KDEF vs. MSTZ

Last updated Aug 4, 2026

KDEF (PLUS Korea Defense Industry Index ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - KDEF is a Aerospace & Defense fund tracking the The Korea Defence Industry Index, while MSTZ is a Inverse Equities fund actively managed by REX. KDEF is passively managed, while MSTZ is actively managed. Over the past year, KDEF returned -3.32% vs 150.38% for MSTZ. Their -0.27 correlation means they have often moved in opposite directions in the past. KDEF charges 0.65%/yr vs 1.05%/yr for MSTZ.

Performance

KDEF vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PLUS Korea Defense Industry Index ETF (KDEF) 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, KDEF achieves a -13.02% return, which is significantly higher than MSTZ's -32.77% return.

KDEF

• 1D: 6.04%
• 1M: -11.91%
• 6M: -31.60%
• YTD: -13.02%
• 1Y: -3.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 52.85%

MSTZ

• 1D: -3.35%
• 1M: 3.78%
• 6M: -35.30%
• YTD: -32.77%
• 1Y: 150.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -86.70%

*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)
KDEF PLUS Korea Defense Industry Index ETF	$2.88M	$2.61M	$5.49M
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	$99.07M	$124.74M	$178.48M

KDEF vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025
KDEF PLUS Korea Defense Industry Index ETF	-13.02%	116.28%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-32.77%	8.13%

Correlation

The correlation between KDEF and MSTZ is -0.32, 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.	-0.32
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	-0.27

Return for Risk

KDEF vs. MSTZ — Risk / Return Rank

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

KDEF

KDEF Risk / Return Rank: 11
KDEF Sharpe Ratio Rank: 10
KDEF Sortino Ratio Rank: 13
KDEF Omega Ratio Rank: 13
KDEF Calmar Ratio Rank: 10
KDEF Martin Ratio Rank: 10

MSTZ

MSTZ Risk / Return Rank: 46
MSTZ Sharpe Ratio Rank: 40
MSTZ Sortino Ratio Rank: 56
MSTZ Omega Ratio Rank: 56
MSTZ Calmar Ratio Rank: 47
MSTZ Martin Ratio Rank: 34

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.

KDEF vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PLUS Korea Defense Industry Index ETF (KDEF) 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.

	KDEF	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.06	1.01	-1.08
Sortino ratio: Return per unit of downside risk	0.27	2.01	-1.74
Omega ratio: Gain probability vs. loss probability	1.03	1.26	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.07	1.78	-1.85
Martin ratio: Return relative to average drawdown	-0.19	3.30	-3.49

KDEF vs. MSTZ - Sharpe Ratio Comparison

The current KDEF Sharpe Ratio is -0.06, which is lower than the MSTZ Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of KDEF 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

KDEF vs. MSTZ - Drawdown Comparison

The maximum KDEF drawdown since its inception was -48.41%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for KDEF and MSTZ.

Drawdown Indicators

	KDEF	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-48.41%	-99.38%	+50.97%
Max Drawdown (1Y) Largest decline over 1 year	-48.41%	-84.89%	+36.48%
Current Drawdown Current decline from peak	-42.14%	-97.71%	+55.57%
Average Drawdown Average peak-to-trough decline	-9.74%	-94.63%	+84.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.77%	45.77%	-28.00%

Volatility

KDEF vs. MSTZ - Volatility Comparison

The current volatility for PLUS Korea Defense Industry Index ETF (KDEF) is 21.66%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 33.58%. This indicates that KDEF 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

	KDEF	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.66%	33.58%	-11.92%
Volatility (6M) Calculated over the trailing 6-month period	44.03%	134.23%	-90.20%
Volatility (1Y) Calculated over the trailing 1-year period	51.82%	149.52%	-97.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.36%	169.71%	-119.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.36%	169.71%	-119.35%

KDEF vs. MSTZ - Expense Ratio Comparison

KDEF has a 0.65% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

KDEF vs. MSTZ - Dividend Comparison

KDEF's dividend yield for the trailing twelve months is around 7.90%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025
KDEF PLUS Korea Defense Industry Index ETF	7.90%	5.06%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both KDEF and MSTZ in my portfolio?

KDEF and MSTZ have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KDEF or MSTZ?

MSTZ has higher volatility (33.58%) compared to KDEF (21.66%). In terms of maximum drawdown, KDEF dropped -48.41% vs MSTZ's -99.38%.

Which ETF is better, KDEF or MSTZ?

On 1-year performance, MSTZ leads with 150.38% vs -3.32% for KDEF. On fees, KDEF is cheaper at 0.65% per year. On volatility, KDEF has been the lower-risk option at 21.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KDEF or MSTZ?

Over the 1-year period, MSTZ has performed better with a 150.38% return vs -3.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KDEF or MSTZ?

KDEF is cheaper with a 0.65% expense ratio, compared with 1.05% for MSTZ.

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

KDEF has the higher dividend yield at 7.90%, compared with 0.00% for MSTZ.

What is the main difference between KDEF and MSTZ?

KDEF is categorized as Aerospace & Defense, while MSTZ is Inverse Equities. They also come from different issuers: PLUS and REX. Their fees differ too: 0.65% for KDEF and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.01 vs -0.06), 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.