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TBX vs TMV

ProShares Short 7-10 Year Treasury

TBXBNYSE Arca

Direxion Daily 20+ Year Treasury Bear 3X ETF

TMVDNYSE Arca

Overlap

No data

Expense ratio

TBX −0.02pt a year

TBX0.95%TMV0.97%

Avg volume · 30D

TMV 53.9×the volume

TBX22KTMV1.19M

10Y return · a year

TBX +3.0pt

TBX+2.1%TMV−0.9%

TBX vs TMV Performance

Nov 9, 2021 – Nov 9, 2026

+40.3%TBX+260.5%TMV

Nov 9, 2021 to Nov 9, 2026. TBX +40.3%. TMV +260.5%. Use the arrow keys to read each point.0%100%200%300%Nov 2021May 2024Nov 2026
Expense ratio
TBX 0.95%, better
TMV 0.97%
Fund size
TBX $21M
TMV $186M
1Y total return
TBX +7.0%
TMV +25.5%, better
Yield (12M)
TBX 2.60%, better
TMV 2.27%
Holdings
TBX 2
TMV 6
Avg volume (30D)
TBX 22K sh
TMV 1.19M sh, better
NAV per share
TBX $29.05
TMV $42.22
52W range

ETF.net Grade

TBX: Cost 56, Risk 70, Mission not scored, Tradability 62, Holdings 74, Durability 52. TMV: Cost 24, Risk 37, Mission not scored, Tradability 59, Holdings 41, Durability 54.
Pillar letters and Scores for TBX, TMV, with each pillar’s weight
PillarTBXTMV
Cost30% weightB56HigherF24
Mission25% weightNot scoredNot scored
Risk15% weightA70HigherD37
Tradability15% weightB62HigherB59
Holdings10% weightA74HigherC41
Durability5% weightC52C54Higher

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. TBX 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 ›

TBX ranks 2nd 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 5CTTTProShares UltraPro Short 20+ Year TreasuryScore 51
  5. Rank 6DTMVDirexion Daily 20+ Year Treasury Bear 3X ETFScore 37
  6. Rank 7DTYODirexion Daily 7-10 Year Treasury Bear 3X ETFScore 28

Our read on each fund

ETF.net Research

TBXBProShares Short 7-10 Year Treasury

TMVDDirexion Daily 20+ Year Treasury Bear 3X ETF

In short

TBX Most inverse Treasury funds swing at the 20-year-plus long end, often with 2x or 3x. TBX takes the quieter route: a single inverse (-1x) target on the daily move of the 7-10 year part of the curve, 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

TBX TBX seeks daily pre-fee, pre-expense returns equal to the inverse (-1x) of the daily performance of the ICE U.S. Treasury 7-10 Year Bond Index. It uses financial instruments to pursue that daily target.

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

  • TBX Skips leverage: the stated target is -1x the daily move of the ICE U.S. Treasury 7-10 Year Bond Index, not 2x or 3x of it.
  • Points at the belly of the curve, 7-10 year notes, while much of the short-Treasury shelf (TBT, TBF, TTT) aims at 20+ year bonds.
  • Fee is 0.95% net of a waiver through September 30, 2027, near the category median and level with PST (0.95% net of a waiver through the same date), the 2x take on the same index.
  • Trading since 2011, and built as a 1940 Act registered fund rather than a commodity partnership.
  • 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

  • TBX The -1x target resets every day. Over longer holds, compounding can push results away from -1x the index for that stretch, especially through choppy rate moves.
  • A small fund that trades lightly next to the long-end inverse names, so spreads and order type carry more weight when getting in or out.
  • The stated gross fee is 1.44%, so the cost picture hinges on whether ProShares extends the waiver past September 30, 2027.
  • 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 TBX profile⁠

Full TMV profile⁠

TBX 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.

TBX vs TMV Cost

Overpaying TMV vs TBX

$329

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

  • TBX 0.95%

    $17,869

  • TMV 0.97%

    $18,198

$10,000
30 years

Cost over time

  • TBX 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 $18,198TBX $17,869

Year by year

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

Expense ratio

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

TBX 2nd cheapest of 7 funds

TMV 6th cheapest of 7 funds

TBX vs TMV Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
TBX 2.60%, better
TMV 2.27%
Payout (12M)
TBX $0.76
TMV $0.96
Last payment
TBX $0.18
TMV $0.23
Ex-dividend
TBX Sep 23, 2026
TMV Sep 22, 2026
Paid on
TBX Sep 29, 2026
TMV Sep 29, 2026
Frequency
TBX Quarterly
TMV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

TBXQuarterly · 24 paymentsAll TBX payments⁠
One bar per payment. 24 payments from 2017 to 2026 YTD. Jun 20, 2018 $0.01; Sep 26, 2018 $0.11; Dec 26, 2018 $0.08; Mar 20, 2019 $0.09; Jun 25, 2019 $0.14; Sep 25, 2019 $0.11; Dec 24, 2019 $0.07; Mar 25, 2020 $0.02; Dec 22, 2022 $0.12; Mar 22, 2023 $0.10; Jun 21, 2023 $0.22; Sep 20, 2023 $0.12; Dec 20, 2023 $0.73; Mar 20, 2024 $0.21; Jun 26, 2024 $0.36; Sep 25, 2024 $0.32; Dec 23, 2024 $1.02; Mar 26, 2025 $0.22; Jun 25, 2025 $0.19; Sep 24, 2025 $0.24; Dec 24, 2025 $0.30; Mar 25, 2026 $0.13; Jun 24, 2026 $0.14; Sep 23, 2026 $0.18. Use the arrow keys to read each point.$0$12017202020232026YTD
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$12017202020232026YTD

TBX vs TMV Risk

Fall from peak · 5 years

  • TBX
  • 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
TBX 6.6%, betterTMV 40.1%
Return per unit of riskSharpe ratio, 3 years
TBX −0.30TMV 0.02, better
Worst fallMax drawdown, 5 years
TBX −7.7%, betterTMV −48.5%
Market sensitivityBeta, 5 years
TBX −1.17TMV −6.95

Popular comparisons

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

    Expense ratio
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  • TMVDvsTBTB

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  • TMVDvsPSTC

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    Category
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