RSBA vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about Return Stacked Bonds & Merger Arbitrage ETF (RSBA) and State Street SPDR S&P 500 ETF (SPY).

RSBA and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. RSBA is an actively managed fund by Return Stacked. It was launched on Dec 17, 2024. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

Performance

RSBA vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Return Stacked Bonds & Merger Arbitrage ETF (RSBA) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

RSBA vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RSBA Return Stacked Bonds & Merger Arbitrage ETF	-0.50%	7.73%	-0.04%
SPY State Street SPDR S&P 500 ETF	-4.37%	17.72%	0.30%

Returns By Period

In the year-to-date period, RSBA achieves a -0.50% return, which is significantly higher than SPY's -4.37% return.

RSBA

• 1D: 0.26%
• 1M: -1.77%
• YTD: -0.50%
• 6M: 0.52%
• 1Y: 4.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

RSBA vs. SPY - Expense Ratio Comparison

RSBA has a 0.96% expense ratio, which is higher than SPY's 0.09% expense ratio.

RSBA

Return Stacked Bonds & Merger Arbitrage ETF

SPY

State Street SPDR S&P 500 ETF

Return for Risk

RSBA vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RSBA

RSBA Risk / Return Rank: 43
RSBA Sharpe Ratio Rank: 42
RSBA Sortino Ratio Rank: 40
RSBA Omega Ratio Rank: 34
RSBA Calmar Ratio Rank: 58
RSBA Martin Ratio Rank: 43

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
SPY Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

RSBA vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Return Stacked Bonds & Merger Arbitrage ETF (RSBA) and State Street SPDR S&P 500 ETF (SPY). 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.

	RSBA	SPY	Difference
Sharpe ratio Return per unit of total volatility	0.77	0.93	-0.16
Sortino ratio Return per unit of downside risk	1.11	1.45	-0.34
Omega ratio Gain probability vs. loss probability	1.14	1.22	-0.09
Calmar ratio Return relative to maximum drawdown	1.47	1.53	-0.06
Martin ratio Return relative to average drawdown	4.02	7.30	-3.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RSBA vs. SPY - Sharpe Ratio Comparison

The current RSBA Sharpe Ratio is 0.77, which is comparable to the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of RSBA and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	RSBA	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	0.93	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.56	+0.52

Correlation

The correlation between RSBA and SPY is 0.16, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

RSBA vs. SPY - Dividend Comparison

RSBA's dividend yield for the trailing twelve months is around 3.39%, more than SPY's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RSBA Return Stacked Bonds & Merger Arbitrage ETF	3.39%	3.37%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

RSBA vs. SPY - Drawdown Comparison

The maximum RSBA drawdown since its inception was -2.83%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for RSBA and SPY.

Drawdown Indicators

	RSBA	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-2.83%	-55.19%	+52.36%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-12.05%	+9.22%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.81%	-6.24%	+4.43%
Average Drawdown Average peak-to-trough decline	-0.70%	-9.09%	+8.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	2.52%	-1.49%

Volatility

RSBA vs. SPY - Volatility Comparison

The current volatility for Return Stacked Bonds & Merger Arbitrage ETF (RSBA) is 2.18%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that RSBA experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RSBA	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	5.31%	-3.13%
Volatility (6M) Calculated over the trailing 6-month period	3.17%	9.47%	-6.30%
Volatility (1Y) Calculated over the trailing 1-year period	5.25%	19.05%	-13.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.18%	17.06%	-11.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.18%	17.92%	-12.74%