TMF vs. EDC
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and EDC (Direxion Daily Emerging Markets Bull 3X Shares) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), while EDC is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (300%). Both are passively managed. Over the past 10 years, TMF returned -16.87%/yr vs 8.13%/yr for EDC. At a correlation of -0.20, they often move in opposite directions. TMF charges 1.01%/yr vs 1.33%/yr for EDC.
Performance
TMF vs. EDC - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -4.67% return, which is significantly lower than EDC's 55.46% return. Over the past 10 years, TMF has underperformed EDC with an annualized return of -16.87%, while EDC has yielded a comparatively higher 8.13% annualized return.
TMF
- 1D
- -0.62%
- 1M
- 4.96%
- YTD
- -4.67%
- 6M
- -5.95%
- 1Y
- -2.80%
- 3Y*
- -21.07%
- 5Y*
- -31.33%
- 10Y*
- -16.87%
EDC
- 1D
- -17.43%
- 1M
- 1.18%
- YTD
- 55.46%
- 6M
- 58.75%
- 1Y
- 138.81%
- 3Y*
- 45.52%
- 5Y*
- -2.63%
- 10Y*
- 8.13%
TMF vs. EDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -4.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
EDC Direxion Daily Emerging Markets Bull 3X Shares | 55.46% | 94.58% | -2.00% | 7.48% | -60.25% | -20.81% | 6.49% | 43.92% | -49.87% | 138.61% |
Correlation
The correlation between TMF and EDC is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.20 |
The correlation between TMF and EDC shifts across timeframes, from -0.20 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMF vs. EDC — Risk / Return Rank
TMF
EDC
TMF vs. EDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) and Direxion Daily Emerging Markets Bull 3X Shares (EDC). 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.
| TMF | EDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.15 | ||
| Sortino ratioReturn per unit of downside risk | -2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.35 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 3.68 | -3.78 |
| Martin ratioReturn relative to average drawdown | -0.23 | 12.31 | -12.53 |
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Drawdowns
TMF vs. EDC - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, roughly equal to the maximum EDC drawdown of -92.54%. Use the drawdown chart below to compare losses from any high point for TMF and EDC.
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Drawdown Indicators
| TMF | EDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -92.54% | -0.35% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -37.98% | +11.47% |
Max Drawdown (3Y)Largest decline over 3 years | -56.09% | -49.48% | -6.61% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -80.70% | -8.11% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -87.01% | -5.88% |
Current DrawdownCurrent decline from peak | -92.11% | -67.00% | -25.11% |
Average DrawdownAverage peak-to-trough decline | -43.76% | -65.34% | +21.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.26% | 11.33% | +0.93% |
Volatility
TMF vs. EDC - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 6.50%, while Direxion Daily Emerging Markets Bull 3X Shares (EDC) has a volatility of 39.16%. This indicates that TMF experiences smaller price fluctuations and is considered to be less risky than EDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMF | EDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.50% | 39.16% | -32.66% |
Volatility (6M)Calculated over the trailing 6-month period | 19.35% | 62.81% | -43.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.91% | 68.25% | -40.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.59% | 58.62% | -12.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.86% | 61.23% | -17.37% |
TMF vs. EDC - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is lower than EDC's 1.33% expense ratio.
Dividends
TMF vs. EDC - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.09%, more than EDC's 1.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EDC Direxion Daily Emerging Markets Bull 3X Shares | 1.10% | 1.79% | 3.94% | 3.54% | 0.00% | 0.18% | 0.44% | 0.97% | 0.78% | 0.25% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.09% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
TMF and EDC have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EDC has higher volatility (39.16%) compared to TMF (6.50%). In terms of maximum drawdown, TMF dropped -92.89% vs EDC's -92.54%.
On 10-year performance, EDC leads with 8.13% vs -16.87% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 6.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EDC has performed better with a 8.13% return vs -16.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.33% for EDC.
TMF has the higher dividend yield at 4.09%, compared with 1.10% for EDC.
TMF is categorized as Leveraged Bonds, while EDC is Leveraged Equities. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while EDC tracks MSCI Emerging Markets Index (300%). Their fees differ too: 1.01% for TMF and 1.33% for EDC.
EDC currently has the higher Sharpe Ratio (2.05 vs -0.10), 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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