TBF vs. EDV
TBF (ProShares Short 20+ Year Treasury) and EDV (Vanguard Extended Duration Treasury ETF) are both exchange-traded funds - TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%), while EDV is a Government Bonds fund tracking the Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index. Both are passively managed. Over the past 10 years, TBF returned 3.67%/yr vs -4.47%/yr for EDV. Their -0.98 correlation means they have often moved in opposite directions in the past. TBF charges 0.94%/yr vs 0.05%/yr for EDV.
Performance
TBF vs. EDV - Performance Comparison
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Returns By Period
In the year-to-date period, TBF achieves a 6.75% return, which is significantly higher than EDV's -6.20% return. Over the past 10 years, TBF has outperformed EDV with an annualized return of 3.67%, while EDV has yielded a comparatively lower -4.47% annualized return.
TBF
- 1D
- 0.79%
- 1M
- 4.68%
- 6M
- 6.35%
- YTD
- 6.75%
- 1Y
- 8.07%
- 3Y*
- 7.85%
- 5Y*
- 12.59%
- 10Y*
- 3.67%
- ALL TIME*
- -2.86%
EDV
- 1D
- -1.06%
- 1M
- -6.35%
- 6M
- -5.97%
- YTD
- -6.20%
- 1Y
- -6.00%
- 3Y*
- -5.53%
- 5Y*
- -12.61%
- 10Y*
- -4.47%
- ALL TIME*
- 2.34%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $89.59M | $71.96M | $67.10M | |
| $4.61M | $3.79M | $5.25M |
TBF vs. EDV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 6.75% | 1.27% | 16.33% | 2.43% | 42.37% | 1.33% | -19.35% | -10.96% | 3.26% | -8.46% |
EDV Vanguard Extended Duration Treasury ETF | -6.20% | 0.65% | -12.78% | 1.65% | -39.15% | -6.19% | 23.59% | 18.67% | -3.40% | 13.94% |
Correlation
The correlation between TBF and EDV is -0.98, 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. | -0.98 |
Correlation (3Y) Balances recent behavior with more history. | -0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.98 |
Correlation (All Time) Calculated using the full available price history since Aug 20, 2009 | -0.98 |
The correlation between TBF and EDV has been stable across timeframes, ranging from -0.98 to -0.98 - a consistent structural relationship.
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Return for Risk
TBF vs. EDV — Risk / Return Rank
TBF
EDV
TBF vs. EDV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) and Vanguard Extended Duration Treasury ETF (EDV). 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.
| TBF | EDV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.96 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.01 | -0.33 | +1.35 |
| Martin ratioReturn relative to average drawdown | 2.29 | -0.70 | +2.98 |
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Drawdowns
TBF vs. EDV - Drawdown Comparison
The maximum TBF drawdown since its inception was -70.40%, which is greater than EDV's maximum drawdown of -59.96%. Use the drawdown chart below to compare losses from any high point for TBF and EDV.
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Drawdown Indicators
| TBF | EDV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -59.96% | -10.44% |
Max Drawdown (1Y)Largest decline over 1 year | -6.52% | -13.24% | +6.72% |
Max Drawdown (3Y)Largest decline over 3 years | -17.79% | -22.74% | +4.95% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | -55.03% | +37.24% |
Max Drawdown (10Y)Largest decline over 10 years | -38.39% | -59.96% | +21.57% |
Current DrawdownCurrent decline from peak | -40.98% | -56.96% | +15.98% |
Average DrawdownAverage peak-to-trough decline | -47.38% | -23.70% | -23.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.89% | 6.34% | -3.45% |
Volatility
TBF vs. EDV - Volatility Comparison
The current volatility for ProShares Short 20+ Year Treasury (TBF) is 2.44%, while Vanguard Extended Duration Treasury ETF (EDV) has a volatility of 3.85%. This indicates that TBF experiences smaller price fluctuations and is considered to be less risky than EDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBF | EDV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.44% | 3.85% | -1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 6.73% | 10.24% | -3.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.18% | 14.08% | -4.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.60% | 21.52% | -5.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.45% | 19.74% | -5.29% |
TBF vs. EDV - Expense Ratio Comparison
TBF has a 0.94% expense ratio, which is higher than EDV's 0.05% expense ratio.
Dividends
TBF vs. EDV - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 2.66%, less than EDV's 5.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | 5.45% | 4.94% | 4.65% | 3.81% | 3.28% | 1.95% | 5.54% | 3.51% | 2.90% | 2.92% | 5.32% | 4.24% |
TBF ProShares Short 20+ Year Treasury | 2.66% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TBF and EDV have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EDV has higher volatility (3.85%) compared to TBF (2.44%). In terms of maximum drawdown, TBF dropped -70.40% vs EDV's -59.96%.
On 10-year performance, TBF leads with 3.67% vs -4.47% for EDV. On fees, EDV is cheaper at 0.05% per year. On volatility, TBF has been the lower-risk option at 2.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBF has performed better with a 3.67% return vs -4.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EDV is cheaper with a 0.05% expense ratio, compared with 0.94% for TBF.
EDV has the higher dividend yield at 5.45%, compared with 2.66% for TBF.
TBF is categorized as Inverse Bonds, while EDV is Government Bonds. TBF tracks U.S. Treasury 20+ Year Index (-100%), while EDV tracks Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.94% for TBF and 0.05% for EDV.
TBF currently has the higher Sharpe Ratio (0.72 vs -0.31), 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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