EDC vs. TMF
EDC (Direxion Daily Emerging Markets Bull 3X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - EDC is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (300%), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, EDC returned 3.69%/yr vs -18.16%/yr for TMF. Their -0.19 correlation means they have often moved in opposite directions in the past. EDC charges 1.33%/yr vs 1.01%/yr for TMF.
Performance
EDC vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, EDC achieves a 42.09% return, which is significantly higher than TMF's -14.03% return. Over the past 10 years, EDC has outperformed TMF with an annualized return of 3.69%, while TMF has yielded a comparatively lower -18.16% annualized return.
EDC
- 1D
- 7.65%
- 1M
- -2.11%
- 6M
- 12.03%
- YTD
- 42.09%
- 1Y
- 96.15%
- 3Y*
- 37.61%
- 5Y*
- -1.17%
- 10Y*
- 3.69%
- ALL TIME*
- 1.91%
TMF
- 1D
- 2.20%
- 1M
- -9.26%
- 6M
- -12.77%
- YTD
- -14.03%
- 1Y
- -16.31%
- 3Y*
- -18.25%
- 5Y*
- -34.57%
- 10Y*
- -18.16%
- ALL TIME*
- -6.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.55M | $6.37M | $9.21M | |
| $176.74M | $135.76M | $128.72M |
EDC vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EDC Direxion Daily Emerging Markets Bull 3X Shares | 42.09% | 94.58% | -2.00% | 7.48% | -60.25% | -20.81% | 6.49% | 43.92% | -49.87% | 138.61% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -14.03% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between EDC and TMF is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.19 |
The correlation between EDC and TMF shifts across timeframes, from -0.19 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EDC vs. TMF — Risk / Return Rank
EDC
TMF
EDC vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Emerging Markets Bull 3X Shares (EDC) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EDC | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.92 | ||
| Sortino ratioReturn per unit of downside risk | +2.58 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.92 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | -0.57 | +2.98 |
| Martin ratioReturn relative to average drawdown | 6.72 | -1.14 | +7.87 |
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Drawdowns
EDC vs. TMF - Drawdown Comparison
The maximum EDC drawdown since its inception was -92.54%, roughly equal to the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for EDC and TMF.
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Drawdown Indicators
| EDC | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.54% | -93.10% | +0.56% |
Max Drawdown (1Y)Largest decline over 1 year | -40.06% | -28.69% | -11.37% |
Max Drawdown (3Y)Largest decline over 3 years | -49.48% | -50.64% | +1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -77.83% | -89.14% | +11.31% |
Max Drawdown (10Y)Largest decline over 10 years | -87.01% | -93.10% | +6.09% |
Current DrawdownCurrent decline from peak | -69.84% | -92.88% | +23.04% |
Average DrawdownAverage peak-to-trough decline | -65.37% | -44.09% | -21.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.35% | 14.30% | +0.05% |
Volatility
EDC vs. TMF - Volatility Comparison
Direxion Daily Emerging Markets Bull 3X Shares (EDC) has a higher volatility of 26.60% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.86%. This indicates that EDC's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EDC | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.60% | 7.86% | +18.74% |
Volatility (6M)Calculated over the trailing 6-month period | 67.61% | 20.07% | +47.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.40% | 27.12% | +46.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.52% | 46.38% | +13.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.65% | 43.70% | +17.95% |
EDC vs. TMF - Expense Ratio Comparison
EDC has a 1.33% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
EDC vs. TMF - Dividend Comparison
EDC's dividend yield for the trailing twelve months is around 1.40%, less than TMF's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EDC Direxion Daily Emerging Markets Bull 3X Shares | 1.40% | 1.79% | 3.94% | 3.54% | 0.00% | 0.18% | 0.44% | 0.97% | 0.78% | 0.25% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.59% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
EDC and TMF have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EDC has higher volatility (26.60%) compared to TMF (7.86%). In terms of maximum drawdown, EDC dropped -92.54% vs TMF's -93.10%.
On 10-year performance, EDC leads with 3.69% vs -18.16% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EDC has performed better with a 3.69% return vs -18.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.33% for EDC.
TMF has the higher dividend yield at 4.59%, compared with 1.40% for EDC.
EDC is categorized as Leveraged Equities, while TMF is Leveraged Bonds. EDC tracks MSCI Emerging Markets Index (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.33% for EDC and 1.01% for TMF.
EDC currently has the higher Sharpe Ratio (1.32 vs -0.60), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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