RSBA vs. TMF
RSBA (Return Stacked Bonds & Merger Arbitrage ETF) and TMF (Direxion Daily 20-Year Treasury Bull 3X) are both Leveraged Bonds funds. RSBA is actively managed, while TMF is passively managed. Over the past year, RSBA returned 4.65% vs 0.90% for TMF. Their correlation of 0.85 suggests significant overlap in exposure. RSBA charges 0.96%/yr vs 1.09%/yr for TMF.
Performance
RSBA vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, RSBA achieves a -0.30% return, which is significantly higher than TMF's -6.13% return.
RSBA
- 1D
- -0.24%
- 1M
- 0.15%
- YTD
- -0.30%
- 6M
- -0.66%
- 1Y
- 4.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TMF
- 1D
- -1.14%
- 1M
- 1.22%
- YTD
- -6.13%
- 6M
- -11.63%
- 1Y
- 0.90%
- 3Y*
- -20.78%
- 5Y*
- -30.52%
- 10Y*
- -16.56%
RSBA vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
RSBA Return Stacked Bonds & Merger Arbitrage ETF | -0.30% | 7.73% | -0.04% |
TMF Direxion Daily 20-Year Treasury Bull 3X | -6.13% | -2.94% | -6.68% |
Correlation
The correlation between RSBA and TMF is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024 | 0.85 |
The correlation between RSBA and TMF has been stable across timeframes, ranging from 0.85 to 0.85 - a consistent structural relationship.
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Return for Risk
RSBA vs. TMF — Risk / Return Rank
RSBA
TMF
RSBA vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Return Stacked Bonds & Merger Arbitrage ETF (RSBA) and Direxion Daily 20-Year Treasury Bull 3X (TMF). 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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.03 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 0.03 | +1.67 |
| Martin ratioReturn relative to average drawdown | 4.70 | 0.08 | +4.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RSBA | TMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.02 | 0.03 | +0.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.66 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.00 | -0.14 | +1.13 |
Drawdowns
RSBA vs. TMF - Drawdown Comparison
The maximum RSBA drawdown since its inception was -2.83%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for RSBA and TMF.
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Drawdown Indicators
| RSBA | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.83% | -92.89% | +90.06% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -26.51% | +23.77% |
Max Drawdown (3Y)Largest decline over 3 years | — | -56.31% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -88.81% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.89% | — |
Current DrawdownCurrent decline from peak | -1.62% | -92.23% | +90.61% |
Average DrawdownAverage peak-to-trough decline | -0.81% | -43.63% | +42.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 11.49% | -10.50% |
Volatility
RSBA vs. TMF - Volatility Comparison
The current volatility for Return Stacked Bonds & Merger Arbitrage ETF (RSBA) is 1.37%, while Direxion Daily 20-Year Treasury Bull 3X (TMF) has a volatility of 8.09%. This indicates that RSBA experiences smaller price fluctuations and is considered to be less risky than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RSBA | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 8.09% | -6.72% |
Volatility (6M)Calculated over the trailing 6-month period | 3.27% | 19.01% | -15.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.59% | 28.76% | -24.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.08% | 46.75% | -41.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.08% | 43.92% | -38.84% |
RSBA vs. TMF - Expense Ratio Comparison
RSBA has a 0.96% expense ratio, which is lower than TMF's 1.09% expense ratio.
Dividends
RSBA vs. TMF - Dividend Comparison
RSBA's dividend yield for the trailing twelve months is around 3.38%, less than TMF's 4.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
RSBA Return Stacked Bonds & Merger Arbitrage ETF | 3.38% | 3.37% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TMF Direxion Daily 20-Year Treasury Bull 3X | 4.15% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
RSBA and TMF have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (8.09%) compared to RSBA (1.37%). In terms of maximum drawdown, RSBA dropped -2.83% vs TMF's -92.89%.
On 1-year performance, RSBA leads with 4.65% vs 0.90% for TMF. On fees, RSBA is cheaper at 0.96% per year. On volatility, RSBA has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, RSBA has performed better with a 4.65% return vs 0.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RSBA is cheaper with a 0.96% expense ratio, compared with 1.09% for TMF.
TMF has the higher dividend yield at 4.15%, compared with 3.38% for RSBA.
They also come from different issuers: Return Stacked and Direxion. Their fees differ too: 0.96% for RSBA and 1.09% for TMF.
RSBA currently has the higher Sharpe Ratio (1.02 vs 0.03), 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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