PLW vs. TMF
PLW (Invesco 1-30 Laddered Treasury ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - PLW is a Government Bonds fund tracking the Ryan/NASDAQ 1-30 Year Treasury Laddered Index, 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, PLW returned -0.36%/yr vs -17.87%/yr for TMF. With a 0.96 correlation, they move nearly in lockstep. PLW charges 0.25%/yr vs 1.01%/yr for TMF.
Performance
PLW vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, PLW achieves a -0.99% return, which is significantly higher than TMF's -10.33% return. Over the past 10 years, PLW has outperformed TMF with an annualized return of -0.36%, while TMF has yielded a comparatively lower -17.87% annualized return.
PLW
- 1D
- 0.19%
- 1M
- -0.82%
- 6M
- -1.38%
- YTD
- -0.99%
- 1Y
- 2.96%
- 3Y*
- 0.86%
- 5Y*
- -3.52%
- 10Y*
- -0.36%
TMF
- 1D
- 0.34%
- 1M
- -5.43%
- 6M
- -11.84%
- YTD
- -10.33%
- 1Y
- -5.12%
- 3Y*
- -21.17%
- 5Y*
- -33.53%
- 10Y*
- -17.87%
PLW vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PLW Invesco 1-30 Laddered Treasury ETF | -0.99% | 5.84% | -2.95% | 3.31% | -19.98% | -3.76% | 12.55% | 10.00% | -0.28% | 4.96% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -10.33% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between PLW and TMF is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.96 |
The correlation between PLW and TMF has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
PLW vs. TMF — Risk / Return Rank
PLW
TMF
PLW vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco 1-30 Laddered Treasury ETF (PLW) 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.
| PLW | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.99 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | -0.19 | +0.74 |
| Martin ratioReturn relative to average drawdown | 1.37 | -0.40 | +1.77 |
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Drawdowns
PLW vs. TMF - Drawdown Comparison
The maximum PLW drawdown since its inception was -32.70%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for PLW and TMF.
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Drawdown Indicators
| PLW | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.70% | -92.89% | +60.19% |
Max Drawdown (1Y)Largest decline over 1 year | -5.45% | -26.51% | +21.06% |
Max Drawdown (3Y)Largest decline over 3 years | -11.49% | -55.14% | +43.65% |
Max Drawdown (5Y)Largest decline over 5 years | -28.30% | -88.81% | +60.51% |
Max Drawdown (10Y)Largest decline over 10 years | -32.70% | -92.89% | +60.19% |
Current DrawdownCurrent decline from peak | -22.73% | -92.58% | +69.85% |
Average DrawdownAverage peak-to-trough decline | -9.72% | -43.92% | +34.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 12.91% | -10.75% |
Volatility
PLW vs. TMF - Volatility Comparison
The current volatility for Invesco 1-30 Laddered Treasury ETF (PLW) is 1.80%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 7.49%. This indicates that PLW 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
| PLW | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.80% | 7.49% | -5.69% |
Volatility (6M)Calculated over the trailing 6-month period | 4.81% | 19.84% | -15.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.37% | 27.57% | -21.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.84% | 46.51% | -36.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.07% | 43.72% | -34.65% |
PLW vs. TMF - Expense Ratio Comparison
PLW has a 0.25% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
PLW vs. TMF - Dividend Comparison
PLW's dividend yield for the trailing twelve months is around 3.86%, less than TMF's 4.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PLW Invesco 1-30 Laddered Treasury ETF | 3.86% | 3.75% | 3.56% | 2.87% | 1.97% | 1.15% | 1.00% | 1.96% | 2.14% | 2.02% | 2.00% | 2.14% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.40% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, PLW and TMF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TMF has higher volatility (7.49%) compared to PLW (1.80%). In terms of maximum drawdown, PLW dropped -32.70% vs TMF's -92.89%.
On 10-year performance, PLW leads with -0.36% vs -17.87% for TMF. On fees, PLW is cheaper at 0.25% per year. On volatility, PLW has been the lower-risk option at 1.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PLW has performed better with a -0.36% return vs -17.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PLW is cheaper with a 0.25% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.40%, compared with 3.86% for PLW.
PLW is categorized as Government Bonds, while TMF is Leveraged Bonds. PLW tracks Ryan/NASDAQ 1-30 Year Treasury Laddered Index, 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: 0.25% for PLW and 1.01% for TMF.
PLW currently has the higher Sharpe Ratio (0.47 vs -0.19), 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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