DLLL vs. MSTZ

Last updated Jul 17, 2026

DLLL (GraniteShares 2x Long DELL Daily ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - DLLL is a Leveraged Equities fund tracking the Dell Technologies Inc. (DELL), while MSTZ is a Inverse Equities fund actively managed by REX. DLLL is passively managed, while MSTZ is actively managed. Over the past year, DLLL returned 540.38% vs 299.04% for MSTZ. At a correlation of -0.31, they often move in opposite directions. DLLL charges 1.50%/yr vs 1.05%/yr for MSTZ.

Performance

DLLL vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long DELL Daily ETF (DLLL) 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, DLLL achieves a 589.77% return, which is significantly higher than MSTZ's -27.52% return.

DLLL

• 1D: -10.21%
• 1M: -10.70%
• 6M: 667.04%
• YTD: 589.77%
• 1Y: 540.38%
• 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)

DLLL vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025
DLLL GraniteShares 2x Long DELL Daily ETF	589.77%	-3.72%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-27.52%	-2.89%

Correlation

The correlation between DLLL and MSTZ is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	-0.31

Return for Risk

DLLL vs. MSTZ — Risk / Return Rank

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

DLLL

DLLL Risk / Return Rank: 94
DLLL Sharpe Ratio Rank: 98
DLLL Sortino Ratio Rank: 93
DLLL Omega Ratio Rank: 90
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 93

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.

DLLL vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long DELL Daily ETF (DLLL) 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.

	DLLL	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	4.00	2.03	+1.97
Sortino ratio: Return per unit of downside risk	3.79	2.49	+1.30
Omega ratio: Gain probability vs. loss probability	1.46	1.33	+0.14
Calmar ratio: Return relative to maximum drawdown	9.53	3.55	+5.98
Martin ratio: Return relative to average drawdown	19.00	6.84	+12.16

DLLL vs. MSTZ - Sharpe Ratio Comparison

The current DLLL Sharpe Ratio is 4.00, which is higher than the MSTZ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of DLLL 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

DLLL vs. MSTZ - Drawdown Comparison

The maximum DLLL drawdown since its inception was -68.58%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for DLLL and MSTZ.

Drawdown Indicators

	DLLL	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-68.58%	-99.38%	+30.80%
Max Drawdown (1Y) Largest decline over 1 year	-57.19%	-84.89%	+27.70%
Current Drawdown Current decline from peak	-34.75%	-97.53%	+62.78%
Average Drawdown Average peak-to-trough decline	-25.70%	-94.55%	+68.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.64%	43.95%	-15.31%

Volatility

DLLL vs. MSTZ - Volatility Comparison

The current volatility for GraniteShares 2x Long DELL Daily ETF (DLLL) is 43.56%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 55.03%. This indicates that DLLL 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

	DLLL	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	43.56%	55.03%	-11.47%
Volatility (6M) Calculated over the trailing 6-month period	110.12%	134.45%	-24.33%
Volatility (1Y) Calculated over the trailing 1-year period	136.53%	148.58%	-12.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	131.16%	170.73%	-39.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	131.16%	170.73%	-39.57%

DLLL vs. MSTZ - Expense Ratio Comparison

DLLL has a 1.50% expense ratio, which is higher than MSTZ's 1.05% expense ratio.

Dividends

DLLL vs. MSTZ - Dividend Comparison

Neither DLLL nor MSTZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DLLL and MSTZ in my portfolio?

DLLL and MSTZ have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DLLL or MSTZ?

MSTZ has higher volatility (55.03%) compared to DLLL (43.56%). In terms of maximum drawdown, DLLL dropped -68.58% vs MSTZ's -99.38%.

Which ETF is better, DLLL or MSTZ?

On 1-year performance, DLLL leads with 540.38% vs 299.04% for MSTZ. On fees, MSTZ is cheaper at 1.05% per year. On volatility, DLLL has been the lower-risk option at 43.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DLLL or MSTZ?

Over the 1-year period, DLLL has performed better with a 540.38% return vs 299.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DLLL or MSTZ?

MSTZ is cheaper with a 1.05% expense ratio, compared with 1.50% for DLLL.

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

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

What is the main difference between DLLL and MSTZ?

DLLL is categorized as Leveraged Equities, while MSTZ is Inverse Equities. They also come from different issuers: GraniteShares and REX. Their fees differ too: 1.50% for DLLL and 1.05% for MSTZ.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (4.00 vs 2.03), 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.