RSBT vs. USML
RSBT (Return Stacked Bonds & Managed Futures ETF) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both exchange-traded funds - RSBT is a Nontraditional Bonds fund actively managed by Return Stacked, while USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index. RSBT is actively managed, while USML is passively managed. Over the past 3 years, RSBT returned 3.35%/yr vs 16.28%/yr for USML. At a 0.33 correlation, their price movements are largely independent. RSBT charges 0.97%/yr vs 0.95%/yr for USML.
Performance
RSBT vs. USML - Performance Comparison
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Returns By Period
In the year-to-date period, RSBT achieves a 5.58% return, which is significantly higher than USML's 1.71% return.
RSBT
- 1D
- -4.25%
- 1M
- -2.52%
- YTD
- 5.58%
- 6M
- 7.48%
- 1Y
- 23.39%
- 3Y*
- 3.35%
- 5Y*
- —
- 10Y*
- —
USML
- 1D
- -1.73%
- 1M
- 3.16%
- YTD
- 1.71%
- 6M
- 1.67%
- 1Y
- 1.50%
- 3Y*
- 16.28%
- 5Y*
- 7.85%
- 10Y*
- —
RSBT vs. USML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
RSBT Return Stacked Bonds & Managed Futures ETF | 5.58% | 10.31% | -2.90% | -11.91% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 1.71% | 9.33% | 23.97% | 11.49% |
Correlation
The correlation between RSBT and USML is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2023 | 0.33 |
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Return for Risk
RSBT vs. USML — Risk / Return Rank
RSBT
USML
RSBT vs. USML - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Return Stacked Bonds & Managed Futures ETF (RSBT) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). 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.
| RSBT | USML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.35 | ||
| Sortino ratioReturn per unit of downside risk | +1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.04 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.52 | 0.22 | +3.30 |
| Martin ratioReturn relative to average drawdown | 9.36 | 0.67 | +8.69 |
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
| RSBT | USML | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.52 | 0.18 | +1.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.32 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.01 | 0.42 | -0.43 |
Drawdowns
RSBT vs. USML - Drawdown Comparison
The maximum RSBT drawdown since its inception was -23.60%, smaller than the maximum USML drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for RSBT and USML.
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Drawdown Indicators
| RSBT | USML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.60% | -35.34% | +11.74% |
Max Drawdown (1Y)Largest decline over 1 year | -6.33% | -13.09% | +6.76% |
Max Drawdown (3Y)Largest decline over 3 years | -18.98% | -19.14% | +0.16% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.34% | — |
Current DrawdownCurrent decline from peak | -4.59% | -4.86% | +0.27% |
Average DrawdownAverage peak-to-trough decline | -12.61% | -10.40% | -2.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.38% | 4.35% | -1.97% |
Volatility
RSBT vs. USML - Volatility Comparison
Return Stacked Bonds & Managed Futures ETF (RSBT) has a higher volatility of 5.38% compared to ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) at 4.58%. This indicates that RSBT's price experiences larger fluctuations and is considered to be riskier than USML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RSBT | USML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.38% | 4.58% | +0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 10.91% | 11.57% | -0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.61% | 16.45% | -1.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.87% | 24.47% | -10.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.87% | 24.29% | -10.42% |
RSBT vs. USML - Expense Ratio Comparison
RSBT has a 0.97% expense ratio, which is higher than USML's 0.95% expense ratio.
Dividends
RSBT vs. USML - Dividend Comparison
RSBT's dividend yield for the trailing twelve months is around 3.03%, while USML has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
RSBT Return Stacked Bonds & Managed Futures ETF | 3.03% | 3.20% | 0.00% | 2.38% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
RSBT and USML have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RSBT has higher volatility (5.38%) compared to USML (4.58%). In terms of maximum drawdown, RSBT dropped -23.60% vs USML's -35.34%.
On 3-year performance, USML leads with 16.28% vs 3.35% for RSBT. On fees, USML is cheaper at 0.95% per year. On volatility, USML has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USML has performed better with a 16.28% return vs 3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USML is cheaper with a 0.95% expense ratio, compared with 0.97% for RSBT.
RSBT has the higher dividend yield at 3.03%, compared with 0.00% for USML.
RSBT is categorized as Nontraditional Bonds, while USML is Leveraged Equities. They also come from different issuers: Return Stacked and UBS. Their fees differ too: 0.97% for RSBT and 0.95% for USML.
RSBT currently has the higher Sharpe Ratio (1.52 vs 0.18), 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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