ASMF vs. MSTZ

Last updated Jul 17, 2026

ASMF (Virtus AlphaSimplex Managed Futures ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - ASMF is a Systematic Trend fund actively managed by Virtus, while MSTZ is a Inverse Equities fund actively managed by REX. Both are actively managed. Over the past year, ASMF returned 14.33% vs 299.04% for MSTZ. At a correlation of -0.17, they often move in opposite directions. ASMF charges 0.80%/yr vs 1.05%/yr for MSTZ.

Performance

ASMF vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus AlphaSimplex Managed Futures ETF (ASMF) 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, ASMF achieves a 7.28% return, which is significantly higher than MSTZ's -27.52% return.

ASMF

• 1D: -0.08%
• 1M: 0.04%
• 6M: 3.58%
• YTD: 7.28%
• 1Y: 14.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: 6.51%
• 1M: 38.88%
• 6M: -2.59%
• YTD: -27.52%
• 1Y: 299.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ASMF vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ASMF Virtus AlphaSimplex Managed Futures ETF	7.28%	1.16%	-2.16%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-27.52%	-38.95%	-94.43%

Correlation

The correlation between ASMF and MSTZ is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.17

Return for Risk

ASMF vs. MSTZ — Risk / Return Rank

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

ASMF

ASMF Risk / Return Rank: 49
ASMF Sharpe Ratio Rank: 43
ASMF Sortino Ratio Rank: 41
ASMF Omega Ratio Rank: 43
ASMF Calmar Ratio Rank: 71
ASMF Martin Ratio Rank: 49

MSTZ

MSTZ Risk / Return Rank: 70
MSTZ Sharpe Ratio Rank: 80
MSTZ Sortino Ratio Rank: 69
MSTZ Omega Ratio Rank: 69
MSTZ Calmar Ratio Rank: 83
MSTZ Martin Ratio Rank: 51

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.

ASMF vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus AlphaSimplex Managed Futures ETF (ASMF) 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.

	ASMF	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	1.25	2.03	-0.78
Sortino ratio: Return per unit of downside risk	1.74	2.49	-0.75
Omega ratio: Gain probability vs. loss probability	1.23	1.33	-0.09
Calmar ratio: Return relative to maximum drawdown	2.87	3.55	-0.68
Martin ratio: Return relative to average drawdown	6.57	6.84	-0.27

ASMF vs. MSTZ - Sharpe Ratio Comparison

The current ASMF Sharpe Ratio is 1.25, which is lower than the MSTZ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of ASMF 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

ASMF vs. MSTZ - Drawdown Comparison

The maximum ASMF drawdown since its inception was -15.31%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for ASMF and MSTZ.

Drawdown Indicators

	ASMF	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-99.38%	+84.07%
Max Drawdown (1Y) Largest decline over 1 year	-5.02%	-84.89%	+79.87%
Current Drawdown Current decline from peak	-3.24%	-97.53%	+94.29%
Average Drawdown Average peak-to-trough decline	-7.36%	-94.55%	+87.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	43.95%	-41.77%

Volatility

ASMF vs. MSTZ - Volatility Comparison

The current volatility for Virtus AlphaSimplex Managed Futures ETF (ASMF) is 2.85%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 55.03%. This indicates that ASMF 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

	ASMF	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	55.03%	-52.18%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	134.45%	-125.01%
Volatility (1Y) Calculated over the trailing 1-year period	11.55%	148.58%	-137.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.94%	170.73%	-159.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.94%	170.73%	-159.79%

ASMF vs. MSTZ - Expense Ratio Comparison

ASMF has a 0.80% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

ASMF vs. MSTZ - Dividend Comparison

ASMF's dividend yield for the trailing twelve months is around 0.20%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024
ASMF Virtus AlphaSimplex Managed Futures ETF	0.20%	0.22%	1.66%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ASMF and MSTZ in my portfolio?

ASMF and MSTZ have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASMF or MSTZ?

MSTZ has higher volatility (55.03%) compared to ASMF (2.85%). In terms of maximum drawdown, ASMF dropped -15.31% vs MSTZ's -99.38%.

Which ETF is better, ASMF or MSTZ?

On 1-year performance, MSTZ leads with 299.04% vs 14.33% for ASMF. On fees, ASMF is cheaper at 0.80% per year. On volatility, ASMF has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASMF or MSTZ?

Over the 1-year period, MSTZ has performed better with a 299.04% return vs 14.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASMF or MSTZ?

ASMF is cheaper with a 0.80% expense ratio, compared with 1.05% for MSTZ.

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

ASMF has the higher dividend yield at 0.20%, compared with 0.00% for MSTZ.

What is the main difference between ASMF and MSTZ?

ASMF is categorized as Systematic Trend, while MSTZ is Inverse Equities. They also come from different issuers: Virtus and REX. Their fees differ too: 0.80% for ASMF and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (2.03 vs 1.25), 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.