KRBN vs. MSTZ

Last updated Jul 12, 2026

KRBN (KraneShares Global Carbon ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - KRBN is a Commodities fund tracking the IHS Markit Global Carbon Index, while MSTZ is a Inverse Equities fund actively managed by REX. KRBN is passively managed, while MSTZ is actively managed. Over the past year, KRBN returned 13.75% vs 264.10% for MSTZ. At a correlation of -0.09, they often move in opposite directions. KRBN charges 0.79%/yr vs 1.05%/yr for MSTZ.

Performance

KRBN vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Global Carbon ETF (KRBN) 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, KRBN achieves a -5.74% return, which is significantly higher than MSTZ's -26.97% return.

KRBN

• 1D: 0.42%
• 1M: 2.67%
• 6M: -6.14%
• YTD: -5.74%
• 1Y: 13.75%
• 3Y*: 0.25%
• 5Y*: 6.00%
• 10Y*: —

MSTZ

• 1D: -1.53%
• 1M: 39.32%
• 6M: -19.19%
• YTD: -26.97%
• 1Y: 264.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KRBN vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KRBN KraneShares Global Carbon ETF	-5.74%	23.11%	0.20%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-26.97%	-38.95%	-94.43%

Correlation

The correlation between KRBN and MSTZ is -0.21, 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	-0.21
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.09

The correlation between KRBN and MSTZ shifts across timeframes, from -0.21 (1 year) to -0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

KRBN vs. MSTZ — Risk / Return Rank

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

KRBN

KRBN Risk / Return Rank: 21
KRBN Sharpe Ratio Rank: 25
KRBN Sortino Ratio Rank: 22
KRBN Omega Ratio Rank: 24
KRBN Calmar Ratio Rank: 18
KRBN Martin Ratio Rank: 17

MSTZ

MSTZ Risk / Return Rank: 60
MSTZ Sharpe Ratio Rank: 61
MSTZ Sortino Ratio Rank: 62
MSTZ Omega Ratio Rank: 63
MSTZ Calmar Ratio Rank: 71
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.

KRBN vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Global Carbon ETF (KRBN) 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.

	KRBN	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	0.73	1.64	-0.91
Sortino ratio: Return per unit of downside risk	1.06	2.34	-1.28
Omega ratio: Gain probability vs. loss probability	1.14	1.30	-0.16
Calmar ratio: Return relative to maximum drawdown	0.55	2.86	-2.31
Martin ratio: Return relative to average drawdown	1.39	5.59	-4.20

KRBN vs. MSTZ - Sharpe Ratio Comparison

The current KRBN Sharpe Ratio is 0.73, which is lower than the MSTZ Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of KRBN 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

KRBN vs. MSTZ - Drawdown Comparison

The maximum KRBN drawdown since its inception was -36.42%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for KRBN and MSTZ.

Drawdown Indicators

	KRBN	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-36.42%	-99.38%	+62.96%
Max Drawdown (1Y) Largest decline over 1 year	-24.98%	-84.89%	+59.91%
Max Drawdown (3Y) Largest decline over 3 years	-27.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.42%	—	—
Current Drawdown Current decline from peak	-14.07%	-97.51%	+83.44%
Average Drawdown Average peak-to-trough decline	-16.11%	-94.53%	+78.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.93%	43.41%	-33.48%

Volatility

KRBN vs. MSTZ - Volatility Comparison

The current volatility for KraneShares Global Carbon ETF (KRBN) is 4.80%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 56.46%. This indicates that KRBN 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

	KRBN	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	56.46%	-51.66%
Volatility (6M) Calculated over the trailing 6-month period	16.94%	135.20%	-118.26%
Volatility (1Y) Calculated over the trailing 1-year period	19.00%	148.41%	-129.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.87%	171.17%	-143.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.47%	171.17%	-142.70%

KRBN vs. MSTZ - Expense Ratio Comparison

KRBN has a 0.79% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

KRBN vs. MSTZ - Dividend Comparison

KRBN's dividend yield for the trailing twelve months is around 2.02%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
KRBN KraneShares Global Carbon ETF	2.02%	1.90%	7.10%	7.60%	22.91%	0.49%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KRBN and MSTZ in my portfolio?

KRBN and MSTZ have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KRBN or MSTZ?

MSTZ has higher volatility (56.46%) compared to KRBN (4.80%). In terms of maximum drawdown, KRBN dropped -36.42% vs MSTZ's -99.38%.

Which ETF is better, KRBN or MSTZ?

On 1-year performance, MSTZ leads with 264.10% vs 13.75% for KRBN. On fees, KRBN is cheaper at 0.79% per year. On volatility, KRBN has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KRBN or MSTZ?

Over the 1-year period, MSTZ has performed better with a 264.10% return vs 13.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KRBN or MSTZ?

KRBN is cheaper with a 0.79% expense ratio, compared with 1.05% for MSTZ.

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

KRBN has the higher dividend yield at 2.02%, compared with 0.00% for MSTZ.

What is the main difference between KRBN and MSTZ?

KRBN is categorized as Commodities, while MSTZ is Inverse Equities. They also come from different issuers: CICC and REX. Their fees differ too: 0.79% for KRBN and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.64 vs 0.73), 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.