TMF vs. EDV
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and EDV (Vanguard Extended Duration Treasury ETF) are both exchange-traded funds - TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%), 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, TMF returned -18.06%/yr vs -4.18%/yr for EDV. With a 0.98 correlation, they move nearly in lockstep. TMF charges 1.01%/yr vs 0.05%/yr for EDV.
Performance
TMF vs. EDV - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -8.94% return, which is significantly lower than EDV's -1.80% return. Over the past 10 years, TMF has underperformed EDV with an annualized return of -18.06%, while EDV has yielded a comparatively higher -4.18% annualized return.
TMF
- 1D
- -0.03%
- 1M
- -4.85%
- 6M
- -10.90%
- YTD
- -8.94%
- 1Y
- -4.05%
- 3Y*
- -19.45%
- 5Y*
- -32.83%
- 10Y*
- -18.06%
EDV
- 1D
- 0.11%
- 1M
- -2.19%
- 6M
- -3.09%
- YTD
- -1.80%
- 1Y
- 2.04%
- 3Y*
- -4.80%
- 5Y*
- -11.37%
- 10Y*
- -4.18%
TMF vs. EDV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -8.94% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
EDV Vanguard Extended Duration Treasury ETF | -1.80% | 0.65% | -12.78% | 1.65% | -39.15% | -6.19% | 23.59% | 18.67% | -3.40% | 13.94% |
Correlation
The correlation between TMF and EDV is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.98 |
The correlation between TMF and EDV has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
TMF vs. EDV — Risk / Return Rank
TMF
EDV
TMF vs. EDV - 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 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.
| TMF | EDV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.01 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.31 | -0.02 | -0.29 |
| Martin ratioReturn relative to average drawdown | -0.64 | -0.03 | -0.60 |
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Drawdowns
TMF vs. EDV - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than EDV's maximum drawdown of -59.96%. Use the drawdown chart below to compare losses from any high point for TMF and EDV.
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Drawdown Indicators
| TMF | EDV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -59.96% | -32.93% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -12.54% | -13.97% |
Max Drawdown (3Y)Largest decline over 3 years | -55.14% | -26.42% | -28.72% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -55.03% | -33.78% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -59.96% | -32.93% |
Current DrawdownCurrent decline from peak | -92.46% | -54.94% | -37.52% |
Average DrawdownAverage peak-to-trough decline | -43.90% | -23.59% | -20.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.78% | 5.79% | +6.99% |
Volatility
TMF vs. EDV - Volatility Comparison
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a higher volatility of 8.37% compared to Vanguard Extended Duration Treasury ETF (EDV) at 4.45%. This indicates that TMF's price experiences larger fluctuations and is considered to be riskier 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
| TMF | EDV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.37% | 4.45% | +3.92% |
Volatility (6M)Calculated over the trailing 6-month period | 19.92% | 10.20% | +9.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.83% | 14.24% | +13.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.53% | 21.56% | +24.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.76% | 19.76% | +24.00% |
TMF vs. EDV - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than EDV's 0.05% expense ratio.
Dividends
TMF vs. EDV - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.34%, less than EDV's 5.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | 5.20% | 4.94% | 4.65% | 3.81% | 3.28% | 1.95% | 5.54% | 3.51% | 2.90% | 2.92% | 5.32% | 4.24% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.34% | 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 0.99, TMF and EDV 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 (8.37%) compared to EDV (4.45%). In terms of maximum drawdown, TMF dropped -92.89% vs EDV's -59.96%.
On 10-year performance, EDV leads with -4.18% vs -18.06% for TMF. On fees, EDV is cheaper at 0.05% per year. On volatility, EDV has been the lower-risk option at 4.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EDV has performed better with a -4.18% return vs -18.06%. 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 1.01% for TMF.
EDV has the higher dividend yield at 5.20%, compared with 4.34% for TMF.
TMF is categorized as Leveraged Bonds, while EDV is Government Bonds. TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while EDV tracks Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index. They also come from different issuers: Direxion and Vanguard. Their fees differ too: 1.01% for TMF and 0.05% for EDV.
EDV currently has the higher Sharpe Ratio (-0.01 vs -0.29), 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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