EETH vs. TMF

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Ether Strategy ETF (EETH) and Direxion Daily 20-Year Treasury Bull 3X (TMF).

EETH and TMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EETH is an actively managed fund by ProShares. It was launched on Oct 2, 2023. TMF is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (300%). It was launched on Apr 16, 2009.

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.

EETH vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EETH ProShares Ether Strategy ETF	-30.07%	-17.19%	33.29%	35.44%
TMF Direxion Daily 20-Year Treasury Bull 3X	-2.78%	-2.94%	-35.95%	41.45%

Returns By Period

In the year-to-date period, EETH achieves a -30.07% return, which is significantly lower than TMF's -2.78% return.

EETH

• 1D: 3.88%
• 1M: 8.99%
• YTD: -30.07%
• 6M: -50.78%
• 1Y: 8.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMF

• 1D: -0.19%
• 1M: -13.14%
• YTD: -2.78%
• 6M: -8.60%
• 1Y: -14.86%
• 3Y*: -23.40%
• 5Y*: -29.30%
• 10Y*: -15.78%

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

EETH vs. TMF - Expense Ratio Comparison

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

TMF

Direxion Daily 20-Year Treasury Bull 3X

EETH

ProShares Ether Strategy ETF

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: 18
EETH Sharpe Ratio Rank: 15
EETH Sortino Ratio Rank: 27
EETH Omega Ratio Rank: 23
EETH Calmar Ratio Rank: 14
EETH Martin Ratio Rank: 14

TMF

TMF Risk / Return Rank: 5
TMF Sharpe Ratio Rank: 5
TMF Sortino Ratio Rank: 5
TMF Omega Ratio Rank: 5
TMF Calmar Ratio Rank: 5
TMF Martin Ratio Rank: 7

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	0.11	-0.44	+0.55
Sortino ratio Return per unit of downside risk	0.73	-0.41	+1.14
Omega ratio Gain probability vs. loss probability	1.08	0.95	+0.13
Calmar ratio Return relative to maximum drawdown	0.09	-0.46	+0.55
Martin ratio Return relative to average drawdown	0.19	-0.74	+0.92
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 0.11, which is higher than the TMF Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of EETH and TMF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EETH	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.11	-0.44	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.63	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	-0.13	+0.16

Correlation

The correlation between EETH and TMF is 0.03, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

EETH vs. TMF - Dividend Comparison

EETH's dividend yield for the trailing twelve months is around 76.20%, more than TMF's 4.01% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EETH ProShares Ether Strategy ETF	76.20%	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	4.01%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Drawdowns

EETH vs. TMF - Drawdown Comparison

The maximum EETH drawdown since its inception was -66.86%, smaller than the maximum TMF drawdown of -92.61%. 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%	-92.61%	+25.75%
Max Drawdown (1Y) Largest decline over 1 year	-62.71%	-27.13%	-35.58%
Max Drawdown (5Y) Largest decline over 5 years	—	-88.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.61%	—
Current Drawdown Current decline from peak	-58.02%	-91.95%	+33.93%
Average Drawdown Average peak-to-trough decline	-27.60%	-43.13%	+15.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.21%	16.93%	+14.28%

Volatility

EETH vs. TMF - Volatility Comparison

ProShares Ether Strategy ETF (EETH) has a higher volatility of 19.84% compared to Direxion Daily 20-Year Treasury Bull 3X (TMF) at 10.85%. 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	19.84%	10.85%	+8.99%
Volatility (6M) Calculated over the trailing 6-month period	53.82%	19.51%	+34.31%
Volatility (1Y) Calculated over the trailing 1-year period	76.26%	33.89%	+42.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.52%	46.85%	+23.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.52%	44.00%	+26.52%