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 3.22%/yr vs -31.19%/yr for TMF. At a 0.35 correlation, their price movements are largely independent. 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 1.42% return, which is significantly higher than TMF's -4.08% return.
PBTP
- 1D
- -0.18%
- 1M
- -0.30%
- YTD
- 1.42%
- 6M
- 1.44%
- 1Y
- 3.62%
- 3Y*
- 4.97%
- 5Y*
- 3.22%
- 10Y*
- —
TMF
- 1D
- -2.15%
- 1M
- 5.61%
- YTD
- -4.08%
- 6M
- -4.92%
- 1Y
- -1.09%
- 3Y*
- -20.90%
- 5Y*
- -31.19%
- 10Y*
- -16.82%
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 | 1.42% | 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 | -4.08% | -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 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
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 0.51 (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 | +2.29 | ||
| Sortino ratioReturn per unit of downside risk | +3.31 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.02 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 4.98 | -0.04 | +5.03 |
| Martin ratioReturn relative to average drawdown | 17.63 | -0.09 | +17.72 |
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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 -92.89%. 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% | -92.89% | +87.45% |
Max Drawdown (1Y)Largest decline over 1 year | -0.73% | -26.51% | +25.78% |
Max Drawdown (3Y)Largest decline over 3 years | -1.03% | -56.09% | +55.06% |
Max Drawdown (5Y)Largest decline over 5 years | -5.44% | -88.81% | +83.37% |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.89% | — |
Current DrawdownCurrent decline from peak | -0.73% | -92.06% | +91.33% |
Average DrawdownAverage peak-to-trough decline | -0.75% | -43.75% | +43.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.21% | 12.20% | -11.99% |
Volatility
PBTP vs. TMF - Volatility Comparison
The current volatility for Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) is 0.63%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 6.48%. 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 | 0.63% | 6.48% | -5.85% |
Volatility (6M)Calculated over the trailing 6-month period | 1.17% | 19.39% | -18.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.62% | 27.96% | -26.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.85% | 46.59% | -43.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.64% | 43.92% | -41.28% |
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 5.86%, more than TMF's 4.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF | 5.86% | 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 | 4.06% | 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 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (6.48%) compared to PBTP (0.63%). In terms of maximum drawdown, PBTP dropped -5.44% vs TMF's -92.89%.
On 5-year performance, PBTP leads with 3.22% vs -31.19% for TMF. On fees, PBTP is cheaper at 0.07% per year. On volatility, PBTP has been the lower-risk option at 0.63%. 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 3.22% return vs -31.19%. 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 5.86%, compared with 4.06% 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 (2.25 vs -0.04), 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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