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 -4.40%/yr vs 3.62%/yr for TBF. Their -0.98 correlation means they have often moved in opposite directions in the past. EDV charges 0.05%/yr vs 0.94%/yr for TBF.
Performance
EDV vs. TBF - Performance Comparison
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Returns By Period
In the year-to-date period, EDV achieves a -5.76% return, which is significantly lower than TBF's 6.37% return. Over the past 10 years, EDV has underperformed TBF with an annualized return of -4.40%, while TBF has yielded a comparatively higher 3.62% annualized return.
EDV
- 1D
- 0.47%
- 1M
- -5.91%
- 6M
- -5.09%
- YTD
- -5.76%
- 1Y
- -5.56%
- 3Y*
- -4.58%
- 5Y*
- -12.82%
- 10Y*
- -4.40%
- ALL TIME*
- 2.37%
TBF
- 1D
- -0.35%
- 1M
- 4.31%
- 6M
- 5.63%
- YTD
- 6.37%
- 1Y
- 7.69%
- 3Y*
- 7.13%
- 5Y*
- 12.77%
- 10Y*
- 3.62%
- ALL TIME*
- -2.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $91.73M | $72.86M | $67.75M | |
| $4.71M | $3.87M | $5.26M |
EDV vs. TBF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | -5.76% | 0.65% | -12.78% | 1.65% | -39.15% | -6.19% | 23.59% | 18.67% | -3.40% | 13.94% |
TBF ProShares Short 20+ Year Treasury | 6.37% | 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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.98 |
Correlation (3Y) Balances recent behavior with more history. | -0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.98 |
Correlation (All Time) Calculated using the full available price history since Aug 20, 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.
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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.
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.
| EDV | TBF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.25 | ||
| Sortino ratioReturn per unit of downside risk | -1.76 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.15 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | 1.18 | -1.61 |
| Martin ratioReturn relative to average drawdown | -0.87 | 2.68 | -3.55 |
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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.
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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 | -13.24% | -6.52% | -6.72% |
Max Drawdown (3Y)Largest decline over 3 years | -22.74% | -17.79% | -4.95% |
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 | -56.76% | -41.19% | -15.57% |
Average DrawdownAverage peak-to-trough decline | -23.70% | -47.38% | +23.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.39% | 2.88% | +3.51% |
Volatility
EDV vs. TBF - Volatility Comparison
Vanguard Extended Duration Treasury ETF (EDV) has a higher volatility of 3.91% compared to ProShares Short 20+ Year Treasury (TBF) at 2.50%. 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.
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Volatility by Period
| EDV | TBF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.91% | 2.50% | +1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 10.21% | 6.72% | +3.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.01% | 9.09% | +4.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.52% | 15.60% | +5.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.74% | 14.45% | +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 5.42%, more than TBF's 2.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | 5.42% | 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 | 2.67% | 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 (3.91%) compared to TBF (2.50%). In terms of maximum drawdown, EDV dropped -59.96% vs TBF's -70.40%.
On 10-year performance, TBF leads with 3.62% vs -4.40% for EDV. On fees, EDV is cheaper at 0.05% per year. On volatility, TBF has been the lower-risk option at 2.50%. 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 3.62% return vs -4.40%. 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 5.42%, compared with 2.67% 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.
TBF currently has the higher Sharpe Ratio (0.85 vs -0.40), 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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