RSBA vs. TMF

Last updated Jun 24, 2026

RSBA (Return Stacked Bonds & Merger Arbitrage ETF) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both Leveraged Bonds funds. RSBA is actively managed, while TMF is passively managed. Over the past year, RSBA returned 3.97% vs -2.80% for TMF. Their correlation of 0.84 suggests significant overlap in exposure. RSBA charges 0.96%/yr vs 1.01%/yr for TMF.

Performance

RSBA vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Return Stacked Bonds & Merger Arbitrage ETF (RSBA) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RSBA achieves a 0.31% return, which is significantly higher than TMF's -4.67% return.

RSBA

• 1D: 0.24%
• 1M: 1.06%
• YTD: 0.31%
• 6M: 0.42%
• 1Y: 3.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TMF

• 1D: -0.62%
• 1M: 4.96%
• YTD: -4.67%
• 6M: -5.95%
• 1Y: -2.80%
• 3Y*: -21.07%
• 5Y*: -31.33%
• 10Y*: -16.87%

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

RSBA vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RSBA Return Stacked Bonds & Merger Arbitrage ETF	0.31%	7.73%	-0.11%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-4.67%	-2.94%	-10.12%

Correlation

The correlation between RSBA and TMF is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.84

The correlation between RSBA and TMF has been stable across timeframes, ranging from 0.84 to 0.84 - a consistent structural relationship.

Return for Risk

RSBA vs. TMF — Risk / Return Rank

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

RSBA

RSBA Risk / Return Rank: 27
RSBA Sharpe Ratio Rank: 26
RSBA Sortino Ratio Rank: 25
RSBA Omega Ratio Rank: 23
RSBA Calmar Ratio Rank: 31
RSBA Martin Ratio Rank: 29

TMF

TMF Risk / Return Rank: 8
TMF Sharpe Ratio Rank: 8
TMF Sortino Ratio Rank: 8
TMF Omega Ratio Rank: 8
TMF Calmar Ratio Rank: 8
TMF Martin Ratio Rank: 8

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. 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 ETF (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.

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.

	RSBA	TMF	Difference
Sharpe ratio: Return per unit of total volatility	0.88	-0.10	+0.98
Sortino ratio: Return per unit of downside risk	1.32	0.05	+1.27
Omega ratio: Gain probability vs. loss probability	1.15	1.01	+0.15
Calmar ratio: Return relative to maximum drawdown	1.45	-0.11	+1.56
Martin ratio: Return relative to average drawdown	3.84	-0.23	+4.07

RSBA vs. TMF - Sharpe Ratio Comparison

The current RSBA Sharpe Ratio is 0.88, which is higher than the TMF Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of RSBA and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	RSBA	TMF	Difference
Max Drawdown Largest 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	—	-56.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-88.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.89%	—
Current Drawdown Current decline from peak	-1.02%	-92.11%	+91.09%
Average Drawdown Average peak-to-trough decline	-0.83%	-43.76%	+42.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	12.26%	-11.22%

Volatility

RSBA vs. TMF - Volatility Comparison

The current volatility for Return Stacked Bonds & Merger Arbitrage ETF (RSBA) is 1.31%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 6.50%. 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.

Volatility by Period

	RSBA	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	6.50%	-5.19%
Volatility (6M) Calculated over the trailing 6-month period	3.40%	19.35%	-15.95%
Volatility (1Y) Calculated over the trailing 1-year period	4.53%	27.91%	-23.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.08%	46.59%	-41.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.08%	43.86%	-38.78%

RSBA vs. TMF - Expense Ratio Comparison

RSBA has a 0.96% expense ratio, which is lower than TMF's 1.01% expense ratio.

Dividends

RSBA vs. TMF - Dividend Comparison

RSBA's dividend yield for the trailing twelve months is around 3.36%, less than TMF's 4.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
RSBA Return Stacked Bonds & Merger Arbitrage ETF	3.36%	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 ETF	4.09%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

Can I hold both RSBA and TMF in my portfolio?

RSBA and TMF have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RSBA or TMF?

TMF has higher volatility (6.50%) compared to RSBA (1.31%). In terms of maximum drawdown, RSBA dropped -2.83% vs TMF's -92.89%.

Which ETF is better, RSBA or TMF?

On 1-year performance, RSBA leads with 3.97% vs -2.80% for TMF. On fees, RSBA is cheaper at 0.96% per year. On volatility, RSBA has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RSBA or TMF?

Over the 1-year period, RSBA has performed better with a 3.97% return vs -2.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RSBA or TMF?

RSBA is cheaper with a 0.96% expense ratio, compared with 1.01% for TMF.

Which ETF pays a higher dividend yield, RSBA or TMF?

TMF has the higher dividend yield at 4.09%, compared with 3.36% for RSBA.

What is the main difference between RSBA and TMF?

They also come from different issuers: Return Stacked and Direxion. Their fees differ too: 0.96% for RSBA and 1.01% for TMF.

Which has better risk-adjusted returns?

RSBA currently has the higher Sharpe Ratio (0.88 vs -0.10), 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.