BRF vs. MSTZ

Last updated Jul 12, 2026

BRF (VanEck Vectors Brazil Small-Cap ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - BRF is a Latin America Equities fund tracking the MVIS Brazil Small-Cap Index, while MSTZ is a Inverse Equities fund actively managed by REX. BRF is passively managed, while MSTZ is actively managed. Over the past year, BRF returned 22.72% vs 264.10% for MSTZ. At a correlation of -0.23, they often move in opposite directions. BRF charges 0.60%/yr vs 1.05%/yr for MSTZ.

Performance

BRF vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Brazil Small-Cap ETF (BRF) 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, BRF achieves a 5.61% return, which is significantly higher than MSTZ's -26.97% return.

BRF

• 1D: 2.92%
• 1M: -2.00%
• 6M: 0.03%
• YTD: 5.61%
• 1Y: 22.72%
• 3Y*: 2.84%
• 5Y*: -1.88%
• 10Y*: 4.84%

MSTZ

• 1D: -1.53%
• 1M: 39.32%
• 6M: -19.19%
• YTD: -26.97%
• 1Y: 264.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BRF vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BRF VanEck Vectors Brazil Small-Cap ETF	5.61%	54.17%	-24.31%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-26.97%	-38.95%	-94.43%

Correlation

The correlation between BRF and MSTZ is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.23

Return for Risk

BRF vs. MSTZ — Risk / Return Rank

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

BRF

BRF Risk / Return Rank: 26
BRF Sharpe Ratio Rank: 25
BRF Sortino Ratio Rank: 25
BRF Omega Ratio Rank: 25
BRF Calmar Ratio Rank: 27
BRF Martin Ratio Rank: 26

MSTZ

MSTZ Risk / Return Rank: 60
MSTZ Sharpe Ratio Rank: 61
MSTZ Sortino Ratio Rank: 62
MSTZ Omega Ratio Rank: 63
MSTZ Calmar Ratio Rank: 71
MSTZ Martin Ratio Rank: 43

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.

BRF vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Brazil Small-Cap ETF (BRF) 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.

	BRF	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	0.74	1.64	-0.90
Sortino ratio: Return per unit of downside risk	1.17	2.34	-1.17
Omega ratio: Gain probability vs. loss probability	1.15	1.30	-0.16
Calmar ratio: Return relative to maximum drawdown	1.08	2.86	-1.78
Martin ratio: Return relative to average drawdown	2.76	5.59	-2.82

BRF vs. MSTZ - Sharpe Ratio Comparison

The current BRF Sharpe Ratio is 0.74, which is lower than the MSTZ Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of BRF 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

BRF vs. MSTZ - Drawdown Comparison

The maximum BRF drawdown since its inception was -82.26%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for BRF and MSTZ.

Drawdown Indicators

	BRF	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-82.26%	-99.38%	+17.12%
Max Drawdown (1Y) Largest decline over 1 year	-19.81%	-84.89%	+65.08%
Max Drawdown (3Y) Largest decline over 3 years	-37.81%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-47.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-60.43%	—	—
Current Drawdown Current decline from peak	-48.52%	-97.51%	+48.99%
Average Drawdown Average peak-to-trough decline	-45.75%	-94.53%	+48.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.74%	43.41%	-35.67%

Volatility

BRF vs. MSTZ - Volatility Comparison

The current volatility for VanEck Vectors Brazil Small-Cap ETF (BRF) is 7.19%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 56.46%. This indicates that BRF 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

	BRF	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.19%	56.46%	-49.27%
Volatility (6M) Calculated over the trailing 6-month period	23.12%	135.20%	-112.08%
Volatility (1Y) Calculated over the trailing 1-year period	28.87%	148.41%	-119.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.61%	171.17%	-139.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.81%	171.17%	-137.36%

BRF vs. MSTZ - Expense Ratio Comparison

BRF has a 0.60% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

BRF vs. MSTZ - Dividend Comparison

BRF's dividend yield for the trailing twelve months is around 5.25%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRF VanEck Vectors Brazil Small-Cap ETF	5.25%	5.54%	4.08%	5.02%	4.13%	2.96%	1.66%	2.54%	2.89%	4.53%	4.25%	3.84%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BRF and MSTZ in my portfolio?

BRF and MSTZ have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRF or MSTZ?

MSTZ has higher volatility (56.46%) compared to BRF (7.19%). In terms of maximum drawdown, BRF dropped -82.26% vs MSTZ's -99.38%.

Which ETF is better, BRF or MSTZ?

On 1-year performance, MSTZ leads with 264.10% vs 22.72% for BRF. On fees, BRF is cheaper at 0.60% per year. On volatility, BRF has been the lower-risk option at 7.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRF or MSTZ?

Over the 1-year period, MSTZ has performed better with a 264.10% return vs 22.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRF or MSTZ?

BRF is cheaper with a 0.60% expense ratio, compared with 1.05% for MSTZ.

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

BRF has the higher dividend yield at 5.25%, compared with 0.00% for MSTZ.

What is the main difference between BRF and MSTZ?

BRF is categorized as Latin America Equities, while MSTZ is Inverse Equities. They also come from different issuers: VanEck and REX. Their fees differ too: 0.60% for BRF and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.64 vs 0.74), 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.