PLW vs. TMF

Last updated Jun 4, 2026

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 -0.10%/yr vs -16.56%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco 1-30 Laddered Treasury ETF (PLW) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PLW achieves a -0.55% return, which is significantly higher than TMF's -6.13% return. Over the past 10 years, PLW has outperformed TMF with an annualized return of -0.10%, while TMF has yielded a comparatively lower -16.56% annualized return.

PLW

• 1D: -0.33%
• 1M: 0.34%
• YTD: -0.55%
• 6M: -1.32%
• 1Y: 4.34%
• 3Y*: 0.89%
• 5Y*: -2.77%
• 10Y*: -0.10%

TMF

• 1D: -1.14%
• 1M: 1.22%
• YTD: -6.13%
• 6M: -11.63%
• 1Y: 0.90%
• 3Y*: -20.78%
• 5Y*: -30.52%
• 10Y*: -16.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PLW vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PLW Invesco 1-30 Laddered Treasury ETF	-0.55%	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	-6.13%	-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 17, 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.

PLW vs. TMF - Sectors Allocation Comparison

Sectors	PLW	TMF
Financial Services	0.0%	18.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PLW vs. TMF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PLW

PLW Risk / Return Rank: 19
PLW Sharpe Ratio Rank: 20
PLW Sortino Ratio Rank: 19
PLW Omega Ratio Rank: 18
PLW Calmar Ratio Rank: 19
PLW Martin Ratio Rank: 20

TMF

TMF Risk / Return Rank: 9
TMF Sharpe Ratio Rank: 9
TMF Sortino Ratio Rank: 9
TMF Omega Ratio Rank: 9
TMF Calmar Ratio Rank: 9
TMF Martin Ratio Rank: 9

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	PLW	TMF	Difference
Sharpe ratio: Return per unit of total volatility	0.66	0.03	+0.63
Sortino ratio: Return per unit of downside risk	1.00	0.25	+0.75
Omega ratio: Gain probability vs. loss probability	1.11	1.03	+0.09
Calmar ratio: Return relative to maximum drawdown	0.80	0.03	+0.77
Martin ratio: Return relative to average drawdown	2.24	0.08	+2.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PLW vs. TMF - Sharpe Ratio Comparison

The current PLW Sharpe Ratio is 0.66, which is higher than the TMF Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of PLW and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PLW	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.66	0.03	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	-0.66	+0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.01	-0.38	+0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	-0.14	+0.45

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.

Drawdown Indicators

	PLW	TMF	Difference
Max Drawdown Largest 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	-11.58%	-56.31%	+44.73%
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 Drawdown Current decline from peak	-22.38%	-92.23%	+69.85%
Average Drawdown Average peak-to-trough decline	-9.65%	-43.63%	+33.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	11.49%	-9.55%

Volatility

PLW vs. TMF - Volatility Comparison

The current volatility for Invesco 1-30 Laddered Treasury ETF (PLW) is 2.04%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 8.09%. 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.

Volatility by Period

	PLW	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	8.09%	-6.05%
Volatility (6M) Calculated over the trailing 6-month period	4.53%	19.01%	-14.48%
Volatility (1Y) Calculated over the trailing 1-year period	6.58%	28.76%	-22.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.86%	46.75%	-36.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.10%	43.92%	-34.82%

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 3.83%, less than TMF's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PLW Invesco 1-30 Laddered Treasury ETF	3.83%	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	4.15%	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

Can I hold both PLW and TMF in my portfolio?

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.

Which is riskier, PLW or TMF?

TMF has higher volatility (8.09%) compared to PLW (2.04%). In terms of maximum drawdown, PLW dropped -32.70% vs TMF's -92.89%.

Which ETF is better, PLW or TMF?

On 10-year performance, PLW leads with -0.10% vs -16.56% for TMF. On fees, PLW is cheaper at 0.25% per year. On volatility, PLW has been the lower-risk option at 2.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PLW or TMF?

Over the 10-year period, PLW has performed better with a -0.10% return vs -16.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PLW or TMF?

PLW is cheaper with a 0.25% expense ratio, compared with 1.01% for TMF.

Which ETF pays a higher dividend yield, PLW or TMF?

TMF has the higher dividend yield at 4.15%, compared with 3.83% for PLW.

What is the main difference between PLW and TMF?

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.

Which has better risk-adjusted returns?

PLW currently has the higher Sharpe Ratio (0.66 vs 0.03), 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.