RSBA vs. TMV

Last updated Apr 1, 2026

Compare and contrast key facts about Return Stacked Bonds & Merger Arbitrage ETF (RSBA) and Direxion Daily 20-Year Treasury Bear 3X (TMV).

RSBA and TMV 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. TMV is a passively managed fund by Direxion that tracks the performance of the NYSE 20 Year Plus Treasury Bond Index (-300%). It was launched on Apr 16, 2009.

Performance

RSBA vs. TMV - 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 Bear 3X (TMV). The values are adjusted to include any dividend payments, if applicable.

RSBA vs. TMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RSBA Return Stacked Bonds & Merger Arbitrage ETF	-0.50%	7.73%	-0.04%
TMV Direxion Daily 20-Year Treasury Bear 3X	1.55%	-3.75%	6.82%

Returns By Period

In the year-to-date period, RSBA achieves a -0.50% return, which is significantly lower than TMV's 1.55% return.

RSBA

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

TMV

• 1D: 0.35%
• 1M: 13.94%
• YTD: 1.55%
• 6M: 8.04%
• 1Y: 10.47%
• 3Y*: 15.75%
• 5Y*: 16.67%
• 10Y*: -1.93%

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

RSBA vs. TMV - Expense Ratio Comparison

RSBA has a 0.96% expense ratio, which is lower than TMV's 1.04% expense ratio.

TMV

Direxion Daily 20-Year Treasury Bear 3X

RSBA

Return Stacked Bonds & Merger Arbitrage ETF

Return for Risk

RSBA vs. TMV — 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

TMV

TMV Risk / Return Rank: 21
TMV Sharpe Ratio Rank: 21
TMV Sortino Ratio Rank: 26
TMV Omega Ratio Rank: 22
TMV Calmar Ratio Rank: 19
TMV Martin Ratio Rank: 16

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. TMV - 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 Bear 3X (TMV). 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	TMV	Difference
Sharpe ratio Return per unit of total volatility	0.77	0.31	+0.46
Sortino ratio Return per unit of downside risk	1.11	0.71	+0.41
Omega ratio Gain probability vs. loss probability	1.14	1.08	+0.06
Calmar ratio Return relative to maximum drawdown	1.47	0.30	+1.17
Martin ratio Return relative to average drawdown	4.02	0.53	+3.49
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. TMV - Sharpe Ratio Comparison

The current RSBA Sharpe Ratio is 0.77, which is higher than the TMV Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of RSBA and TMV, 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	TMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	0.31	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.35	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	-0.33	+1.42

Correlation

The correlation between RSBA and TMV is -0.84. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

RSBA vs. TMV - Dividend Comparison

RSBA's dividend yield for the trailing twelve months is around 3.39%, more than TMV's 2.70% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
TMV Direxion Daily 20-Year Treasury Bear 3X	2.70%	2.85%	3.41%	3.87%	0.00%	0.00%	0.37%	1.60%	0.62%

Drawdowns

RSBA vs. TMV - Drawdown Comparison

The maximum RSBA drawdown since its inception was -2.83%, smaller than the maximum TMV drawdown of -98.96%. Use the drawdown chart below to compare losses from any high point for RSBA and TMV.

Drawdown Indicators

	RSBA	TMV	Difference
Max Drawdown Largest peak-to-trough decline	-2.83%	-98.96%	+96.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-25.01%	+22.18%
Max Drawdown (5Y) Largest decline over 5 years	—	-48.49%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-82.31%	—
Current Drawdown Current decline from peak	-1.81%	-96.06%	+94.25%
Average Drawdown Average peak-to-trough decline	-0.70%	-86.50%	+85.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	14.04%	-13.01%

Volatility

RSBA vs. TMV - Volatility Comparison

The current volatility for Return Stacked Bonds & Merger Arbitrage ETF (RSBA) is 2.18%, while Direxion Daily 20-Year Treasury Bear 3X (TMV) has a volatility of 10.96%. This indicates that RSBA experiences smaller price fluctuations and is considered to be less risky than TMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RSBA	TMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	10.96%	-8.78%
Volatility (6M) Calculated over the trailing 6-month period	3.17%	19.59%	-16.42%
Volatility (1Y) Calculated over the trailing 1-year period	5.25%	34.15%	-28.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.18%	47.30%	-42.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.18%	44.52%	-39.34%