TYO vs. RSBA

Last updated Jun 4, 2026

TYO (Direxion Daily 7-10 Year Treasury Bear 3X) and RSBA (Return Stacked Bonds & Merger Arbitrage ETF) are both Leveraged Bonds funds. TYO is passively managed, while RSBA is actively managed. Over the past year, TYO returned 3.00% vs 4.65% for RSBA. At a correlation of -0.89, they often move in opposite directions. TYO charges 1.08%/yr vs 0.96%/yr for RSBA.

Performance

TYO vs. RSBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 7-10 Year Treasury Bear 3X (TYO) 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, TYO achieves a 8.03% return, which is significantly higher than RSBA's -0.30% return.

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%

RSBA

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

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

TYO vs. RSBA - Yearly Performance Comparison

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

Correlation

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

Return for Risk

TYO vs. RSBA — Risk / Return Rank

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

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

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

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.

TYO vs. RSBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) 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.

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

TYO vs. RSBA - Sharpe Ratio Comparison

The current TYO Sharpe Ratio is 0.21, which is lower than the RSBA Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of TYO 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.

Sharpe Ratios by Period

	TYO	RSBA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.21	1.02	-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	-0.34	1.00	-1.34

Drawdowns

TYO vs. RSBA - Drawdown Comparison

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

Drawdown Indicators

	TYO	RSBA	Difference
Max Drawdown Largest peak-to-trough decline	-89.25%	-2.83%	-86.42%
Max Drawdown (1Y) Largest decline over 1 year	-10.48%	-2.74%	-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	-77.19%	-1.62%	-75.57%
Average Drawdown Average peak-to-trough decline	-71.09%	-0.81%	-70.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.85%	0.99%	+4.86%

Volatility

TYO vs. RSBA - Volatility Comparison

Direxion Daily 7-10 Year Treasury Bear 3X (TYO) has a higher volatility of 4.94% compared to Return Stacked Bonds & Merger Arbitrage ETF (RSBA) at 1.37%. This indicates that TYO'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

	TYO	RSBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	1.37%	+3.57%
Volatility (6M) Calculated over the trailing 6-month period	10.14%	3.27%	+6.87%
Volatility (1Y) Calculated over the trailing 1-year period	14.56%	4.59%	+9.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.23%	5.08%	+18.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.19%	5.08%	+15.11%

TYO vs. RSBA - Expense Ratio Comparison

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

Dividends

TYO vs. RSBA - Dividend Comparison

TYO's dividend yield for the trailing twelve months is around 2.82%, 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%
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 TYO and RSBA in my portfolio?

TYO and RSBA 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, TYO or RSBA?

TYO has higher volatility (4.94%) compared to RSBA (1.37%). In terms of maximum drawdown, TYO dropped -89.25% vs RSBA's -2.83%.

Which ETF is better, TYO or RSBA?

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, TYO or RSBA?

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, TYO or RSBA?

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

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

RSBA has the higher dividend yield at 3.38%, compared with 2.82% for TYO.

What is the main difference between TYO and RSBA?

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

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.