FXI vs. MSTZ

Last updated Aug 2, 2026

FXI (iShares China Large-Cap ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - FXI is a China Equities fund tracking the FTSE China 50 Index, while MSTZ is a Inverse Equities fund actively managed by REX. FXI is passively managed, while MSTZ is actively managed. Over the past year, FXI returned 0.93% vs 159.07% for MSTZ. Their -0.28 correlation means they have often moved in opposite directions in the past. FXI charges 0.74%/yr vs 1.05%/yr for MSTZ.

Performance

FXI vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares China Large-Cap ETF (FXI) 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, FXI achieves a -3.96% return, which is significantly higher than MSTZ's -30.44% return.

FXI

• 1D: -0.05%
• 1M: 14.38%
• 6M: -7.16%
• YTD: -3.96%
• 1Y: 0.93%
• 3Y*: 9.88%
• 5Y*: 0.26%
• 10Y*: 2.81%
• ALL TIME*: 5.58%

MSTZ

• 1D: 8.95%
• 1M: 7.38%
• 6M: -24.16%
• YTD: -30.44%
• 1Y: 159.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -86.57%

*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)
FXI iShares China Large-Cap ETF	$773.89M	$798.32M	$975.73M
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	$101.73M	$133.33M	$177.41M

FXI vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FXI iShares China Large-Cap ETF	-3.96%	28.95%	17.30%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-30.44%	-38.95%	-94.43%

Correlation

The correlation between FXI and MSTZ is -0.33, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.33
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.28

Return for Risk

FXI vs. MSTZ — Risk / Return Rank

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

FXI

FXI Risk / Return Rank: 10
FXI Sharpe Ratio Rank: 11
FXI Sortino Ratio Rank: 10
FXI Omega Ratio Rank: 10
FXI Calmar Ratio Rank: 10
FXI Martin Ratio Rank: 10

MSTZ

MSTZ Risk / Return Rank: 61
MSTZ Sharpe Ratio Rank: 58
MSTZ Sortino Ratio Rank: 68
MSTZ Omega Ratio Rank: 68
MSTZ Calmar Ratio Rank: 70
MSTZ Martin Ratio Rank: 42

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.

FXI vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) 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.

	FXI	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	1.38	-1.42
Sortino ratio: Return per unit of downside risk	0.09	2.22	-2.12
Omega ratio: Gain probability vs. loss probability	1.01	1.28	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.03	2.44	-2.47
Martin ratio: Return relative to average drawdown	-0.07	4.53	-4.61

FXI vs. MSTZ - Sharpe Ratio Comparison

The current FXI Sharpe Ratio is -0.04, which is lower than the MSTZ Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of FXI 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

FXI vs. MSTZ - Drawdown Comparison

The maximum FXI drawdown since its inception was -72.68%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for FXI and MSTZ.

Drawdown Indicators

	FXI	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-72.68%	-99.38%	+26.70%
Max Drawdown (1Y) Largest decline over 1 year	-22.94%	-84.89%	+61.95%
Max Drawdown (3Y) Largest decline over 3 years	-25.56%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-49.88%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-60.81%	—	—
Current Drawdown Current decline from peak	-24.37%	-97.63%	+73.26%
Average Drawdown Average peak-to-trough decline	-31.21%	-94.63%	+63.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.00%	45.62%	-35.62%

Volatility

FXI vs. MSTZ - Volatility Comparison

The current volatility for iShares China Large-Cap ETF (FXI) is 5.14%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 37.86%. This indicates that FXI 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

	FXI	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	37.86%	-32.72%
Volatility (6M) Calculated over the trailing 6-month period	14.61%	134.52%	-119.91%
Volatility (1Y) Calculated over the trailing 1-year period	20.32%	150.23%	-129.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.44%	169.87%	-138.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.60%	169.87%	-142.27%

FXI vs. MSTZ - Expense Ratio Comparison

FXI has a 0.74% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

FXI vs. MSTZ - Dividend Comparison

FXI's dividend yield for the trailing twelve months is around 1.86%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXI iShares China Large-Cap ETF	1.86%	2.42%	1.76%	3.17%	2.61%	1.60%	2.19%	2.74%	2.69%	2.31%	2.69%	2.90%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXI and MSTZ in my portfolio?

FXI and MSTZ have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXI or MSTZ?

MSTZ has higher volatility (37.86%) compared to FXI (5.14%). In terms of maximum drawdown, FXI dropped -72.68% vs MSTZ's -99.38%.

Which ETF is better, FXI or MSTZ?

On 1-year performance, MSTZ leads with 159.07% vs 0.93% for FXI. On fees, FXI is cheaper at 0.74% per year. On volatility, FXI has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXI or MSTZ?

Over the 1-year period, MSTZ has performed better with a 159.07% return vs 0.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXI or MSTZ?

FXI is cheaper with a 0.74% expense ratio, compared with 1.05% for MSTZ.

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

FXI has the higher dividend yield at 1.86%, compared with 0.00% for MSTZ.

What is the main difference between FXI and MSTZ?

FXI is categorized as China Equities, while MSTZ is Inverse Equities. They also come from different issuers: iShares and REX. Their fees differ too: 0.74% for FXI and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.38 vs -0.04), 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.