TMV vs. EDV
TMV (Direxion Daily 20-Year Treasury Bear 3X) and EDV (Vanguard Extended Duration Treasury ETF) are both exchange-traded funds - TMV is a Leveraged Bonds fund tracking the NYSE 20 Year Plus Treasury 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, TMV returned 1.70%/yr vs -4.40%/yr for EDV. Their -0.98 correlation means they have often moved in opposite directions in the past. TMV charges 1.04%/yr vs 0.05%/yr for EDV.
Performance
TMV vs. EDV - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 16.38% return, which is significantly higher than EDV's -5.76% return. Over the past 10 years, TMV has outperformed EDV with an annualized return of 1.70%, while EDV has yielded a comparatively lower -4.40% annualized return.
TMV
- 1D
- -0.98%
- 1M
- 12.24%
- 6M
- 14.16%
- YTD
- 16.38%
- 1Y
- 18.32%
- 3Y*
- 10.87%
- 5Y*
- 28.21%
- 10Y*
- 1.70%
- ALL TIME*
- -14.09%
EDV
- 1D
- 0.47%
- 1M
- -5.91%
- 6M
- -5.09%
- YTD
- -5.76%
- 1Y
- -5.56%
- 3Y*
- -4.58%
- 5Y*
- -12.82%
- 10Y*
- -4.40%
- ALL TIME*
- 2.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $91.73M | $72.86M | $67.75M | |
| $31.46M | $23.47M | $25.72M |
TMV vs. EDV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 16.38% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
EDV Vanguard Extended Duration Treasury ETF | -5.76% | 0.65% | -12.78% | 1.65% | -39.15% | -6.19% | 23.59% | 18.67% | -3.40% | 13.94% |
Correlation
The correlation between TMV and EDV is -0.99, 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. | -0.99 |
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 TMV and EDV has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.
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Return for Risk
TMV vs. EDV — Risk / Return Rank
TMV
EDV
TMV vs. EDV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) 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.
| TMV | EDV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.95 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | -0.42 | +1.37 |
| Martin ratioReturn relative to average drawdown | 1.97 | -0.87 | +2.85 |
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Drawdowns
TMV vs. EDV - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than EDV's maximum drawdown of -59.96%. Use the drawdown chart below to compare losses from any high point for TMV and EDV.
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Drawdown Indicators
| TMV | EDV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -59.96% | -39.00% |
Max Drawdown (1Y)Largest decline over 1 year | -19.32% | -13.24% | -6.08% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -22.74% | -25.75% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -55.03% | +6.54% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -59.96% | -22.35% |
Current DrawdownCurrent decline from peak | -95.48% | -56.76% | -38.72% |
Average DrawdownAverage peak-to-trough decline | -86.67% | -23.70% | -62.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.30% | 6.39% | +2.91% |
Volatility
TMV vs. EDV - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 7.23% compared to Vanguard Extended Duration Treasury ETF (EDV) at 3.91%. This indicates that TMV'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
| TMV | EDV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.23% | 3.91% | +3.32% |
Volatility (6M)Calculated over the trailing 6-month period | 20.10% | 10.21% | +9.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.33% | 14.01% | +13.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.82% | 21.52% | +25.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.23% | 19.74% | +24.49% |
TMV vs. EDV - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than EDV's 0.05% expense ratio.
Dividends
TMV vs. EDV - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.27%, less than EDV's 5.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | 5.42% | 4.94% | 4.65% | 3.81% | 3.28% | 1.95% | 5.54% | 3.51% | 2.90% | 2.92% | 5.32% | 4.24% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.27% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TMV and EDV have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (7.23%) compared to EDV (3.91%). In terms of maximum drawdown, TMV dropped -98.96% vs EDV's -59.96%.
On 10-year performance, TMV leads with 1.70% vs -4.40% for EDV. On fees, EDV is cheaper at 0.05% per year. On volatility, EDV has been the lower-risk option at 3.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TMV has performed better with a 1.70% return vs -4.40%. 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 1.04% for TMV.
EDV has the higher dividend yield at 5.42%, compared with 2.27% for TMV.
TMV is categorized as Leveraged Bonds, while EDV is Government Bonds. TMV tracks NYSE 20 Year Plus Treasury 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: 1.04% for TMV and 0.05% for EDV.
TMV currently has the higher Sharpe Ratio (0.67 vs -0.40), 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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