EHLS vs. MSTZ

Last updated Jul 14, 2026

EHLS (Even Herd Long Short ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - EHLS is a Long-Short fund actively managed by N/A, while MSTZ is a Inverse Equities fund actively managed by REX. Both are actively managed. Over the past year, EHLS returned 18.42% vs 282.56% for MSTZ. At a correlation of -0.40, they often move in opposite directions. EHLS charges 1.58%/yr vs 1.05%/yr for MSTZ.

Performance

EHLS vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Even Herd Long Short ETF (EHLS) 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, EHLS achieves a 11.25% return, which is significantly higher than MSTZ's -23.27% return.

EHLS

• 1D: -0.86%
• 1M: -3.66%
• 6M: 5.29%
• YTD: 11.25%
• 1Y: 18.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

EHLS vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EHLS Even Herd Long Short ETF	11.25%	6.67%	7.76%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-23.27%	-38.95%	-94.43%

Correlation

The correlation between EHLS 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	-0.40

Return for Risk

EHLS vs. MSTZ — Risk / Return Rank

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

EHLS

EHLS Risk / Return Rank: 39
EHLS Sharpe Ratio Rank: 34
EHLS Sortino Ratio Rank: 31
EHLS Omega Ratio Rank: 33
EHLS Calmar Ratio Rank: 51
EHLS Martin Ratio Rank: 44

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.

EHLS vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Even Herd Long Short ETF (EHLS) 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.

	EHLS	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	0.99	1.92	-0.93
Sortino ratio: Return per unit of downside risk	1.39	2.45	-1.06
Omega ratio: Gain probability vs. loss probability	1.18	1.32	-0.14
Calmar ratio: Return relative to maximum drawdown	2.04	3.35	-1.31
Martin ratio: Return relative to average drawdown	5.68	6.53	-0.85

EHLS vs. MSTZ - Sharpe Ratio Comparison

The current EHLS Sharpe Ratio is 0.99, which is lower than the MSTZ Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of EHLS 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

EHLS vs. MSTZ - Drawdown Comparison

The maximum EHLS drawdown since its inception was -18.96%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for EHLS and MSTZ.

Drawdown Indicators

	EHLS	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-18.96%	-99.38%	+80.42%
Max Drawdown (1Y) Largest decline over 1 year	-9.06%	-84.89%	+75.83%
Current Drawdown Current decline from peak	-5.23%	-97.39%	+92.16%
Average Drawdown Average peak-to-trough decline	-4.38%	-94.53%	+90.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	43.51%	-40.26%

Volatility

EHLS vs. MSTZ - Volatility Comparison

The current volatility for Even Herd Long Short ETF (EHLS) is 4.04%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 56.56%. This indicates that EHLS 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

	EHLS	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	56.56%	-52.52%
Volatility (6M) Calculated over the trailing 6-month period	14.41%	135.11%	-120.70%
Volatility (1Y) Calculated over the trailing 1-year period	18.80%	148.53%	-129.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.55%	171.02%	-151.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.55%	171.02%	-151.47%

EHLS vs. MSTZ - Expense Ratio Comparison

EHLS has a 1.58% expense ratio, which is higher than MSTZ's 1.05% expense ratio.

Dividends

EHLS vs. MSTZ - Dividend Comparison

Neither EHLS nor MSTZ has paid dividends to shareholders.

Position	TTM	2025	2024
EHLS Even Herd Long Short ETF	0.00%	0.00%	1.03%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EHLS and MSTZ in my portfolio?

EHLS 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, EHLS or MSTZ?

MSTZ has higher volatility (56.56%) compared to EHLS (4.04%). In terms of maximum drawdown, EHLS dropped -18.96% vs MSTZ's -99.38%.

Which ETF is better, EHLS or MSTZ?

On 1-year performance, MSTZ leads with 282.56% vs 18.42% for EHLS. On fees, MSTZ is cheaper at 1.05% per year. On volatility, EHLS has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EHLS or MSTZ?

Over the 1-year period, MSTZ has performed better with a 282.56% return vs 18.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EHLS or MSTZ?

MSTZ is cheaper with a 1.05% expense ratio, compared with 1.58% for EHLS.

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

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

What is the main difference between EHLS and MSTZ?

EHLS is categorized as Long-Short, while MSTZ is Inverse Equities. They also come from different issuers: N/A and REX. Their fees differ too: 1.58% for EHLS and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.92 vs 0.99), 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.