EDV vs. TMF
EDV (Vanguard Extended Duration Treasury ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) 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 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, EDV returned -4.48%/yr vs -18.63%/yr for TMF. With a 0.98 correlation, they move nearly in lockstep. EDV charges 0.05%/yr vs 1.01%/yr for TMF.
Performance
EDV vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, EDV achieves a -1.67% return, which is significantly higher than TMF's -8.69% return. Over the past 10 years, EDV has outperformed TMF with an annualized return of -4.48%, while TMF has yielded a comparatively lower -18.63% annualized return.
EDV
- 1D
- -1.52%
- 1M
- -0.72%
- 6M
- -1.75%
- YTD
- -1.67%
- 1Y
- 1.44%
- 3Y*
- -4.58%
- 5Y*
- -11.66%
- 10Y*
- -4.48%
TMF
- 1D
- -3.18%
- 1M
- -1.75%
- 6M
- -8.82%
- YTD
- -8.69%
- 1Y
- -5.31%
- 3Y*
- -19.00%
- 5Y*
- -33.37%
- 10Y*
- -18.63%
EDV vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | -1.67% | 0.65% | -12.78% | 1.65% | -39.15% | -6.19% | 23.59% | 18.67% | -3.40% | 13.94% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -8.69% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between EDV and TMF is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.98 |
The correlation between EDV and TMF has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
EDV vs. TMF — Risk / Return Rank
EDV
TMF
EDV vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Duration Treasury ETF (EDV) 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.
| EDV | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.99 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.12 | -0.20 | +0.32 |
| Martin ratioReturn relative to average drawdown | 0.25 | -0.42 | +0.68 |
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Drawdowns
EDV vs. TMF - Drawdown Comparison
The maximum EDV drawdown since its inception was -59.96%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for EDV and TMF.
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Drawdown Indicators
| EDV | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.96% | -92.89% | +32.93% |
Max Drawdown (1Y)Largest decline over 1 year | -12.54% | -26.51% | +13.97% |
Max Drawdown (3Y)Largest decline over 3 years | -26.42% | -55.14% | +28.72% |
Max Drawdown (5Y)Largest decline over 5 years | -55.03% | -88.81% | +33.78% |
Max Drawdown (10Y)Largest decline over 10 years | -59.96% | -92.89% | +32.93% |
Current DrawdownCurrent decline from peak | -54.89% | -92.44% | +37.55% |
Average DrawdownAverage peak-to-trough decline | -23.57% | -43.86% | +20.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.70% | 12.54% | -6.84% |
Volatility
EDV vs. TMF - Volatility Comparison
The current volatility for Vanguard Extended Duration Treasury ETF (EDV) is 4.67%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 8.78%. This indicates that EDV experiences smaller price fluctuations and is considered to be less risky 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
| EDV | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.67% | 8.78% | -4.11% |
Volatility (6M)Calculated over the trailing 6-month period | 10.26% | 20.05% | -9.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.40% | 28.14% | -13.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.58% | 46.59% | -25.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.77% | 43.78% | -24.01% |
EDV vs. TMF - Expense Ratio Comparison
EDV has a 0.05% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
EDV vs. TMF - Dividend Comparison
EDV's dividend yield for the trailing twelve months is around 5.20%, more than TMF's 4.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | 5.20% | 4.94% | 4.65% | 3.81% | 3.28% | 1.95% | 5.54% | 3.51% | 2.90% | 2.92% | 5.32% | 4.24% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.32% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.99, EDV and TMF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TMF has higher volatility (8.78%) compared to EDV (4.67%). In terms of maximum drawdown, EDV dropped -59.96% vs TMF's -92.89%.
On 10-year performance, EDV leads with -4.48% vs -18.63% for TMF. On fees, EDV is cheaper at 0.05% per year. On volatility, EDV has been the lower-risk option at 4.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EDV has performed better with a -4.48% return vs -18.63%. 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 1.01% for TMF.
EDV has the higher dividend yield at 5.20%, compared with 4.32% for TMF.
EDV is categorized as Government Bonds, while TMF is Leveraged Bonds. EDV tracks Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index, while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). They also come from different issuers: Vanguard and Direxion. Their fees differ too: 0.05% for EDV and 1.01% for TMF.
EDV currently has the higher Sharpe Ratio (0.10 vs -0.19), 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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