PBTP vs. TMF
PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - PBTP is a Inflation-Protected Bonds fund tracking the ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y), 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 5 years, PBTP returned 3.00%/yr vs -34.74%/yr for TMF. Their 0.35 correlation means their historical movements had little consistent relationship. PBTP charges 0.07%/yr vs 1.01%/yr for TMF.
Performance
PBTP vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, PBTP achieves a 1.86% return, which is significantly higher than TMF's -16.67% return.
PBTP
- 1D
- -0.04%
- 1M
- 0.08%
- 6M
- 1.21%
- YTD
- 1.86%
- 1Y
- 3.00%
- 3Y*
- 5.11%
- 5Y*
- 3.00%
- 10Y*
- —
- ALL TIME*
- 3.33%
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.49M | $1.29M | $1.24M | |
| $161.82M | $130.43M | $127.82M |
PBTP vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF | 1.86% | 5.98% | 4.72% | 4.53% | -3.02% | 5.51% | 4.89% | 4.72% | 0.59% | 0.04% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -16.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 3.36% |
Correlation
The correlation between PBTP and TMF is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (3Y) Balances recent behavior with more history. | 0.49 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.45 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2017 | 0.35 |
The correlation between PBTP and TMF shifts across timeframes, from 0.35 (all time) to 0.49 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PBTP vs. TMF — Risk / Return Rank
PBTP
TMF
PBTP vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) 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.
| PBTP | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.73 | ||
| Sortino ratioReturn per unit of downside risk | +4.00 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 0.93 | +0.52 |
| Calmar ratioReturn relative to maximum drawdown | 4.57 | -0.53 | +5.09 |
| Martin ratioReturn relative to average drawdown | 14.12 | -1.07 | +15.19 |
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Drawdowns
PBTP vs. TMF - Drawdown Comparison
The maximum PBTP drawdown since its inception was -5.44%, smaller than the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for PBTP and TMF.
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Drawdown Indicators
| PBTP | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.44% | -93.10% | +87.66% |
Max Drawdown (1Y)Largest decline over 1 year | -0.76% | -28.69% | +27.93% |
Max Drawdown (3Y)Largest decline over 3 years | -1.03% | -50.64% | +49.61% |
Max Drawdown (5Y)Largest decline over 5 years | -5.44% | -89.14% | +83.70% |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.10% | — |
Current DrawdownCurrent decline from peak | -0.30% | -93.10% | +92.80% |
Average DrawdownAverage peak-to-trough decline | -0.74% | -44.07% | +43.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.25% | 14.10% | -13.85% |
Volatility
PBTP vs. TMF - Volatility Comparison
The current volatility for Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) is 0.38%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 7.21%. This indicates that PBTP 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
| PBTP | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.38% | 7.21% | -6.83% |
Volatility (6M)Calculated over the trailing 6-month period | 1.18% | 19.98% | -18.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.60% | 27.35% | -25.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.84% | 46.36% | -43.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.63% | 43.70% | -41.07% |
PBTP vs. TMF - Expense Ratio Comparison
PBTP has a 0.07% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
PBTP vs. TMF - Dividend Comparison
PBTP's dividend yield for the trailing twelve months is around 4.80%, more than TMF's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF | 4.80% | 3.82% | 2.59% | 2.36% | 5.33% | 3.12% | 1.25% | 2.12% | 2.33% | 0.73% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.74% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
PBTP and TMF have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (7.21%) compared to PBTP (0.38%). In terms of maximum drawdown, PBTP dropped -5.44% vs TMF's -93.10%.
On 5-year performance, PBTP leads with 3.00% vs -34.74% for TMF. On fees, PBTP is cheaper at 0.07% per year. On volatility, PBTP has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PBTP has performed better with a 3.00% return vs -34.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PBTP is cheaper with a 0.07% expense ratio, compared with 1.01% for TMF.
PBTP has the higher dividend yield at 4.80%, compared with 4.74% for TMF.
PBTP is categorized as Inflation-Protected Bonds, while TMF is Leveraged Bonds. PBTP tracks ICE BofA U.S. Treasuries Inflation-Linked (0-5 Y), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.07% for PBTP and 1.01% for TMF.
PBTP currently has the higher Sharpe Ratio (2.18 vs -0.55), 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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