RSBA vs. TYO

Last updated Jun 4, 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 4.65% vs 3.00% for TYO. At a correlation of -0.89, they often move in opposite directions. 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 -0.30% return, which is significantly lower than TYO's 8.03% return.

RSBA

• 1D: -0.24%
• 1M: 0.15%
• YTD: -0.30%
• 6M: -0.66%
• 1Y: 4.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TYO

• 1D: 1.07%
• 1M: 1.54%
• YTD: 8.03%
• 6M: 11.18%
• 1Y: 3.00%
• 3Y*: 7.71%
• 5Y*: 12.51%
• 10Y*: 1.79%

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

RSBA vs. TYO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RSBA Return Stacked Bonds & Merger Arbitrage ETF	-0.30%	7.73%	-0.04%
TYO Direxion Daily 7-10 Year Treasury Bear 3X	8.03%	-7.64%	1.45%

Correlation

The correlation between RSBA and TYO is -0.90, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.90
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	-0.89

The correlation between RSBA and TYO has been stable across timeframes, ranging from -0.90 to -0.89 - a consistent structural relationship.

Return for Risk

RSBA vs. TYO — Risk / Return Rank

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

RSBA

RSBA Risk / Return Rank: 30
RSBA Sharpe Ratio Rank: 28
RSBA Sortino Ratio Rank: 28
RSBA Omega Ratio Rank: 26
RSBA Calmar Ratio Rank: 35
RSBA Martin Ratio Rank: 32

TYO

TYO Risk / Return Rank: 11
TYO Sharpe Ratio Rank: 12
TYO Sortino Ratio Rank: 11
TYO Omega Ratio Rank: 11
TYO Calmar Ratio Rank: 12
TYO Martin Ratio Rank: 11

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. 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.

	RSBA	TYO	Difference
Sharpe ratio Return per unit of total volatility	1.02	0.21	+0.81
Sortino ratio Return per unit of downside risk	1.52	0.39	+1.13
Omega ratio Gain probability vs. loss probability	1.18	1.05	+0.13
Calmar ratio Return relative to maximum drawdown	1.70	0.29	+1.42
Martin ratio Return relative to average drawdown	4.70	0.51	+4.18
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. TYO - Sharpe Ratio Comparison

The current RSBA Sharpe Ratio is 1.02, which is higher than the TYO Sharpe Ratio of 0.21. 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.

Sharpe Ratios by Period

	RSBA	TYO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	0.21	+0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.54	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	-0.34	+1.34

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%	-10.48%	+7.74%
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	-1.62%	-77.19%	+75.57%
Average Drawdown Average peak-to-trough decline	-0.81%	-71.09%	+70.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	5.85%	-4.86%

Volatility

RSBA vs. TYO - Volatility Comparison

The current volatility for Return Stacked Bonds & Merger Arbitrage ETF (RSBA) is 1.37%, while Direxion Daily 7-10 Year Treasury Bear 3X (TYO) has a volatility of 4.94%. 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	1.37%	4.94%	-3.57%
Volatility (6M) Calculated over the trailing 6-month period	3.27%	10.14%	-6.87%
Volatility (1Y) Calculated over the trailing 1-year period	4.59%	14.56%	-9.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.08%	23.23%	-18.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.08%	20.19%	-15.11%

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 3.38%, more than TYO's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
TYO Direxion Daily 7-10 Year Treasury Bear 3X	2.82%	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 -0.90, 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 (4.94%) compared to RSBA (1.37%). 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, RSBA leads with 4.65% vs 3.00% for TYO. 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.

Which ETF has performed better, RSBA or TYO?

Over the 1-year period, RSBA has performed better with a 4.65% return vs 3.00%. 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 3.38%, compared with 2.82% 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?

RSBA currently has the higher Sharpe Ratio (1.02 vs 0.21), 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.