AAAU vs. MSTZ

Last updated Jul 18, 2026

AAAU (Goldman Sachs Physical Gold ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - AAAU is a Gold fund tracking the LBMA Gold PM Price, while MSTZ is a Inverse Equities fund actively managed by REX. AAAU is passively managed, while MSTZ is actively managed. Over the past year, AAAU returned 20.08% vs 286.71% for MSTZ. At a correlation of -0.16, they often move in opposite directions. AAAU charges 0.18%/yr vs 1.05%/yr for MSTZ.

Performance

AAAU vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Physical Gold ETF (AAAU) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAAU achieves a -6.96% return, which is significantly higher than MSTZ's -28.75% return.

AAAU

• 1D: 0.94%
• 1M: -5.20%
• 6M: -12.45%
• YTD: -6.96%
• 1Y: 20.08%
• 3Y*: 26.40%
• 5Y*: 17.06%
• 10Y*: —

MSTZ

• 1D: -1.69%
• 1M: 23.81%
• 6M: -1.21%
• YTD: -28.75%
• 1Y: 286.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAAU vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAAU Goldman Sachs Physical Gold ETF	-6.96%	64.06%	2.11%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-28.75%	-38.95%	-94.43%

Correlation

The correlation between AAAU and MSTZ is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.16

Return for Risk

AAAU vs. MSTZ — Risk / Return Rank

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

AAAU

AAAU Risk / Return Rank: 23
AAAU Sharpe Ratio Rank: 25
AAAU Sortino Ratio Rank: 23
AAAU Omega Ratio Rank: 26
AAAU Calmar Ratio Rank: 21
AAAU Martin Ratio Rank: 21

MSTZ

MSTZ Risk / Return Rank: 69
MSTZ Sharpe Ratio Rank: 77
MSTZ Sortino Ratio Rank: 68
MSTZ Omega Ratio Rank: 69
MSTZ Calmar Ratio Rank: 82
MSTZ Martin Ratio Rank: 50

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.

AAAU vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). 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.

	AAAU	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	0.73	1.95	-1.22
Sortino ratio: Return per unit of downside risk	1.07	2.46	-1.39
Omega ratio: Gain probability vs. loss probability	1.15	1.32	-0.17
Calmar ratio: Return relative to maximum drawdown	0.77	3.40	-2.64
Martin ratio: Return relative to average drawdown	1.81	6.54	-4.72

AAAU vs. MSTZ - Sharpe Ratio Comparison

The current AAAU Sharpe Ratio is 0.73, which is lower than the MSTZ Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of AAAU and MSTZ, 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

AAAU vs. MSTZ - Drawdown Comparison

The maximum AAAU drawdown since its inception was -26.29%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for AAAU and MSTZ.

Drawdown Indicators

	AAAU	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-26.29%	-99.38%	+73.09%
Max Drawdown (1Y) Largest decline over 1 year	-26.29%	-84.89%	+58.60%
Max Drawdown (3Y) Largest decline over 3 years	-26.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.29%	—	—
Current Drawdown Current decline from peak	-25.60%	-97.58%	+71.98%
Average Drawdown Average peak-to-trough decline	-6.44%	-94.56%	+88.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.10%	44.09%	-32.99%

Volatility

AAAU vs. MSTZ - Volatility Comparison

The current volatility for Goldman Sachs Physical Gold ETF (AAAU) is 6.65%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 54.18%. This indicates that AAAU experiences smaller price fluctuations and is considered to be less risky than MSTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAAU	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.65%	54.18%	-47.53%
Volatility (6M) Calculated over the trailing 6-month period	23.97%	134.22%	-110.25%
Volatility (1Y) Calculated over the trailing 1-year period	27.73%	148.45%	-120.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.24%	170.55%	-152.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.22%	170.55%	-153.33%

AAAU vs. MSTZ - Expense Ratio Comparison

AAAU has a 0.18% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

AAAU vs. MSTZ - Dividend Comparison

Neither AAAU nor MSTZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AAAU and MSTZ in my portfolio?

AAAU and MSTZ have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAAU or MSTZ?

MSTZ has higher volatility (54.18%) compared to AAAU (6.65%). In terms of maximum drawdown, AAAU dropped -26.29% vs MSTZ's -99.38%.

Which ETF is better, AAAU or MSTZ?

On 1-year performance, MSTZ leads with 286.71% vs 20.08% for AAAU. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 6.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAAU or MSTZ?

Over the 1-year period, MSTZ has performed better with a 286.71% return vs 20.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAAU or MSTZ?

AAAU is cheaper with a 0.18% expense ratio, compared with 1.05% for MSTZ.

Which ETF pays a higher dividend yield, AAAU or MSTZ?

AAAU and MSTZ have nearly identical dividend yields, around 0.00%.

What is the main difference between AAAU and MSTZ?

AAAU is categorized as Gold, while MSTZ is Inverse Equities. They also come from different issuers: Goldman Sachs and REX. Their fees differ too: 0.18% for AAAU and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.95 vs 0.73), 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.