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 Japan 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 -19.56%/yr vs -18.33%/yr for TMF. Their 0.15 correlation means their historical movements had little consistent relationship. 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 -28.78% return, which is significantly lower than TMF's -15.88% return. Over the past 10 years, EWV has underperformed TMF with an annualized return of -19.56%, while TMF has yielded a comparatively higher -18.33% annualized return.
EWV
- 1D
- -0.42%
- 1M
- -0.63%
- 6M
- -19.80%
- YTD
- -28.78%
- 1Y
- -43.59%
- 3Y*
- -28.62%
- 5Y*
- -18.34%
- 10Y*
- -19.56%
- ALL TIME*
- -18.83%
TMF
- 1D
- 0.95%
- 1M
- -11.21%
- 6M
- -14.16%
- YTD
- -15.88%
- 1Y
- -17.67%
- 3Y*
- -18.84%
- 5Y*
- -35.05%
- 10Y*
- -18.33%
- ALL TIME*
- -6.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $132.47K | $106.48K | $326.13K | |
| $168.22M | $133.63M | $127.70M |
EWV vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -28.78% | -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 | -15.88% | -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 -0.27, 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. | -0.27 |
Correlation (3Y) Balances recent behavior with more history. | -0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.02 |
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 -0.27 (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 | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.91 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.62 | -0.33 |
| Martin ratioReturn relative to average drawdown | -1.53 | -1.25 | -0.28 |
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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 -93.10%. 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% | -93.10% | -6.10% |
Max Drawdown (1Y)Largest decline over 1 year | -46.21% | -28.69% | -17.52% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -50.64% | -20.55% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -89.14% | +9.63% |
Max Drawdown (10Y)Largest decline over 10 years | -89.45% | -93.10% | +3.65% |
Current DrawdownCurrent decline from peak | -99.14% | -93.04% | -6.10% |
Average DrawdownAverage peak-to-trough decline | -84.39% | -44.08% | -40.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.15% | 14.21% | +15.94% |
Volatility
EWV vs. TMF - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 15.97% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.36%. 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 | 15.97% | 7.36% | +8.61% |
Volatility (6M)Calculated over the trailing 6-month period | 36.59% | 19.96% | +16.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.77% | 27.08% | +15.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.54% | 46.37% | -8.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.32% | 43.71% | -8.39% |
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 5.08%, more than TMF's 4.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.08% | 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 | 4.69% | 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 -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (15.97%) compared to TMF (7.36%). In terms of maximum drawdown, EWV dropped -99.20% vs TMF's -93.10%.
On 10-year performance, TMF leads with -18.33% vs -19.56% for EWV. On fees, EWV is cheaper at 0.95% per year. On volatility, TMF has been the lower-risk option at 7.36%. 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 -18.33% return vs -19.56%. 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 5.08%, compared with 4.69% for TMF.
EWV is categorized as Japan 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 (-0.66 vs -1.02), 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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