KMLI vs. MSTZ

Last updated Jul 17, 2026

KMLI (KraneShares 2x Long MELI Daily ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - KMLI is a Leveraged Equities fund actively managed by KraneShares, while MSTZ is a Inverse Equities fund actively managed by REX. Both are actively managed. Over the past year, KMLI returned -56.04% vs 299.04% for MSTZ. At a correlation of -0.20, they often move in opposite directions. KMLI charges 1.26%/yr vs 1.05%/yr for MSTZ.

Performance

KMLI vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long MELI Daily ETF (KMLI) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with KMLI having a -28.41% return and MSTZ slightly higher at -27.52%.

KMLI

• 1D: 1.44%
• 1M: 20.50%
• 6M: -32.99%
• YTD: -28.41%
• 1Y: -56.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: 6.51%
• 1M: 38.88%
• 6M: -2.59%
• YTD: -27.52%
• 1Y: 299.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KMLI vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025
KMLI KraneShares 2x Long MELI Daily ETF	-28.41%	-38.14%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-27.52%	270.41%

Correlation

The correlation between KMLI and MSTZ is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	-0.20

Return for Risk

KMLI vs. MSTZ — Risk / Return Rank

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

KMLI

KMLI Risk / Return Rank: 3
KMLI Sharpe Ratio Rank: 4
KMLI Sortino Ratio Rank: 4
KMLI Omega Ratio Rank: 4
KMLI Calmar Ratio Rank: 3
KMLI Martin Ratio Rank: 3

MSTZ

MSTZ Risk / Return Rank: 70
MSTZ Sharpe Ratio Rank: 80
MSTZ Sortino Ratio Rank: 69
MSTZ Omega Ratio Rank: 69
MSTZ Calmar Ratio Rank: 83
MSTZ Martin Ratio Rank: 51

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.

KMLI vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long MELI Daily ETF (KMLI) 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.

	KMLI	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.71	2.03	-2.74
Sortino ratio: Return per unit of downside risk	-0.81	2.49	-3.30
Omega ratio: Gain probability vs. loss probability	0.89	1.33	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.81	3.55	-4.36
Martin ratio: Return relative to average drawdown	-1.25	6.84	-8.09

KMLI vs. MSTZ - Sharpe Ratio Comparison

The current KMLI Sharpe Ratio is -0.71, which is lower than the MSTZ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of KMLI 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

KMLI vs. MSTZ - Drawdown Comparison

The maximum KMLI drawdown since its inception was -73.23%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for KMLI and MSTZ.

Drawdown Indicators

	KMLI	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-73.23%	-99.38%	+26.15%
Max Drawdown (1Y) Largest decline over 1 year	-69.49%	-84.89%	+15.40%
Current Drawdown Current decline from peak	-63.16%	-97.53%	+34.37%
Average Drawdown Average peak-to-trough decline	-43.67%	-94.55%	+50.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.81%	43.95%	+0.86%

Volatility

KMLI vs. MSTZ - Volatility Comparison

The current volatility for KraneShares 2x Long MELI Daily ETF (KMLI) is 17.99%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 55.03%. This indicates that KMLI 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

	KMLI	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.99%	55.03%	-37.04%
Volatility (6M) Calculated over the trailing 6-month period	60.32%	134.45%	-74.13%
Volatility (1Y) Calculated over the trailing 1-year period	79.27%	148.58%	-69.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.86%	170.73%	-92.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	77.86%	170.73%	-92.87%

KMLI vs. MSTZ - Expense Ratio Comparison

KMLI has a 1.26% expense ratio, which is higher than MSTZ's 1.05% expense ratio.

Dividends

KMLI vs. MSTZ - Dividend Comparison

KMLI's dividend yield for the trailing twelve months is around 14.85%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025
KMLI KraneShares 2x Long MELI Daily ETF	14.85%	10.63%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both KMLI and MSTZ in my portfolio?

KMLI and MSTZ have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KMLI or MSTZ?

MSTZ has higher volatility (55.03%) compared to KMLI (17.99%). In terms of maximum drawdown, KMLI dropped -73.23% vs MSTZ's -99.38%.

Which ETF is better, KMLI or MSTZ?

On 1-year performance, MSTZ leads with 299.04% vs -56.04% for KMLI. On fees, MSTZ is cheaper at 1.05% per year. On volatility, KMLI has been the lower-risk option at 17.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KMLI or MSTZ?

Over the 1-year period, MSTZ has performed better with a 299.04% return vs -56.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KMLI or MSTZ?

MSTZ is cheaper with a 1.05% expense ratio, compared with 1.26% for KMLI.

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

KMLI has the higher dividend yield at 14.85%, compared with 0.00% for MSTZ.

What is the main difference between KMLI and MSTZ?

KMLI is categorized as Leveraged Equities, while MSTZ is Inverse Equities. They also come from different issuers: KraneShares and REX. Their fees differ too: 1.26% for KMLI and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (2.03 vs -0.71), 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.