EETH vs. TMF

Last updated Jun 4, 2026

EETH (ProShares Ether Strategy ETF) and TMF (Direxion Daily 20-Year Treasury Bull 3X) are both exchange-traded funds - EETH is a Cryptocurrency fund actively managed by ProShares, while TMF is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury Bond Index (300%). EETH is actively managed, while TMF is passively managed. Over the past year, EETH returned -34.99% vs 0.90% for TMF. At a 0.04 correlation, their price movements are largely independent. EETH charges 0.95%/yr vs 1.09%/yr for TMF.

Performance

EETH vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ether Strategy ETF (EETH) and Direxion Daily 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EETH achieves a -40.33% return, which is significantly lower than TMF's -6.13% return.

EETH

• 1D: -5.60%
• 1M: -23.79%
• YTD: -40.33%
• 6M: -43.77%
• 1Y: -34.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMF

• 1D: -1.14%
• 1M: 1.22%
• YTD: -6.13%
• 6M: -11.63%
• 1Y: 0.90%
• 3Y*: -20.78%
• 5Y*: -30.52%
• 10Y*: -16.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EETH vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EETH ProShares Ether Strategy ETF	-40.33%	-17.19%	33.29%	35.44%
TMF Direxion Daily 20-Year Treasury Bull 3X	-6.13%	-2.94%	-35.95%	41.45%

Correlation

The correlation between EETH and TMF is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023	0.04

EETH vs. TMF - Sectors Allocation Comparison

Sectors	EETH	TMF
Financial Services	16.4%	18.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

EETH vs. TMF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EETH

EETH Risk / Return Rank: 5
EETH Sharpe Ratio Rank: 4
EETH Sortino Ratio Rank: 5
EETH Omega Ratio Rank: 5
EETH Calmar Ratio Rank: 4
EETH Martin Ratio Rank: 5

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 9
TMF Omega Ratio Rank: 9
TMF Calmar Ratio Rank: 9
TMF Martin Ratio Rank: 9

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EETH vs. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ether Strategy ETF (EETH) and Direxion Daily 20-Year Treasury Bull 3X (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.

	EETH	TMF	Difference
Sharpe ratio Return per unit of total volatility	-0.51	0.03	-0.54
Sortino ratio Return per unit of downside risk	-0.41	0.25	-0.66
Omega ratio Gain probability vs. loss probability	0.95	1.03	-0.07
Calmar ratio Return relative to maximum drawdown	-0.55	0.03	-0.58
Martin ratio Return relative to average drawdown	-0.90	0.08	-0.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EETH vs. TMF - Sharpe Ratio Comparison

The current EETH Sharpe Ratio is -0.51, which is lower than the TMF Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of EETH and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EETH	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.51	0.03	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	-0.14	+0.07

Drawdowns

EETH vs. TMF - Drawdown Comparison

The maximum EETH drawdown since its inception was -66.86%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for EETH and TMF.

Drawdown Indicators

	EETH	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-92.89%	+26.03%
Max Drawdown (1Y) Largest decline over 1 year	-64.18%	-26.51%	-37.67%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.31%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-88.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.89%	—
Current Drawdown Current decline from peak	-64.18%	-92.23%	+28.05%
Average Drawdown Average peak-to-trough decline	-29.45%	-43.63%	+14.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.76%	11.49%	+27.27%

Volatility

EETH vs. TMF - Volatility Comparison

ProShares Ether Strategy ETF (EETH) has a higher volatility of 9.92% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 8.09%. This indicates that EETH'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.

Volatility by Period

	EETH	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.92%	8.09%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	46.21%	19.01%	+27.20%
Volatility (1Y) Calculated over the trailing 1-year period	68.81%	28.76%	+40.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.93%	46.75%	+22.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.93%	43.92%	+25.01%

EETH vs. TMF - Expense Ratio Comparison

EETH has a 0.95% expense ratio, which is lower than TMF's 1.09% expense ratio.

Dividends

EETH vs. TMF - Dividend Comparison

EETH's dividend yield for the trailing twelve months is around 89.04%, more than TMF's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EETH ProShares Ether Strategy ETF	89.04%	56.98%	10.82%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TMF Direxion Daily 20-Year Treasury Bull 3X	4.15%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

Can I hold both EETH and TMF in my portfolio?

EETH and TMF have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EETH or TMF?

EETH has higher volatility (9.92%) compared to TMF (8.09%). In terms of maximum drawdown, EETH dropped -66.86% vs TMF's -92.89%.

Which ETF is better, EETH or TMF?

On 1-year performance, TMF leads with 0.90% vs -34.99% for EETH. On fees, EETH is cheaper at 0.95% per year. On volatility, TMF has been the lower-risk option at 8.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EETH or TMF?

Over the 1-year period, TMF has performed better with a 0.90% return vs -34.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EETH or TMF?

EETH is cheaper with a 0.95% expense ratio, compared with 1.09% for TMF.

Which ETF pays a higher dividend yield, EETH or TMF?

EETH has the higher dividend yield at 89.04%, compared with 4.15% for TMF.

What is the main difference between EETH and TMF?

EETH is categorized as Cryptocurrency, while TMF is Leveraged Bonds. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EETH and 1.09% for TMF.

Which has better risk-adjusted returns?

TMF currently has the higher Sharpe Ratio (0.03 vs -0.51), 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.