ETH vs. MSTZ

Last updated Jul 15, 2026

ETH (Grayscale Ethereum Staking Mini ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - ETH is a Cryptocurrency fund actively managed by Grayscale, while MSTZ is a Inverse Equities fund actively managed by REX. Both are actively managed. Over the past year, ETH returned -36.80% vs 266.72% for MSTZ. At a correlation of -0.68, they often move in opposite directions. ETH charges 0.15%/yr vs 1.05%/yr for MSTZ.

Performance

ETH vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Staking Mini ETF (ETH) 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, ETH achieves a -36.28% return, which is significantly lower than MSTZ's -31.90% return.

ETH

• 1D: 5.86%
• 1M: 12.95%
• 6M: -40.97%
• YTD: -36.28%
• 1Y: -36.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: -11.25%
• 1M: 29.92%
• 6M: -7.52%
• YTD: -31.90%
• 1Y: 266.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETH vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETH Grayscale Ethereum Staking Mini ETF	-36.28%	-10.89%	41.85%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-31.90%	-38.95%	-94.43%

Correlation

The correlation between ETH and MSTZ is -0.78, 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	-0.78
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.68

The correlation between ETH and MSTZ has been stable across timeframes, ranging from -0.78 to -0.68 - a consistent structural relationship.

Return for Risk

ETH vs. MSTZ — Risk / Return Rank

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

ETH

ETH Risk / Return Rank: 5
ETH Sharpe Ratio Rank: 5
ETH Sortino Ratio Rank: 5
ETH Omega Ratio Rank: 5
ETH Calmar Ratio Rank: 5
ETH Martin Ratio Rank: 5

MSTZ

MSTZ Risk / Return Rank: 65
MSTZ Sharpe Ratio Rank: 71
MSTZ Sortino Ratio Rank: 65
MSTZ Omega Ratio Rank: 66
MSTZ Calmar Ratio Rank: 77
MSTZ Martin Ratio Rank: 46

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.

ETH vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Staking Mini ETF (ETH) 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.

	ETH	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	1.81	-2.35
Sortino ratio: Return per unit of downside risk	-0.47	2.41	-2.88
Omega ratio: Gain probability vs. loss probability	0.95	1.31	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.55	3.16	-3.71
Martin ratio: Return relative to average drawdown	-0.86	6.14	-7.00

ETH vs. MSTZ - Sharpe Ratio Comparison

The current ETH Sharpe Ratio is -0.54, which is lower than the MSTZ Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of ETH 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

ETH vs. MSTZ - Drawdown Comparison

The maximum ETH drawdown since its inception was -67.52%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for ETH and MSTZ.

Drawdown Indicators

	ETH	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-67.52%	-99.38%	+31.86%
Max Drawdown (1Y) Largest decline over 1 year	-67.52%	-84.89%	+17.37%
Current Drawdown Current decline from peak	-60.76%	-97.68%	+36.92%
Average Drawdown Average peak-to-trough decline	-34.38%	-94.54%	+60.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.94%	43.66%	-0.72%

Volatility

ETH vs. MSTZ - Volatility Comparison

The current volatility for Grayscale Ethereum Staking Mini ETF (ETH) is 16.66%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 57.19%. This indicates that ETH 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

	ETH	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.66%	57.19%	-40.53%
Volatility (6M) Calculated over the trailing 6-month period	47.38%	135.18%	-87.80%
Volatility (1Y) Calculated over the trailing 1-year period	68.36%	148.74%	-80.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.90%	171.04%	-99.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.90%	171.04%	-99.14%

ETH vs. MSTZ - Expense Ratio Comparison

ETH has a 0.15% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

ETH vs. MSTZ - Dividend Comparison

Neither ETH nor MSTZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETH and MSTZ in my portfolio?

ETH and MSTZ have a correlation of -0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETH or MSTZ?

MSTZ has higher volatility (57.19%) compared to ETH (16.66%). In terms of maximum drawdown, ETH dropped -67.52% vs MSTZ's -99.38%.

Which ETF is better, ETH or MSTZ?

On 1-year performance, MSTZ leads with 266.72% vs -36.80% for ETH. On fees, ETH is cheaper at 0.15% per year. On volatility, ETH has been the lower-risk option at 16.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETH or MSTZ?

Over the 1-year period, MSTZ has performed better with a 266.72% return vs -36.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETH or MSTZ?

ETH is cheaper with a 0.15% expense ratio, compared with 1.05% for MSTZ.

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

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

What is the main difference between ETH and MSTZ?

ETH is categorized as Cryptocurrency, while MSTZ is Inverse Equities. They also come from different issuers: Grayscale and REX. Their fees differ too: 0.15% for ETH and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.81 vs -0.54), 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.