since 2009, so there is a long public record of how it behaves through both bond rallies and selloffs rather than a short backtest.
  • Actively traded for a corner this specialized, which matters for a vehicle designed to be entered and exited on short notice.

Worth knowing

  • TBF The -1x target resets every day. Over longer holds the result is each day's return compounded, which usually differs from -1x the index over that same stretch.proshares.comsec.gov
  • The benchmark is the 20+ year end of the curve, the most rate-sensitive stretch, so daily moves in both directions tend to run large.
  • A smaller, moderately traded fund rather than a headline name, so the bid-ask spread and order type carry more weight at the point of trade.
  • TMV Exposure resets daily. Over a week or a month, results can drift well away from 3x the index's move over that same stretch, and choppy markets widen the gap.
  • Triple leverage on 20+ year Treasuries means outsized daily swings in both directions. This is the high-voltage end of the bond aisle.
  • The 0.97% fee is priced as a trading tool, not a core bond holding, and it accrues every day the position is open regardless of direction.

Full TBF profile⁠

Full TMV profile⁠

TBF vs TMV Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

TBF vs TMV Cost

Overpaying TMV vs TBF

$329

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • TBF 0.95%

    $17,869

  • TMV 0.97%

    $18,198

$10,000
30 years

Cost over time

  • TBF 0.95%
  • TMV 0.97%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TMV $18,198TBF $17,869

Year by year

YearTBFTMVOverpaying
10$1,678$1,712$34
20$6,322$6,443$121
30$17,869$18,198$329

Expense ratio

  • 0.95%TBF, cheaper
  • 0.97%TMV
  • Middle half of Inverse Treasury funds
  • Median 0.95%

TBF 2nd cheapest of 7 funds

TMV 6th cheapest of 7 funds

TBF vs TMV Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
TBF 2.32%, better
TMV 2.27%
Payout (12M)
TBF $0.59
TMV $0.96
Last payment
TBF $0.13
TMV $0.23
Ex-dividend
TBF Sep 23, 2026
TMV Sep 22, 2026
Paid on
TBF Sep 29, 2026
TMV Sep 29, 2026
Frequency
TBF Quarterly
TMV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

TBFQuarterly · 24 paymentsAll TBF payments⁠
One bar per payment. 24 payments from 2017 to 2026 YTD. Jun 20, 2018 $0.04; Sep 26, 2018 $0.07; Dec 26, 2018 $0.09; Mar 20, 2019 $0.07; Jun 25, 2019 $0.09; Sep 25, 2019 $0.09; Dec 24, 2019 $0.07; Mar 25, 2020 $0.04; Dec 22, 2022 $0.08; Mar 22, 2023 $0.21; Jun 21, 2023 $0.28; Sep 20, 2023 $0.22; Dec 20, 2023 $0.40; Mar 20, 2024 $0.17; Jun 26, 2024 $0.31; Sep 25, 2024 $0.25; Dec 23, 2024 $0.26; Mar 26, 2025 $0.21; Jun 25, 2025 $0.17; Sep 24, 2025 $0.22; Dec 24, 2025 $0.22; Mar 25, 2026 $0.09; Jun 24, 2026 $0.15; Sep 23, 2026 $0.13. Use the arrow keys to read each point.$0$0.502017202020232026YTD
TMVQuarterly · 23 paymentsAll TMV payments⁠
One bar per payment. 23 payments from 2017 to 2026 YTD. Jun 19, 2018 $0.02; Sep 25, 2018 $0.13; Dec 27, 2018 $0.14; Mar 19, 2019 $0.11; Jun 25, 2019 $0.18; Sep 24, 2019 $0.14; Dec 23, 2019 $0.05; Mar 24, 2020 $0.05; Mar 21, 2023 $0.30; Jun 21, 2023 $0.32; Sep 19, 2023 $0.26; Dec 21, 2023 $0.27; Mar 19, 2024 $0.49; Jun 25, 2024 $0.40; Sep 24, 2024 $0.32; Dec 23, 2024 $0.15; Mar 25, 2025 $0.43; Jun 24, 2025 $0.28; Sep 23, 2025 $0.23; Dec 23, 2025 $0.12; Mar 24, 2026 $0.38; Jun 23, 2026 $0.24; Sep 22, 2026 $0.23. Use the arrow keys to read each point.$0$0.502017202020232026YTD

TBF vs TMV Risk

Fall from peak · 5 years

  • TBF
  • TMV
Nov 9, 2021 to Nov 9, 2026. Worst fall: TMV −48.5% · Sep 2024. Use the arrow keys to read each point.−50%−40%−30%−20%−10%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
TBF 13.4%, betterTMV 40.1%
Return per unit of riskSharpe ratio, 3 years
TBF −0.11TMV 0.02, better
Worst fallMax drawdown, 5 years
TBF −17.8%, betterTMV −48.5%
Market sensitivityBeta, 5 years
TBF −2.41TMV −6.95

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