EDV vs. TBF
EDV (Vanguard Extended Duration Treasury ETF) and TBF (ProShares Short 20+ Year Treasury) are both exchange-traded funds - EDV is a Government Bonds fund tracking the Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index, while TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%). Both are passively managed. Over the past 10 years, EDV returned -3.32%/yr vs 2.77%/yr for TBF. At a correlation of -0.98, they often move in opposite directions. EDV charges 0.05%/yr vs 0.94%/yr for TBF.
Performance
EDV vs. TBF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EDV achieves a -0.72% return, which is significantly lower than TBF's 2.38% return. Over the past 10 years, EDV has underperformed TBF with an annualized return of -3.32%, while TBF has yielded a comparatively higher 2.77% annualized return.
EDV
- 1D
- -0.48%
- 1M
- 1.42%
- YTD
- -0.72%
- 6M
- -3.69%
- 1Y
- 4.85%
- 3Y*
- -5.25%
- 5Y*
- -10.02%
- 10Y*
- -3.32%
TBF
- 1D
- 0.49%
- 1M
- -0.32%
- YTD
- 2.38%
- 6M
- 4.57%
- 1Y
- 0.68%
- 3Y*
- 7.99%
- 5Y*
- 10.00%
- 10Y*
- 2.77%
EDV vs. TBF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | -0.72% | 0.65% | -12.78% | 1.65% | -39.15% | -6.19% | 23.59% | 18.67% | -3.40% | 13.94% |
TBF ProShares Short 20+ Year Treasury | 2.38% | 1.27% | 16.33% | 2.43% | 42.37% | 1.33% | -19.35% | -10.96% | 3.26% | -8.46% |
Correlation
The correlation between EDV and TBF is -0.98, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.98 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 2009 | -0.98 |
The correlation between EDV and TBF has been stable across timeframes, ranging from -0.98 to -0.98 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EDV vs. TBF — Risk / Return Rank
EDV
TBF
EDV vs. TBF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Duration Treasury ETF (EDV) and ProShares Short 20+ Year Treasury (TBF). 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.
| EDV | TBF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.02 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.39 | 0.10 | +0.29 |
| Martin ratioReturn relative to average drawdown | 0.90 | 0.21 | +0.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| EDV | TBF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.33 | 0.07 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | 0.64 | -1.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.17 | 0.19 | -0.36 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | -0.21 | +0.33 |
Drawdowns
EDV vs. TBF - Drawdown Comparison
The maximum EDV drawdown since its inception was -59.96%, smaller than the maximum TBF drawdown of -70.40%. Use the drawdown chart below to compare losses from any high point for EDV and TBF.
Loading charts...
Drawdown Indicators
| EDV | TBF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.96% | -70.40% | +10.44% |
Max Drawdown (1Y)Largest decline over 1 year | -12.54% | -7.23% | -5.31% |
Max Drawdown (3Y)Largest decline over 3 years | -26.99% | -17.79% | -9.20% |
Max Drawdown (5Y)Largest decline over 5 years | -55.03% | -17.79% | -37.24% |
Max Drawdown (10Y)Largest decline over 10 years | -59.96% | -38.39% | -21.57% |
Current DrawdownCurrent decline from peak | -54.45% | -43.40% | -11.05% |
Average DrawdownAverage peak-to-trough decline | -23.43% | -47.43% | +24.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.38% | 3.27% | +2.11% |
Volatility
EDV vs. TBF - Volatility Comparison
Vanguard Extended Duration Treasury ETF (EDV) has a higher volatility of 4.06% compared to ProShares Short 20+ Year Treasury (TBF) at 2.80%. This indicates that EDV's price experiences larger fluctuations and is considered to be riskier than TBF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EDV | TBF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.06% | 2.80% | +1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 9.65% | 6.42% | +3.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.64% | 9.63% | +5.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.63% | 15.72% | +5.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.81% | 14.52% | +5.29% |
EDV vs. TBF - Expense Ratio Comparison
EDV has a 0.05% expense ratio, which is lower than TBF's 0.94% expense ratio.
Dividends
EDV vs. TBF - Dividend Comparison
EDV's dividend yield for the trailing twelve months is around 4.99%, more than TBF's 2.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | 4.99% | 4.94% | 4.65% | 3.81% | 3.28% | 1.95% | 5.54% | 3.51% | 2.90% | 2.92% | 5.32% | 4.24% |
TBF ProShares Short 20+ Year Treasury | 2.84% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EDV and TBF have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EDV has higher volatility (4.06%) compared to TBF (2.80%). In terms of maximum drawdown, EDV dropped -59.96% vs TBF's -70.40%.
On 10-year performance, TBF leads with 2.77% vs -3.32% for EDV. On fees, EDV is cheaper at 0.05% per year. On volatility, TBF has been the lower-risk option at 2.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBF has performed better with a 2.77% return vs -3.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EDV is cheaper with a 0.05% expense ratio, compared with 0.94% for TBF.
EDV has the higher dividend yield at 4.99%, compared with 2.84% for TBF.
EDV is categorized as Government Bonds, while TBF is Inverse Bonds. EDV tracks Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index, while TBF tracks U.S. Treasury 20+ Year Index (-100%). They also come from different issuers: Vanguard and ProShares. Their fees differ too: 0.05% for EDV and 0.94% for TBF.
EDV currently has the higher Sharpe Ratio (0.33 vs 0.07), 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.
Find the right allocation for EDV and TBF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer