RSBA vs. TYO

Last updated Aug 1, 2026

RSBA (Return Stacked Bonds & Merger Arbitrage ETF) and TYO (Direxion Daily 7-10 Year Treasury Bear 3X) are both Leveraged Bonds funds. RSBA is actively managed, while TYO is passively managed. Over the past year, RSBA returned 1.14% vs 13.40% for TYO. Their -0.89 correlation means they have often moved in opposite directions in the past. RSBA charges 0.96%/yr vs 1.08%/yr for TYO.

Performance

RSBA vs. TYO - 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 7-10 Year Treasury Bear 3X (TYO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RSBA achieves a -0.94% return, which is significantly lower than TYO's 13.00% return.

RSBA

• 1D: -0.53%
• 1M: -1.93%
• 6M: -1.22%
• YTD: -0.94%
• 1Y: 1.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.04%

TYO

• 1D: 1.13%
• 1M: 4.90%
• 6M: 11.24%
• YTD: 13.00%
• 1Y: 13.40%
• 3Y*: 6.55%
• 5Y*: 15.57%
• 10Y*: 2.74%
• ALL TIME*: -6.54%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RSBA Return Stacked Bonds & Merger Arbitrage ETF	$248.34K	$334.74K	$422.31K
TYO Direxion Daily 7-10 Year Treasury Bear 3X	$187.18K	$201.48K	$266.73K

RSBA vs. TYO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RSBA Return Stacked Bonds & Merger Arbitrage ETF	-0.94%	7.73%	-0.11%
TYO Direxion Daily 7-10 Year Treasury Bear 3X	13.00%	-7.64%	3.70%

Correlation

The correlation between RSBA and TYO is -0.88, 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.	-0.88
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	-0.89

The correlation between RSBA and TYO has been stable across timeframes, ranging from -0.89 to -0.88 - a consistent structural relationship.

Return for Risk

RSBA vs. TYO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RSBA

RSBA Risk / Return Rank: 22
RSBA Sharpe Ratio Rank: 21
RSBA Sortino Ratio Rank: 20
RSBA Omega Ratio Rank: 19
RSBA Calmar Ratio Rank: 24
RSBA Martin Ratio Rank: 25

TYO

TYO Risk / Return Rank: 31
TYO Sharpe Ratio Rank: 28
TYO Sortino Ratio Rank: 27
TYO Omega Ratio Rank: 26
TYO Calmar Ratio Rank: 40
TYO Martin Ratio Rank: 32

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RSBA vs. TYO - 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 7-10 Year Treasury Bear 3X (TYO). 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	TYO	Difference
Sharpe ratio: Return per unit of total volatility	0.45	0.68	-0.23
Sortino ratio: Return per unit of downside risk	0.67	1.05	-0.37
Omega ratio: Gain probability vs. loss probability	1.08	1.12	-0.05
Calmar ratio: Return relative to maximum drawdown	0.75	1.40	-0.65
Martin ratio: Return relative to average drawdown	1.89	2.88	-0.99

RSBA vs. TYO - Sharpe Ratio Comparison

The current RSBA Sharpe Ratio is 0.45, which is lower than the TYO Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of RSBA and TYO, 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. TYO - Drawdown Comparison

The maximum RSBA drawdown since its inception was -2.83%, smaller than the maximum TYO drawdown of -89.25%. Use the drawdown chart below to compare losses from any high point for RSBA and TYO.

Drawdown Indicators

	RSBA	TYO	Difference
Max Drawdown Largest peak-to-trough decline	-2.83%	-89.25%	+86.42%
Max Drawdown (1Y) Largest decline over 1 year	-2.74%	-6.90%	+4.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.40%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.40%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-52.21%	—
Current Drawdown Current decline from peak	-2.25%	-76.14%	+73.89%
Average Drawdown Average peak-to-trough decline	-0.83%	-71.13%	+70.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	3.91%	-2.83%

Volatility

RSBA vs. TYO - Volatility Comparison

The current volatility for Return Stacked Bonds & Merger Arbitrage ETF (RSBA) is 1.36%, while Direxion Daily 7-10 Year Treasury Bear 3X (TYO) has a volatility of 3.79%. This indicates that RSBA experiences smaller price fluctuations and is considered to be less risky than TYO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RSBA	TYO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	3.79%	-2.43%
Volatility (6M) Calculated over the trailing 6-month period	3.60%	11.04%	-7.44%
Volatility (1Y) Calculated over the trailing 1-year period	4.57%	14.19%	-9.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.05%	23.17%	-18.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.05%	20.15%	-15.10%

RSBA vs. TYO - Expense Ratio Comparison

RSBA has a 0.96% expense ratio, which is lower than TYO's 1.08% expense ratio.

Dividends

RSBA vs. TYO - Dividend Comparison

RSBA's dividend yield for the trailing twelve months is around 3.40%, more than TYO's 2.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
RSBA Return Stacked Bonds & Merger Arbitrage ETF	3.40%	3.37%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TYO Direxion Daily 7-10 Year Treasury Bear 3X	2.47%	3.69%	4.22%	3.62%	0.09%	0.00%	0.36%	1.58%	0.32%

Frequently Asked Questions

Can I hold both RSBA and TYO in my portfolio?

RSBA and TYO have a correlation of -0.88, 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 TYO?

TYO has higher volatility (3.79%) compared to RSBA (1.36%). In terms of maximum drawdown, RSBA dropped -2.83% vs TYO's -89.25%.

Which ETF is better, RSBA or TYO?

On 1-year performance, TYO leads with 13.40% vs 1.14% for RSBA. On fees, RSBA is cheaper at 0.96% per year. On volatility, RSBA has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RSBA or TYO?

Over the 1-year period, TYO has performed better with a 13.40% return vs 1.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RSBA or TYO?

RSBA is cheaper with a 0.96% expense ratio, compared with 1.08% for TYO.

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

RSBA has the higher dividend yield at 3.40%, compared with 2.47% for TYO.

What is the main difference between RSBA and TYO?

They also come from different issuers: Return Stacked and Direxion. Their fees differ too: 0.96% for RSBA and 1.08% for TYO.

Which has better risk-adjusted returns?

TYO currently has the higher Sharpe Ratio (0.68 vs 0.45), 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.