TMV vs. RSBA

Last updated Jun 24, 2026

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 -1.80% vs 3.97% 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

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 20-Year Treasury Bear 3X (TMV) and Return Stacked Bonds & Merger Arbitrage ETF (RSBA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMV achieves a 1.44% return, which is significantly higher than RSBA's 0.31% return.

TMV

• 1D: -1.17%
• 1M: -6.25%
• YTD: 1.44%
• 6M: 2.97%
• 1Y: -1.80%
• 3Y*: 12.91%
• 5Y*: 20.39%
• 10Y*: -0.46%

RSBA

• 1D: 0.24%
• 1M: 1.06%
• YTD: 0.31%
• 6M: 0.42%
• 1Y: 3.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMV vs. RSBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TMV Direxion Daily 20-Year Treasury Bear 3X	1.44%	-3.75%	10.82%
RSBA Return Stacked Bonds & Merger Arbitrage ETF	0.31%	7.73%	-0.11%

Correlation

The correlation between TMV and RSBA is -0.84, 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	-0.84
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	-0.84

The correlation between TMV and RSBA has been stable across timeframes, ranging from -0.84 to -0.84 - a consistent structural relationship.

Return for Risk

TMV vs. RSBA — Risk / Return Rank

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

TMV

TMV Risk / Return Rank: 8
TMV Sharpe Ratio Rank: 8
TMV Sortino Ratio Rank: 8
TMV Omega Ratio Rank: 8
TMV Calmar Ratio Rank: 8
TMV Martin Ratio Rank: 8

RSBA

RSBA Risk / Return Rank: 27
RSBA Sharpe Ratio Rank: 26
RSBA Sortino Ratio Rank: 25
RSBA Omega Ratio Rank: 23
RSBA Calmar Ratio Rank: 31
RSBA Martin Ratio Rank: 29

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.

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.

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.

	TMV	RSBA	Difference
Sharpe ratio: Return per unit of total volatility	-0.06	0.88	-0.95
Sortino ratio: Return per unit of downside risk	0.11	1.32	-1.22
Omega ratio: Gain probability vs. loss probability	1.01	1.15	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.08	1.45	-1.54
Martin ratio: Return relative to average drawdown	-0.16	3.84	-4.00

TMV vs. RSBA - Sharpe Ratio Comparison

The current TMV Sharpe Ratio is -0.06, which is lower than the RSBA Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of TMV and RSBA, 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

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.

Drawdown Indicators

	TMV	RSBA	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-96.06%	-1.02%	-95.04%
Average Drawdown Average peak-to-trough decline	-86.61%	-0.83%	-85.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.09%	1.04%	+10.05%

Volatility

TMV vs. RSBA - Volatility Comparison

Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 6.55% compared to Return Stacked Bonds & Merger Arbitrage ETF (RSBA) at 1.31%. 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.

Volatility by Period

	TMV	RSBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.55%	1.31%	+5.24%
Volatility (6M) Calculated over the trailing 6-month period	19.56%	3.40%	+16.16%
Volatility (1Y) Calculated over the trailing 1-year period	28.25%	4.53%	+23.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.05%	5.08%	+41.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.38%	5.08%	+39.30%

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 2.70%, less than RSBA's 3.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
RSBA Return Stacked Bonds & Merger Arbitrage ETF	3.36%	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%

Frequently Asked Questions

Can I hold both TMV and RSBA in my portfolio?

TMV and RSBA have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMV or RSBA?

TMV has higher volatility (6.55%) compared to RSBA (1.31%). In terms of maximum drawdown, TMV dropped -98.96% vs RSBA's -2.83%.

Which ETF is better, TMV or RSBA?

On 1-year performance, RSBA leads with 3.97% vs -1.80% for TMV. On fees, RSBA is cheaper at 0.96% per year. On volatility, RSBA has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMV or RSBA?

Over the 1-year period, RSBA has performed better with a 3.97% return vs -1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMV or RSBA?

RSBA is cheaper with a 0.96% expense ratio, compared with 1.04% for TMV.

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

RSBA has the higher dividend yield at 3.36%, compared with 2.70% for TMV.

What is the main difference between TMV and RSBA?

They also come from different issuers: Direxion and Return Stacked. Their fees differ too: 1.04% for TMV and 0.96% for RSBA.

Which has better risk-adjusted returns?

RSBA currently has the higher Sharpe Ratio (0.88 vs -0.06), 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.