SPY vs TMV
State Street SPDR S&P 500 ETF Trust vs Direxion Daily 20+ Year Treasury Bear 3X ETF
Which is better, SPY or TMV?
Large Cap Blend against Trading-Inverse Debt.
SPY has a lower expense ratio. SPY led over 3Y and the full window, TMV over 1Y and 5Y.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPY | TMV |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.97% |
| AUM | $804.7B | $203M |
| Dividend Yield | 0.98% | 2.28% |
| Holdings | 505 | 9 |
| YTD Return | +13.82% | +17.72%Best |
| 1Y Return | +16.96% | +23.47%Best |
| 3Y Return (annualized) | +22.97%Best | +5.55% |
| 5Y Return (annualized) | +13.73% | +28.87%Best |
| Volatility (annualized) | 14.3%Best | 40.0% |
| Max Drawdown | -34.1% | - |
| $10,000 over 5 years | $19,027 | $35,543Best |
| Fund Family | State Street Investment Management | Direxion Shares ETF Trust |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Trading-Inverse Debt |
| Inception | Jan 22, 1993 | Apr 16, 2009 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 16, 2009 to Sep 21, 2026 (17.4 years).
SPY vs TMV growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs TMV Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Direxion Daily 20+ Year Treasury Bear 3X ETF (TMV) is an ETF from Direxion Shares ETF Trust. Over the past year SPY returned +16.96% while TMV returned +23.47%. Year to date, SPY is up 13.82% versus a gain of 17.72% for TMV.
Over three years, SPY compounded at +22.97% per year against +5.55% for TMV; over five years the annualized figures are +13.73% and +28.87% respectively. Across the full 17-year window we track, SPY has the edge at +13.87% annualized vs -14.66%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TMV has been the more volatile fund, with annualized monthly volatility of 40.0% compared with 14.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.07. They move largely independently of each other.
Fees and Cost Over Time
SPY charges 0.09% per year while TMV charges 0.97%. On a $10,000 position that is $9 vs $97 annually, a gap of $88 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 2.28% for TMV.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 3 in TMV, totalling 99.9% and 98.5% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 3 in TMV, against full books of 505 and 9.
You are not choosing between two funds in isolation.
Whichever of SPY and TMV you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or TMV?
SPY has an expense ratio of 0.09% while TMV charges 0.97%. SPY is the cheaper option, by $88 a year on a $10,000 investment.
Which performed better, SPY or TMV?
Over the past year SPY returned +16.96% vs +23.47% for TMV, so TMV leads on 1-year performance. Over the longest common window we track (17 years), SPY annualized +13.87% vs -14.66% for TMV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TMV?
TMV has been the more volatile fund at 40.0% annualized versus 14.3% for SPY.
Should I hold both SPY and TMV?
SPY and TMV have a monthly-return correlation of 0.07, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or TMV?
SPY yields 0.98% while TMV yields 2.28%, so TMV currently pays the higher dividend yield.
Is TMV better than SPY?
SPY has a lower expense ratio. SPY led over 3Y and the full window, TMV over 1Y and 5Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.