DIEM vs. MSTZ

Last updated Jul 14, 2026

DIEM (Franklin Emerging Market Core Dividend Tilt Index ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - DIEM is a Emerging Markets Diversified fund tracking the Morningstar Emerging Markets Dividend Enhanced Select Index, while MSTZ is a Inverse Equities fund actively managed by REX. DIEM is passively managed, while MSTZ is actively managed. Over the past year, DIEM returned 41.33% vs 282.56% for MSTZ. At a correlation of -0.36, they often move in opposite directions. DIEM charges 0.19%/yr vs 1.05%/yr for MSTZ.

Performance

DIEM vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) 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, DIEM achieves a 24.14% return, which is significantly higher than MSTZ's -23.27% return.

DIEM

• 1D: -3.35%
• 1M: -4.04%
• 6M: 18.80%
• YTD: 24.14%
• 1Y: 41.33%
• 3Y*: 23.75%
• 5Y*: 10.93%
• 10Y*: 8.30%

MSTZ

• 1D: 5.07%
• 1M: 46.38%
• 6M: -9.68%
• YTD: -23.27%
• 1Y: 282.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DIEM vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF	24.14%	30.81%	0.93%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-23.27%	-38.95%	-94.43%

Correlation

The correlation between DIEM and MSTZ is -0.38, 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	-0.38
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.36

Return for Risk

DIEM vs. MSTZ — Risk / Return Rank

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

DIEM

DIEM Risk / Return Rank: 76
DIEM Sharpe Ratio Rank: 75
DIEM Sortino Ratio Rank: 67
DIEM Omega Ratio Rank: 79
DIEM Calmar Ratio Rank: 80
DIEM Martin Ratio Rank: 79

MSTZ

MSTZ Risk / Return Rank: 68
MSTZ Sharpe Ratio Rank: 76
MSTZ Sortino Ratio Rank: 67
MSTZ Omega Ratio Rank: 68
MSTZ Calmar Ratio Rank: 80
MSTZ Martin Ratio Rank: 49

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.

DIEM vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) 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.

	DIEM	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.92	-0.03
Sortino ratio: Return per unit of downside risk	2.44	2.45	-0.01
Omega ratio: Gain probability vs. loss probability	1.37	1.32	+0.05
Calmar ratio: Return relative to maximum drawdown	3.37	3.35	+0.01
Martin ratio: Return relative to average drawdown	11.88	6.53	+5.35

DIEM vs. MSTZ - Sharpe Ratio Comparison

The current DIEM Sharpe Ratio is 1.89, which is comparable to the MSTZ Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of DIEM 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

DIEM vs. MSTZ - Drawdown Comparison

The maximum DIEM drawdown since its inception was -38.61%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for DIEM and MSTZ.

Drawdown Indicators

	DIEM	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-38.61%	-99.38%	+60.77%
Max Drawdown (1Y) Largest decline over 1 year	-12.33%	-84.89%	+72.56%
Max Drawdown (3Y) Largest decline over 3 years	-16.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.34%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.61%	—	—
Current Drawdown Current decline from peak	-9.15%	-97.39%	+88.24%
Average Drawdown Average peak-to-trough decline	-9.67%	-94.53%	+84.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	43.51%	-40.02%

Volatility

DIEM vs. MSTZ - Volatility Comparison

The current volatility for Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) is 10.87%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 56.56%. This indicates that DIEM 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

	DIEM	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.87%	56.56%	-45.69%
Volatility (6M) Calculated over the trailing 6-month period	20.32%	135.11%	-114.79%
Volatility (1Y) Calculated over the trailing 1-year period	21.96%	148.53%	-126.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.81%	171.02%	-153.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	171.02%	-153.02%

DIEM vs. MSTZ - Expense Ratio Comparison

DIEM has a 0.19% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

DIEM vs. MSTZ - Dividend Comparison

DIEM's dividend yield for the trailing twelve months is around 2.99%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF	2.99%	2.99%	4.92%	4.45%	6.31%	4.06%	2.75%	5.98%	3.87%	2.61%	0.35%
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%

Frequently Asked Questions

Can I hold both DIEM and MSTZ in my portfolio?

DIEM and MSTZ have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIEM or MSTZ?

MSTZ has higher volatility (56.56%) compared to DIEM (10.87%). In terms of maximum drawdown, DIEM dropped -38.61% vs MSTZ's -99.38%.

Which ETF is better, DIEM or MSTZ?

On 1-year performance, MSTZ leads with 282.56% vs 41.33% for DIEM. On fees, DIEM is cheaper at 0.19% per year. On volatility, DIEM has been the lower-risk option at 10.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIEM or MSTZ?

Over the 1-year period, MSTZ has performed better with a 282.56% return vs 41.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIEM or MSTZ?

DIEM is cheaper with a 0.19% expense ratio, compared with 1.05% for MSTZ.

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

DIEM has the higher dividend yield at 2.99%, compared with 0.00% for MSTZ.

What is the main difference between DIEM and MSTZ?

DIEM is categorized as Emerging Markets Diversified, while MSTZ is Inverse Equities. They also come from different issuers: Franklin Templeton and REX. Their fees differ too: 0.19% for DIEM and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.92 vs 1.89), 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.