JPXN vs. MSTZ

Last updated Jul 16, 2026

JPXN (iShares JPX-Nikkei 400 ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - JPXN is a Japan Equities fund tracking the JPX-Nikkei Index 400, while MSTZ is a Inverse Equities fund actively managed by REX. JPXN is passively managed, while MSTZ is actively managed. Over the past year, JPXN returned 34.14% vs 252.57% for MSTZ. At a correlation of -0.24, they often move in opposite directions. JPXN charges 0.48%/yr vs 1.05%/yr for MSTZ.

Performance

JPXN vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares JPX-Nikkei 400 ETF (JPXN) 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, JPXN achieves a 16.22% return, which is significantly higher than MSTZ's -31.95% return.

JPXN

• 1D: -0.33%
• 1M: 0.18%
• 6M: 10.38%
• YTD: 16.22%
• 1Y: 34.14%
• 3Y*: 17.59%
• 5Y*: 9.49%
• 10Y*: 9.09%

MSTZ

• 1D: -0.09%
• 1M: 46.79%
• 6M: 0.09%
• YTD: -31.95%
• 1Y: 252.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JPXN vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JPXN iShares JPX-Nikkei 400 ETF	16.22%	26.03%	-3.91%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-31.95%	-38.95%	-94.43%

Correlation

The correlation between JPXN and MSTZ is -0.33, 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	-0.33
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.24

Return for Risk

JPXN vs. MSTZ — Risk / Return Rank

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

JPXN

JPXN Risk / Return Rank: 66
JPXN Sharpe Ratio Rank: 67
JPXN Sortino Ratio Rank: 66
JPXN Omega Ratio Rank: 67
JPXN Calmar Ratio Rank: 65
JPXN Martin Ratio Rank: 63

MSTZ

MSTZ Risk / Return Rank: 61
MSTZ Sharpe Ratio Rank: 65
MSTZ Sortino Ratio Rank: 62
MSTZ Omega Ratio Rank: 64
MSTZ Calmar Ratio Rank: 73
MSTZ Martin Ratio Rank: 43

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.

JPXN vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares JPX-Nikkei 400 ETF (JPXN) 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.

	JPXN	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.71	+0.03
Sortino ratio: Return per unit of downside risk	2.44	2.37	+0.07
Omega ratio: Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	2.62	3.00	-0.38
Martin ratio: Return relative to average drawdown	9.06	5.79	+3.27

JPXN vs. MSTZ - Sharpe Ratio Comparison

The current JPXN Sharpe Ratio is 1.75, which is comparable to the MSTZ Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of JPXN 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

JPXN vs. MSTZ - Drawdown Comparison

The maximum JPXN drawdown since its inception was -55.54%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for JPXN and MSTZ.

Drawdown Indicators

	JPXN	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-55.54%	-99.38%	+43.84%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	-84.89%	+71.78%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.21%	—	—
Current Drawdown Current decline from peak	-2.25%	-97.68%	+95.43%
Average Drawdown Average peak-to-trough decline	-15.00%	-94.55%	+79.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	43.81%	-40.03%

Volatility

JPXN vs. MSTZ - Volatility Comparison

The current volatility for iShares JPX-Nikkei 400 ETF (JPXN) is 6.07%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 56.66%. This indicates that JPXN 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

	JPXN	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	56.66%	-50.59%
Volatility (6M) Calculated over the trailing 6-month period	16.06%	135.05%	-118.99%
Volatility (1Y) Calculated over the trailing 1-year period	19.69%	148.51%	-128.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.90%	170.85%	-152.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.05%	170.85%	-153.80%

JPXN vs. MSTZ - Expense Ratio Comparison

JPXN has a 0.48% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

JPXN vs. MSTZ - Dividend Comparison

JPXN's dividend yield for the trailing twelve months is around 2.75%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPXN iShares JPX-Nikkei 400 ETF	2.75%	3.14%	2.29%	2.57%	1.47%	2.63%	1.27%	1.92%	1.60%	1.50%	2.07%	1.32%
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 JPXN and MSTZ in my portfolio?

JPXN 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, JPXN or MSTZ?

MSTZ has higher volatility (56.66%) compared to JPXN (6.07%). In terms of maximum drawdown, JPXN dropped -55.54% vs MSTZ's -99.38%.

Which ETF is better, JPXN or MSTZ?

On 1-year performance, MSTZ leads with 252.57% vs 34.14% for JPXN. On fees, JPXN is cheaper at 0.48% per year. On volatility, JPXN has been the lower-risk option at 6.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPXN or MSTZ?

Over the 1-year period, MSTZ has performed better with a 252.57% return vs 34.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPXN or MSTZ?

JPXN is cheaper with a 0.48% expense ratio, compared with 1.05% for MSTZ.

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

JPXN has the higher dividend yield at 2.75%, compared with 0.00% for MSTZ.

What is the main difference between JPXN and MSTZ?

JPXN is categorized as Japan Equities, while MSTZ is Inverse Equities. They also come from different issuers: iShares and REX. Their fees differ too: 0.48% for JPXN and 1.05% for MSTZ.

Which has better risk-adjusted returns?

JPXN currently has the higher Sharpe Ratio (1.75 vs 1.71), 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.