TMV vs. RSBA
TMV (Direxion Daily 20-Year Treasury Bear 3X) and RSBA (Return Stacked Bonds & Merger Arbitrage ETF) are both Leveraged Bonds funds. TMV is passively managed, while RSBA is actively managed. Over the past year, TMV returned -4.33% vs 4.65% for RSBA. At a correlation of -0.84, they often move in opposite directions. TMV charges 1.04%/yr vs 0.96%/yr for RSBA.
Performance
TMV vs. RSBA - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 4.73% return, which is significantly higher than RSBA's -0.30% return.
TMV
- 1D
- 1.13%
- 1M
- -1.68%
- YTD
- 4.73%
- 6M
- 11.42%
- 1Y
- -4.33%
- 3Y*
- 12.83%
- 5Y*
- 19.12%
- 10Y*
- -0.80%
RSBA
- 1D
- -0.24%
- 1M
- 0.15%
- YTD
- -0.30%
- 6M
- -0.66%
- 1Y
- 4.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TMV vs. RSBA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 4.73% | -3.75% | 6.82% |
RSBA Return Stacked Bonds & Merger Arbitrage ETF | -0.30% | 7.73% | -0.04% |
Correlation
The correlation between TMV and RSBA is -0.85, 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 | -0.85 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024 | -0.84 |
The correlation between TMV and RSBA has been stable across timeframes, ranging from -0.85 to -0.84 - a consistent structural relationship.
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Return for Risk
TMV vs. RSBA — Risk / Return Rank
TMV
RSBA
TMV vs. RSBA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) and Return Stacked Bonds & Merger Arbitrage ETF (RSBA). 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.
| TMV | RSBA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.17 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.18 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 1.70 | -1.90 |
| Martin ratioReturn relative to average drawdown | -0.40 | 4.70 | -5.09 |
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
| TMV | RSBA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.15 | 1.02 | -1.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.02 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | 1.00 | -1.33 |
Drawdowns
TMV vs. RSBA - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than RSBA's maximum drawdown of -2.83%. Use the drawdown chart below to compare losses from any high point for TMV and RSBA.
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Drawdown Indicators
| TMV | RSBA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -2.83% | -96.13% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -2.74% | -18.88% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | — | — |
Current DrawdownCurrent decline from peak | -95.94% | -1.62% | -94.32% |
Average DrawdownAverage peak-to-trough decline | -86.60% | -0.81% | -85.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.13% | 0.99% | +10.14% |
Volatility
TMV vs. RSBA - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 8.15% compared to Return Stacked Bonds & Merger Arbitrage ETF (RSBA) at 1.37%. This indicates that TMV's price experiences larger fluctuations and is considered to be riskier than RSBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMV | RSBA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 1.37% | +6.78% |
Volatility (6M)Calculated over the trailing 6-month period | 19.18% | 3.27% | +15.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.12% | 4.59% | +24.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.21% | 5.08% | +42.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.44% | 5.08% | +39.36% |
TMV vs. RSBA - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than RSBA's 0.96% expense ratio.
Dividends
TMV vs. RSBA - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.62%, less than RSBA's 3.38% 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% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.62% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% |
Frequently Asked Questions
TMV and RSBA have a correlation of -0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (8.15%) compared to RSBA (1.37%). In terms of maximum drawdown, TMV dropped -98.96% vs RSBA's -2.83%.
On 1-year performance, RSBA leads with 4.65% vs -4.33% for TMV. 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.
Over the 1-year period, RSBA has performed better with a 4.65% return vs -4.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RSBA is cheaper with a 0.96% expense ratio, compared with 1.04% for TMV.
RSBA has the higher dividend yield at 3.38%, compared with 2.62% for TMV.
They also come from different issuers: Direxion and Return Stacked. Their fees differ too: 1.04% for TMV and 0.96% for RSBA.
RSBA currently has the higher Sharpe Ratio (1.02 vs -0.15), 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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