EWV vs. TMF
EWV (ProShares UltraShort MSCI Japan) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - EWV is a Leveraged Equities fund tracking the MSCI Japan Index (-200%), 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, EWV returned -20.50%/yr vs -16.87%/yr for TMF. At a 0.15 correlation, their price movements are largely independent. EWV charges 0.95%/yr vs 1.01%/yr for TMF.
Performance
EWV vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -27.73% return, which is significantly lower than TMF's -4.67% return. Over the past 10 years, EWV has underperformed TMF with an annualized return of -20.50%, while TMF has yielded a comparatively higher -16.87% annualized return.
EWV
- 1D
- 9.12%
- 1M
- -4.14%
- YTD
- -27.73%
- 6M
- -26.75%
- 1Y
- -46.22%
- 3Y*
- -28.99%
- 5Y*
- -17.97%
- 10Y*
- -20.50%
TMF
- 1D
- -0.62%
- 1M
- 4.96%
- YTD
- -4.67%
- 6M
- -5.95%
- 1Y
- -2.80%
- 3Y*
- -21.07%
- 5Y*
- -31.33%
- 10Y*
- -16.87%
EWV vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -27.73% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -4.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between EWV and TMF is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.15 |
The correlation between EWV and TMF shifts across timeframes, from -0.26 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EWV vs. TMF — Risk / Return Rank
EWV
TMF
EWV vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) 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.
| EWV | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.73 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.01 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.11 | -0.80 |
| Martin ratioReturn relative to average drawdown | -1.50 | -0.23 | -1.27 |
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Drawdowns
EWV vs. TMF - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for EWV and TMF.
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Drawdown Indicators
| EWV | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -92.89% | -6.31% |
Max Drawdown (1Y)Largest decline over 1 year | -51.16% | -26.51% | -24.65% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -56.09% | -15.10% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -88.81% | +9.30% |
Max Drawdown (10Y)Largest decline over 10 years | -90.83% | -92.89% | +2.06% |
Current DrawdownCurrent decline from peak | -99.13% | -92.11% | -7.02% |
Average DrawdownAverage peak-to-trough decline | -84.30% | -43.76% | -40.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.92% | 12.26% | +18.66% |
Volatility
EWV vs. TMF - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 15.65% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 6.50%. This indicates that EWV'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.
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Volatility by Period
| EWV | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.65% | 6.50% | +9.15% |
Volatility (6M)Calculated over the trailing 6-month period | 34.20% | 19.35% | +14.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.12% | 27.91% | +14.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.15% | 46.59% | -9.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.09% | 43.86% | -8.77% |
EWV vs. TMF - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
EWV vs. TMF - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 4.96%, more than TMF's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 4.96% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% | 0.00% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.09% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
EWV and TMF have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (15.65%) compared to TMF (6.50%). In terms of maximum drawdown, EWV dropped -99.20% vs TMF's -92.89%.
On 10-year performance, TMF leads with -16.87% vs -20.50% for EWV. On fees, EWV is cheaper at 0.95% per year. On volatility, TMF has been the lower-risk option at 6.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMF has performed better with a -16.87% return vs -20.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWV is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.
EWV has the higher dividend yield at 4.96%, compared with 4.09% for TMF.
EWV is categorized as Leveraged Equities, while TMF is Leveraged Bonds. EWV tracks MSCI Japan Index (-200%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EWV and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (-0.10 vs -1.10), 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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