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 -18.47%/yr vs -4.47%/yr for EDV. Their 0.98 correlation means they have historically moved very closely together. 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 -16.67% return, which is significantly lower than EDV's -6.20% return. Over the past 10 years, TMF has underperformed EDV with an annualized return of -18.47%, while EDV has yielded a comparatively higher -4.47% annualized return.
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
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 | |
| $161.82M | $130.43M | $127.82M |
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 | -16.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
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 TMF and EDV is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.96 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | -0.33 | -0.19 |
| Martin ratioReturn relative to average drawdown | -1.07 | -0.70 | -0.37 |
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Drawdowns
TMF vs. EDV - Drawdown Comparison
The maximum TMF drawdown since its inception was -93.10%, 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 | -93.10% | -59.96% | -33.14% |
Max Drawdown (1Y)Largest decline over 1 year | -28.69% | -13.24% | -15.45% |
Max Drawdown (3Y)Largest decline over 3 years | -50.64% | -22.74% | -27.90% |
Max Drawdown (5Y)Largest decline over 5 years | -89.14% | -55.03% | -34.11% |
Max Drawdown (10Y)Largest decline over 10 years | -93.10% | -59.96% | -33.14% |
Current DrawdownCurrent decline from peak | -93.10% | -56.96% | -36.14% |
Average DrawdownAverage peak-to-trough decline | -44.07% | -23.70% | -20.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.10% | 6.34% | +7.76% |
Volatility
TMF vs. EDV - Volatility Comparison
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a higher volatility of 7.21% compared to Vanguard Extended Duration Treasury ETF (EDV) at 3.85%. 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 | 7.21% | 3.85% | +3.36% |
Volatility (6M)Calculated over the trailing 6-month period | 19.98% | 10.24% | +9.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.35% | 14.08% | +13.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.36% | 21.52% | +24.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.70% | 19.74% | +23.96% |
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 4.74%, 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% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.74% | 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 (7.21%) compared to EDV (3.85%). In terms of maximum drawdown, TMF dropped -93.10% vs EDV's -59.96%.
On 10-year performance, EDV leads with -4.47% vs -18.47% for TMF. On fees, EDV is cheaper at 0.05% per year. On volatility, EDV has been the lower-risk option at 3.85%. 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 -4.47% return vs -18.47%. 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 1.01% for TMF.
EDV has the higher dividend yield at 5.45%, compared with 4.74% 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 (-0.31 vs -0.55), 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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