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TBT vs TMV

ProShares UltraShort 20+ Year Treasury

TBTBNYSE Arca

Direxion Daily 20+ Year Treasury Bear 3X ETF

TMVDNYSE Arca

Overlap

No data

Expense ratio

TBT −0.04pt a year

TBT0.93%TMV0.97%

Avg volume · 30D

TMV 3.7×the volume

TBT322KTMV1.19M

10Y return · a year

TBT +2.8pt

TBT+1.9%TMV−0.9%

TBT vs TMV Performance

Nov 9, 2021 – Nov 9, 2026

+166.7%TBT+260.5%TMV

Nov 9, 2021 to Nov 9, 2026. TBT +166.7%. TMV +260.5%. Use the arrow keys to read each point.0%100%300%Nov 2021May 2024Nov 2026
Expense ratio
TBT 0.93%, better
TMV 0.97%
Fund size
TBT $270M
TMV $186M
1Y total return
TBT +16.1%
TMV +25.5%, better
Yield (12M)
TBT 2.42%, better
TMV 2.27%
Holdings
TBT 3
TMV 6
Avg volume (30D)
TBT 322K sh
TMV 1.19M sh, better
NAV per share
TBT $37.95
TMV $42.22
52W range

ETF.net Grade

TBT: Cost 89, Risk 50, Mission not scored, Tradability 62, Holdings 45, Durability 67. TMV: Cost 24, Risk 37, Mission not scored, Tradability 59, Holdings 41, Durability 54.
Pillar letters and Scores for TBT, TMV, with each pillar’s weight
PillarTBTTMV
Cost30% weightA89HigherF24
Mission25% weightNot scoredNot scored
Risk15% weightC50HigherD37
Tradability15% weightB62HigherB59
Holdings10% weightC45HigherC41
Durability5% weightB67HigherC54

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. TBT 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 ›

TBT ranks 1st 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 5CTTTProShares UltraPro Short 20+ Year TreasuryScore 51
  4. Rank 6DTMVDirexion Daily 20+ Year Treasury Bear 3X ETFScore 37
  5. Rank 7DTYODirexion Daily 7-10 Year Treasury Bear 3X ETFScore 28

Our read on each fund

ETF.net Research

TBTBProShares UltraShort 20+ Year Treasury

TMVDDirexion Daily 20+ Year Treasury Bear 3X ETF

In short

TBT The original way to lean against long Treasuries. Live since 2008, TBT aims to deliver twice the inverse of the ICE U.S. Treasury 20+ Year Bond Index's daily move, at the lowest fee in the leveraged bear-Treasury crowd.

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

TBT The fund seeks inverse, twice-magnified daily exposure to the ICE U.S. Treasury 20+ Year Bond Index, aiming to benefit when that index's daily price declines.

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

  • TBT Fee of 0.93% a year, the lowest among its leveraged and inverse Treasury peers, including the 3x funds TMV and TTT that track the same 20+ year index.proshares.com
  • Twice inverse, not three times. Same long-bond index as the 3x versions, with a dialed-back multiple that moves less for every tick in the index.proshares.com
  • Trading since April 2008, through more than a decade and a half of rate cycles. Long history for a geared product, and one of the stronger implementations in its peer group.
  • 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

  • TBT The -2x objective resets every day. Hold across multiple days and compounding takes over, so results can diverge from twice the index's move over that stretch, especially in choppy markets.proshares.com
  • Cheap for its cohort is not cheap outright. The 0.93% fee is the price of packaged daily leverage, and it applies whichever way long yields go.
  • Distributions arrive quarterly but are beside the point. The engine here is the daily direction of long Treasury prices, not coupon income.
  • 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 TBT profile⁠

Full TMV profile⁠

TBT vs TMV Holdings

How TBT and TMV differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

  • Asset classBonds100%

Sector

No Sector split for TMV.

Country, concentration and asset class

Country by domicile

No country split for TMV.

Concentration

Weight in the 10 largest Holdings

  • TBT100.0%
  • TMV150.3%

Securities held

  • TBT2
  • TMV0

Asset class

TBT
Bonds
TMV
Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. TBT holds 2 securities, TMV 0.

All 10 TBT holdings⁠All 10 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.

TBT vs TMV Cost

Overpaying TMV vs TBT

$659

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

  • TBT 0.93%

    $17,539

  • TMV 0.97%

    $18,198

$10,000
30 years

Cost over time

  • TBT 0.93%
  • 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 $18,198TBT $17,539

Year by year

YearTBTTMVOverpaying
10$1,644$1,712$68
20$6,199$6,443$244
30$17,539$18,198$659

Expense ratio

  • 0.93%TBT, cheaper
  • 0.97%TMV
  • Middle half of Inverse Treasury funds
  • Median 0.95%

TBT cheapest of 7 funds

TMV 6th cheapest of 7 funds

TBT vs TMV Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
TBT 2.42%, better
TMV 2.27%
Payout (12M)
TBT $0.92
TMV $0.96
Last payment
TBT $0.23
TMV $0.23
Ex-dividend
TBT Sep 23, 2026
TMV Sep 22, 2026
Paid on
TBT Sep 29, 2026
TMV Sep 29, 2026
Frequency
TBT Quarterly
TMV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

TBTQuarterly · 26 paymentsAll TBT payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Mar 21, 2018 $0.03; Jun 20, 2018 $0.07; Sep 26, 2018 $0.10; Dec 26, 2018 $0.15; Mar 20, 2019 $0.11; Jun 25, 2019 $0.15; Sep 25, 2019 $0.17; Dec 24, 2019 $0.13; Mar 25, 2020 $0.05; Jun 24, 2020 $0.00004; Dec 22, 2022 $0.14; Mar 22, 2023 $0.33; Jun 21, 2023 $0.34; Sep 20, 2023 $0.31; Dec 20, 2023 $0.52; Mar 20, 2024 $0.36; Jun 26, 2024 $0.48; Sep 25, 2024 $0.42; Dec 23, 2024 $0.44; Mar 26, 2025 $0.25; Jun 25, 2025 $0.28; Sep 24, 2025 $0.28; Dec 24, 2025 $0.31; Mar 25, 2026 $0.17; Jun 24, 2026 $0.21; Sep 23, 2026 $0.23. 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

TBT vs TMV Risk

Fall from peak · 5 years

  • TBT
  • 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
TBT 26.7%, betterTMV 40.1%
Return per unit of riskSharpe ratio, 3 years
TBT −0.05TMV 0.02, better
Worst fallMax drawdown, 5 years
TBT −33.8%, betterTMV −48.5%
Market sensitivityBeta, 5 years
TBT −4.80TMV −6.95

TBT and TMV in the news

All news⁠

Popular comparisons

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    ProShares UltraShort 20+ Year Treasury · ProShares Short 7-10 Year Treasury

    Expense ratio
    0.93% · 0.95%
    Category
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  • TMVDvsTBXB

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    Category
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  • TMVDvsPSTC

    Direxion Daily 20+ Year Treasury Bear 3X ETF · ProShares UltraShort 7-10 Year Treasury

    Expense ratio
    0.97% · 0.95%
    Category
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