KHPI vs. MSTZ

Last updated Jul 14, 2026

KHPI (Kensington Hedged Premium Income ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - KHPI is a Derivative Income fund actively managed by Kensington Asset Management, while MSTZ is a Inverse Equities fund actively managed by REX. Both are actively managed. Over the past year, KHPI returned 11.89% vs 282.56% for MSTZ. At a correlation of -0.40, they often move in opposite directions. KHPI charges 0.96%/yr vs 1.05%/yr for MSTZ.

Performance

KHPI vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kensington Hedged Premium Income ETF (KHPI) 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, KHPI achieves a 5.95% return, which is significantly higher than MSTZ's -23.27% return.

KHPI

• 1D: -0.15%
• 1M: 1.21%
• 6M: 5.38%
• YTD: 5.95%
• 1Y: 11.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: 5.07%
• 1M: 46.38%
• 6M: -9.68%
• YTD: -23.27%
• 1Y: 282.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KHPI vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KHPI Kensington Hedged Premium Income ETF	5.95%	11.14%	2.94%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-23.27%	-38.95%	-94.43%

Correlation

The correlation between KHPI and MSTZ is -0.46, 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	-0.46
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.40

Return for Risk

KHPI vs. MSTZ — Risk / Return Rank

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

KHPI

KHPI Risk / Return Rank: 57
KHPI Sharpe Ratio Rank: 60
KHPI Sortino Ratio Rank: 61
KHPI Omega Ratio Rank: 61
KHPI Calmar Ratio Rank: 45
KHPI Martin Ratio Rank: 60

MSTZ

MSTZ Risk / Return Rank: 68
MSTZ Sharpe Ratio Rank: 76
MSTZ Sortino Ratio Rank: 67
MSTZ Omega Ratio Rank: 68
MSTZ Calmar Ratio Rank: 80
MSTZ Martin Ratio Rank: 49

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.

KHPI vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kensington Hedged Premium Income ETF (KHPI) 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.

	KHPI	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.92	-0.33
Sortino ratio: Return per unit of downside risk	2.28	2.45	-0.17
Omega ratio: Gain probability vs. loss probability	1.29	1.32	-0.02
Calmar ratio: Return relative to maximum drawdown	1.82	3.35	-1.53
Martin ratio: Return relative to average drawdown	8.33	6.53	+1.80

KHPI vs. MSTZ - Sharpe Ratio Comparison

The current KHPI Sharpe Ratio is 1.59, which is comparable to the MSTZ Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of KHPI 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

KHPI vs. MSTZ - Drawdown Comparison

The maximum KHPI drawdown since its inception was -10.58%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for KHPI and MSTZ.

Drawdown Indicators

	KHPI	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-10.58%	-99.38%	+88.80%
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	-84.89%	+78.34%
Current Drawdown Current decline from peak	-0.15%	-97.39%	+97.24%
Average Drawdown Average peak-to-trough decline	-1.21%	-94.53%	+93.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.43%	43.51%	-42.08%

Volatility

KHPI vs. MSTZ - Volatility Comparison

The current volatility for Kensington Hedged Premium Income ETF (KHPI) is 1.88%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 56.56%. This indicates that KHPI 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

	KHPI	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.88%	56.56%	-54.68%
Volatility (6M) Calculated over the trailing 6-month period	5.91%	135.11%	-129.20%
Volatility (1Y) Calculated over the trailing 1-year period	7.53%	148.53%	-141.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.55%	171.02%	-161.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.55%	171.02%	-161.47%

KHPI vs. MSTZ - Expense Ratio Comparison

KHPI has a 0.96% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

KHPI vs. MSTZ - Dividend Comparison

KHPI's dividend yield for the trailing twelve months is around 8.90%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024
KHPI Kensington Hedged Premium Income ETF	8.90%	8.90%	3.01%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KHPI and MSTZ in my portfolio?

KHPI and MSTZ have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KHPI or MSTZ?

MSTZ has higher volatility (56.56%) compared to KHPI (1.88%). In terms of maximum drawdown, KHPI dropped -10.58% vs MSTZ's -99.38%.

Which ETF is better, KHPI or MSTZ?

On 1-year performance, MSTZ leads with 282.56% vs 11.89% for KHPI. On fees, KHPI is cheaper at 0.96% per year. On volatility, KHPI has been the lower-risk option at 1.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KHPI or MSTZ?

Over the 1-year period, MSTZ has performed better with a 282.56% return vs 11.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KHPI or MSTZ?

KHPI is cheaper with a 0.96% expense ratio, compared with 1.05% for MSTZ.

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

KHPI has the higher dividend yield at 8.90%, compared with 0.00% for MSTZ.

What is the main difference between KHPI and MSTZ?

KHPI is categorized as Derivative Income, while MSTZ is Inverse Equities. They also come from different issuers: Kensington Asset Management and REX. Their fees differ too: 0.96% for KHPI and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.92 vs 1.59), 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.