ETHW vs. MSTZ

Last updated Jun 26, 2026

ETHW (Bitwise Ethereum ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - ETHW is a Cryptocurrency fund actively managed by Bitwise, while MSTZ is a Inverse Equities fund actively managed by REX. Both are actively managed. Over the past year, ETHW returned -36.20% vs 279.21% for MSTZ. At a correlation of -0.68, they often move in opposite directions. ETHW charges 0.20%/yr vs 1.05%/yr for MSTZ.

Performance

ETHW vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum ETF (ETHW) 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, ETHW achieves a -47.63% return, which is significantly lower than MSTZ's 1.05% return.

ETHW

• 1D: -1.59%
• 1M: -24.83%
• YTD: -47.63%
• 6M: -47.03%
• 1Y: -36.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: 19.27%
• 1M: 186.45%
• YTD: 1.05%
• 6M: 9.89%
• 1Y: 279.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHW vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHW Bitwise Ethereum ETF	-47.63%	-11.26%	42.17%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	1.05%	-38.95%	-94.43%

Correlation

The correlation between ETHW and MSTZ is -0.79, 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	-0.79
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.68

The correlation between ETHW and MSTZ shifts across timeframes, from -0.79 (1 year) to -0.68 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ETHW vs. MSTZ — Risk / Return Rank

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

ETHW

ETHW Risk / Return Rank: 5
ETHW Sharpe Ratio Rank: 5
ETHW Sortino Ratio Rank: 6
ETHW Omega Ratio Rank: 6
ETHW Calmar Ratio Rank: 5
ETHW Martin Ratio Rank: 5

MSTZ

MSTZ Risk / Return Rank: 62
MSTZ Sharpe Ratio Rank: 69
MSTZ Sortino Ratio Rank: 60
MSTZ Omega Ratio Rank: 59
MSTZ Calmar Ratio Rank: 74
MSTZ Martin Ratio Rank: 45

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.

ETHW vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum ETF (ETHW) 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.

	ETHW	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.53	1.93	-2.46
Sortino ratio: Return per unit of downside risk	-0.44	2.48	-2.92
Omega ratio: Gain probability vs. loss probability	0.95	1.32	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.53	3.31	-3.85
Martin ratio: Return relative to average drawdown	-0.89	6.57	-7.46

ETHW vs. MSTZ - Sharpe Ratio Comparison

The current ETHW Sharpe Ratio is -0.53, which is lower than the MSTZ Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of ETHW 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

ETHW vs. MSTZ - Drawdown Comparison

The maximum ETHW drawdown since its inception was -67.89%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for ETHW and MSTZ.

Drawdown Indicators

	ETHW	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-67.89%	-99.38%	+31.49%
Max Drawdown (1Y) Largest decline over 1 year	-67.89%	-84.89%	+17.00%
Current Drawdown Current decline from peak	-67.89%	-96.56%	+28.67%
Average Drawdown Average peak-to-trough decline	-33.78%	-94.46%	+60.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.86%	42.70%	-1.84%

Volatility

ETHW vs. MSTZ - Volatility Comparison

The current volatility for Bitwise Ethereum ETF (ETHW) is 20.09%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 46.08%. This indicates that ETHW 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

	ETHW	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.09%	46.08%	-25.99%
Volatility (6M) Calculated over the trailing 6-month period	46.58%	129.73%	-83.15%
Volatility (1Y) Calculated over the trailing 1-year period	68.91%	145.84%	-76.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.21%	170.65%	-98.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.21%	170.65%	-98.44%

ETHW vs. MSTZ - Expense Ratio Comparison

ETHW has a 0.20% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

ETHW vs. MSTZ - Dividend Comparison

Neither ETHW nor MSTZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETHW and MSTZ in my portfolio?

ETHW and MSTZ have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHW or MSTZ?

MSTZ has higher volatility (46.08%) compared to ETHW (20.09%). In terms of maximum drawdown, ETHW dropped -67.89% vs MSTZ's -99.38%.

Which ETF is better, ETHW or MSTZ?

On 1-year performance, MSTZ leads with 279.21% vs -36.20% for ETHW. On fees, ETHW is cheaper at 0.20% per year. On volatility, ETHW has been the lower-risk option at 20.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHW or MSTZ?

Over the 1-year period, MSTZ has performed better with a 279.21% return vs -36.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHW or MSTZ?

ETHW is cheaper with a 0.20% expense ratio, compared with 1.05% for MSTZ.

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

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

What is the main difference between ETHW and MSTZ?

ETHW is categorized as Cryptocurrency, while MSTZ is Inverse Equities. They also come from different issuers: Bitwise and REX. Their fees differ too: 0.20% for ETHW and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.93 vs -0.53), 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.