GDXD vs. MSTZ

Last updated Apr 1, 2026

Compare and contrast key facts about MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ).

GDXD and MSTZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GDXD is a passively managed fund by BMO that tracks the performance of the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%). It was launched on Dec 2, 2020. MSTZ is an actively managed fund by REX. It was launched on Sep 17, 2024.

Performance

GDXD vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). The values are adjusted to include any dividend payments, if applicable.

GDXD vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	-51.34%	-97.53%	22.60%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-27.23%	-38.95%	-94.26%

Returns By Period

In the year-to-date period, GDXD achieves a -51.34% return, which is significantly lower than MSTZ's -27.23% return.

GDXD

• 1D: -21.63%
• 1M: 68.00%
• YTD: -51.34%
• 6M: -76.21%
• 1Y: -96.70%
• 3Y*: -84.06%
• 5Y*: -75.49%
• 10Y*: —

MSTZ

• 1D: -5.53%
• 1M: -4.07%
• YTD: -27.23%
• 6M: 137.26%
• 1Y: -11.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDXD vs. MSTZ - Expense Ratio Comparison

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

MSTZ

T-REX 2X Inverse MSTR Daily Target ETF

GDXD

MicroSectors Gold Miners -3X Inverse Leveraged ETNs

Return for Risk

GDXD vs. MSTZ — Risk / Return Rank

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

GDXD

GDXD Risk / Return Rank: 1
GDXD Sharpe Ratio Rank: 2
GDXD Sortino Ratio Rank: 0
GDXD Omega Ratio Rank: 0
GDXD Calmar Ratio Rank: 0
GDXD Martin Ratio Rank: 3

MSTZ

MSTZ Risk / Return Rank: 20
MSTZ Sharpe Ratio Rank: 10
MSTZ Sortino Ratio Rank: 36
MSTZ Omega Ratio Rank: 35
MSTZ Calmar Ratio Rank: 10
MSTZ Martin Ratio Rank: 11

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.

GDXD vs. MSTZ - Risk-Adjusted Trends Comparison

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

	GDXD	MSTZ	Difference
Sharpe ratio Return per unit of total volatility	-0.70	-0.08	-0.62
Sortino ratio Return per unit of downside risk	-2.54	1.02	-3.56
Omega ratio Gain probability vs. loss probability	0.73	1.14	-0.41
Calmar ratio Return relative to maximum drawdown	-0.98	-0.12	-0.86
Martin ratio Return relative to average drawdown	-1.20	-0.17	-1.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDXD vs. MSTZ - Sharpe Ratio Comparison

The current GDXD Sharpe Ratio is -0.70, which is lower than the MSTZ Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of GDXD and MSTZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GDXD	MSTZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.70	-0.08	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.68	-0.53	-0.16

Correlation

The correlation between GDXD and MSTZ is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GDXD vs. MSTZ - Dividend Comparison

Neither GDXD nor MSTZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

GDXD vs. MSTZ - Drawdown Comparison

The maximum GDXD drawdown since its inception was -99.96%, roughly equal to the maximum MSTZ drawdown of -99.36%. Use the drawdown chart below to compare losses from any high point for GDXD and MSTZ.

Drawdown Indicators

	GDXD	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-99.36%	-0.60%
Max Drawdown (1Y) Largest decline over 1 year	-98.51%	-83.20%	-15.31%
Max Drawdown (5Y) Largest decline over 5 years	-99.96%	—	—
Current Drawdown Current decline from peak	-99.93%	-97.45%	-2.48%
Average Drawdown Average peak-to-trough decline	-70.92%	-93.91%	+22.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	80.64%	61.32%	+19.32%

Volatility

GDXD vs. MSTZ - Volatility Comparison

MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 54.68% compared to T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) at 38.43%. This indicates that GDXD's price experiences larger fluctuations and is considered to be riskier than MSTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXD	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	54.68%	38.43%	+16.25%
Volatility (6M) Calculated over the trailing 6-month period	110.83%	122.48%	-11.65%
Volatility (1Y) Calculated over the trailing 1-year period	138.20%	147.15%	-8.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	108.13%	173.11%	-64.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.21%	173.11%	-64.90%