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 -17.90%/yr vs 4.00%/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 -10.63% return, which is significantly lower than EDC's 35.92% return. Over the past 10 years, TMF has underperformed EDC with an annualized return of -17.90%, while EDC has yielded a comparatively higher 4.00% annualized return.
TMF
- 1D
- -1.85%
- 1M
- -5.74%
- 6M
- -11.74%
- YTD
- -10.63%
- 1Y
- -5.83%
- 3Y*
- -21.26%
- 5Y*
- -33.16%
- 10Y*
- -17.90%
EDC
- 1D
- -10.79%
- 1M
- -16.33%
- 6M
- 15.31%
- YTD
- 35.92%
- 1Y
- 90.95%
- 3Y*
- 33.47%
- 5Y*
- -3.87%
- 10Y*
- 4.00%
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 | -10.63% | -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 | 35.92% | 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 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
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 0.25 (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 | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -1.94 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.26 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | 2.41 | -2.63 |
| Martin ratioReturn relative to average drawdown | -0.46 | 7.49 | -7.95 |
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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 | -55.14% | -49.48% | -5.66% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -78.93% | -9.88% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -87.01% | -5.88% |
Current DrawdownCurrent decline from peak | -92.60% | -71.15% | -21.45% |
Average DrawdownAverage peak-to-trough decline | -43.91% | -65.35% | +21.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.82% | 12.18% | +0.64% |
Volatility
TMF vs. EDC - Volatility Comparison
The current volatility for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) is 8.51%, while Direxion Daily Emerging Markets Bull 3X Shares (EDC) has a volatility of 34.18%. 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 | 8.51% | 34.18% | -25.67% |
Volatility (6M)Calculated over the trailing 6-month period | 19.94% | 65.18% | -45.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.62% | 70.48% | -42.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.54% | 59.06% | -12.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 61.30% | -17.58% |
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 4.42%, more than EDC's 1.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EDC Direxion Daily Emerging Markets Bull 3X Shares | 1.46% | 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 | 4.42% | 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 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EDC has higher volatility (34.18%) compared to TMF (8.51%). In terms of maximum drawdown, TMF dropped -92.89% vs EDC's -92.54%.
On 10-year performance, EDC leads with 4.00% vs -17.90% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 8.51%. 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 4.00% return vs -17.90%. 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 4.42%, compared with 1.46% 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 (1.30 vs -0.21), 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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