GMAY vs. MSTZ

Last updated Aug 2, 2026

GMAY (FT Cboe Vest U.S. Equity Moderate Buffer ETF - May) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - GMAY is a Options Trading fund actively managed by FT Vest, while MSTZ is a Inverse Equities fund actively managed by REX. Both are actively managed. Over the past year, GMAY returned 9.98% vs 159.07% for MSTZ. Their -0.43 correlation means they have often moved in opposite directions in the past. GMAY charges 0.85%/yr vs 1.05%/yr for MSTZ.

Performance

GMAY vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) 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, GMAY achieves a 4.73% return, which is significantly higher than MSTZ's -30.44% return.

GMAY

• 1D: 0.52%
• 1M: 0.48%
• 6M: 4.11%
• YTD: 4.73%
• 1Y: 9.98%
• 3Y*: 11.00%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.85%

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)
GMAY FT Cboe Vest U.S. Equity Moderate Buffer ETF - May	$856.43K	$2.12M	$6.06M
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	$101.73M	$133.33M	$177.41M

GMAY vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GMAY FT Cboe Vest U.S. Equity Moderate Buffer ETF - May	4.73%	11.94%	2.99%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-30.44%	-38.95%	-94.43%

Correlation

The correlation between GMAY and MSTZ is -0.44, 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.	-0.44
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.43

Return for Risk

GMAY vs. MSTZ — Risk / Return Rank

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

GMAY

GMAY Risk / Return Rank: 81
GMAY Sharpe Ratio Rank: 74
GMAY Sortino Ratio Rank: 76
GMAY Omega Ratio Rank: 81
GMAY Calmar Ratio Rank: 82
GMAY Martin Ratio Rank: 90

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.

GMAY vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) 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.

	GMAY	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.38	+0.33
Sortino ratio: Return per unit of downside risk	2.48	2.22	+0.26
Omega ratio: Gain probability vs. loss probability	1.35	1.28	+0.06
Calmar ratio: Return relative to maximum drawdown	3.03	2.44	+0.59
Martin ratio: Return relative to average drawdown	14.77	4.53	+10.23

GMAY vs. MSTZ - Sharpe Ratio Comparison

The current GMAY Sharpe Ratio is 1.71, which is comparable to the MSTZ Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of GMAY 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

GMAY vs. MSTZ - Drawdown Comparison

The maximum GMAY drawdown since its inception was -11.75%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for GMAY and MSTZ.

Drawdown Indicators

	GMAY	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-11.75%	-99.38%	+87.63%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-84.89%	+81.78%
Max Drawdown (3Y) Largest decline over 3 years	-11.75%	—	—
Current Drawdown Current decline from peak	-0.24%	-97.63%	+97.39%
Average Drawdown Average peak-to-trough decline	-0.72%	-94.63%	+93.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	45.62%	-44.98%

Volatility

GMAY vs. MSTZ - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) is 2.02%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 37.86%. This indicates that GMAY 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

	GMAY	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	37.86%	-35.84%
Volatility (6M) Calculated over the trailing 6-month period	4.72%	134.52%	-129.80%
Volatility (1Y) Calculated over the trailing 1-year period	5.51%	150.23%	-144.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.85%	169.87%	-162.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.85%	169.87%	-162.02%

GMAY vs. MSTZ - Expense Ratio Comparison

GMAY has a 0.85% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

GMAY vs. MSTZ - Dividend Comparison

Neither GMAY nor MSTZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GMAY and MSTZ in my portfolio?

GMAY and MSTZ have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMAY or MSTZ?

MSTZ has higher volatility (37.86%) compared to GMAY (2.02%). In terms of maximum drawdown, GMAY dropped -11.75% vs MSTZ's -99.38%.

Which ETF is better, GMAY or MSTZ?

On 1-year performance, MSTZ leads with 159.07% vs 9.98% for GMAY. On fees, GMAY is cheaper at 0.85% per year. On volatility, GMAY has been the lower-risk option at 2.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMAY or MSTZ?

Over the 1-year period, MSTZ has performed better with a 159.07% return vs 9.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMAY or MSTZ?

GMAY is cheaper with a 0.85% expense ratio, compared with 1.05% for MSTZ.

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

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

What is the main difference between GMAY and MSTZ?

GMAY is categorized as Options Trading, while MSTZ is Inverse Equities. They also come from different issuers: FT Vest and REX. Their fees differ too: 0.85% for GMAY and 1.05% for MSTZ.

Which has better risk-adjusted returns?

GMAY currently has the higher Sharpe Ratio (1.71 vs 1.38), 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.