DULL vs. MSTZ

Last updated Aug 4, 2026

DULL (MicroSectors Gold -3X Inverse Leveraged ETN) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%), while MSTZ is a Inverse Equities fund actively managed by REX. DULL is passively managed, while MSTZ is actively managed. Over the past year, DULL returned -61.47% vs 150.38% for MSTZ. Their 0.18 correlation means their historical movements had little consistent relationship. DULL charges 0.95%/yr vs 1.05%/yr for MSTZ.

Performance

DULL vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold -3X Inverse Leveraged ETN (DULL) 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, DULL achieves a -12.17% return, which is significantly higher than MSTZ's -32.77% return.

DULL

• 1D: -0.01%
• 1M: 3.76%
• 6M: 20.95%
• YTD: -12.17%
• 1Y: -61.47%
• 3Y*: -58.83%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -56.11%

MSTZ

• 1D: -3.35%
• 1M: 3.78%
• 6M: -35.30%
• YTD: -32.77%
• 1Y: 150.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -86.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DULL MicroSectors Gold -3X Inverse Leveraged ETN	$408.60K	$774.21K	$681.81K
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	$99.07M	$124.74M	$178.48M

DULL vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DULL MicroSectors Gold -3X Inverse Leveraged ETN	-12.17%	-80.59%	-7.29%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-32.77%	-38.95%	-94.43%

Correlation

The correlation between DULL and MSTZ is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	0.18

Return for Risk

DULL vs. MSTZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DULL

DULL Risk / Return Rank: 3
DULL Sharpe Ratio Rank: 3
DULL Sortino Ratio Rank: 3
DULL Omega Ratio Rank: 3
DULL Calmar Ratio Rank: 3
DULL Martin Ratio Rank: 4

MSTZ

MSTZ Risk / Return Rank: 46
MSTZ Sharpe Ratio Rank: 40
MSTZ Sortino Ratio Rank: 56
MSTZ Omega Ratio Rank: 56
MSTZ Calmar Ratio Rank: 47
MSTZ Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DULL vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) 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.

	DULL	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	1.01	-1.76
Sortino ratio: Return per unit of downside risk	-1.13	2.01	-3.14
Omega ratio: Gain probability vs. loss probability	0.87	1.26	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.76	1.78	-2.54
Martin ratio: Return relative to average drawdown	-1.02	3.30	-4.32

DULL vs. MSTZ - Sharpe Ratio Comparison

The current DULL Sharpe Ratio is -0.75, which is lower than the MSTZ Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of DULL 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

DULL vs. MSTZ - Drawdown Comparison

The maximum DULL drawdown since its inception was -97.12%, roughly equal to the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for DULL and MSTZ.

Drawdown Indicators

	DULL	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-97.12%	-99.38%	+2.26%
Max Drawdown (1Y) Largest decline over 1 year	-81.20%	-84.89%	+3.69%
Max Drawdown (3Y) Largest decline over 3 years	-97.12%	—	—
Current Drawdown Current decline from peak	-94.33%	-97.71%	+3.38%
Average Drawdown Average peak-to-trough decline	-60.91%	-94.63%	+33.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	60.53%	45.77%	+14.76%

Volatility

DULL vs. MSTZ - Volatility Comparison

The current volatility for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) is 17.41%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 33.58%. This indicates that DULL 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

	DULL	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.41%	33.58%	-16.17%
Volatility (6M) Calculated over the trailing 6-month period	62.40%	134.23%	-71.83%
Volatility (1Y) Calculated over the trailing 1-year period	82.72%	149.52%	-66.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.09%	169.71%	-110.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.09%	169.71%	-110.62%

DULL vs. MSTZ - Expense Ratio Comparison

DULL has a 0.95% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

DULL vs. MSTZ - Dividend Comparison

Neither DULL nor MSTZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DULL and MSTZ in my portfolio?

DULL and MSTZ have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DULL or MSTZ?

MSTZ has higher volatility (33.58%) compared to DULL (17.41%). In terms of maximum drawdown, DULL dropped -97.12% vs MSTZ's -99.38%.

Which ETF is better, DULL or MSTZ?

On 1-year performance, MSTZ leads with 150.38% vs -61.47% for DULL. On fees, DULL is cheaper at 0.95% per year. On volatility, DULL has been the lower-risk option at 17.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DULL or MSTZ?

Over the 1-year period, MSTZ has performed better with a 150.38% return vs -61.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DULL or MSTZ?

DULL is cheaper with a 0.95% expense ratio, compared with 1.05% for MSTZ.

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

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

What is the main difference between DULL and MSTZ?

DULL is categorized as Inverse Commodities, while MSTZ is Inverse Equities. Their fees differ too: 0.95% for DULL and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.01 vs -0.75), 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.