KSA vs. MSTZ

Last updated Aug 2, 2026

KSA (iShares MSCI Saudi Arabia ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - KSA is a Emerging Markets Equities fund tracking the MSCI Saudi Arabia IMI 25/50 Index, while MSTZ is a Inverse Equities fund actively managed by REX. KSA is passively managed, while MSTZ is actively managed. Over the past year, KSA returned 1.77% vs 159.07% for MSTZ. Their -0.26 correlation means they have often moved in opposite directions in the past. KSA charges 0.74%/yr vs 1.05%/yr for MSTZ.

Performance

KSA vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Saudi Arabia ETF (KSA) 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, KSA achieves a 3.06% return, which is significantly higher than MSTZ's -30.44% return.

KSA

• 1D: 0.11%
• 1M: -1.12%
• 6M: -5.86%
• YTD: 3.06%
• 1Y: 1.77%
• 3Y*: -0.88%
• 5Y*: 1.13%
• 10Y*: 7.99%
• ALL TIME*: 6.02%

MSTZ

• 1D: 8.95%
• 1M: 7.38%
• 6M: -24.16%
• YTD: -30.44%
• 1Y: 159.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -86.57%

*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)
KSA iShares MSCI Saudi Arabia ETF	$20.82M	$19.40M	$19.77M
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	$101.73M	$133.33M	$177.41M

KSA vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KSA iShares MSCI Saudi Arabia ETF	3.06%	-8.20%	0.63%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-30.44%	-38.95%	-94.43%

Correlation

The correlation between KSA and MSTZ is -0.26, 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.	-0.26
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.26

Return for Risk

KSA vs. MSTZ — Risk / Return Rank

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

KSA

KSA Risk / Return Rank: 12
KSA Sharpe Ratio Rank: 12
KSA Sortino Ratio Rank: 12
KSA Omega Ratio Rank: 12
KSA Calmar Ratio Rank: 13
KSA Martin Ratio Rank: 12

MSTZ

MSTZ Risk / Return Rank: 61
MSTZ Sharpe Ratio Rank: 58
MSTZ Sortino Ratio Rank: 68
MSTZ Omega Ratio Rank: 68
MSTZ Calmar Ratio Rank: 70
MSTZ Martin Ratio Rank: 42

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.

KSA vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Saudi Arabia ETF (KSA) 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.

	KSA	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	0.07	1.38	-1.31
Sortino ratio: Return per unit of downside risk	0.24	2.22	-1.97
Omega ratio: Gain probability vs. loss probability	1.03	1.28	-0.26
Calmar ratio: Return relative to maximum drawdown	0.10	2.44	-2.35
Martin ratio: Return relative to average drawdown	0.20	4.53	-4.33

KSA vs. MSTZ - Sharpe Ratio Comparison

The current KSA Sharpe Ratio is 0.07, which is lower than the MSTZ Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of KSA 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

KSA vs. MSTZ - Drawdown Comparison

The maximum KSA drawdown since its inception was -40.56%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for KSA and MSTZ.

Drawdown Indicators

	KSA	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-40.56%	-99.38%	+58.82%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-84.89%	+73.27%
Max Drawdown (3Y) Largest decline over 3 years	-15.28%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.08%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.56%	—	—
Current Drawdown Current decline from peak	-18.20%	-97.63%	+79.43%
Average Drawdown Average peak-to-trough decline	-11.51%	-94.63%	+83.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.53%	45.62%	-40.09%

Volatility

KSA vs. MSTZ - Volatility Comparison

The current volatility for iShares MSCI Saudi Arabia ETF (KSA) is 2.83%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 37.86%. This indicates that KSA 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

	KSA	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	37.86%	-35.03%
Volatility (6M) Calculated over the trailing 6-month period	11.45%	134.52%	-123.07%
Volatility (1Y) Calculated over the trailing 1-year period	16.37%	150.23%	-133.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	169.87%	-153.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.98%	169.87%	-149.89%

KSA vs. MSTZ - Expense Ratio Comparison

KSA has a 0.74% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

KSA vs. MSTZ - Dividend Comparison

KSA's dividend yield for the trailing twelve months is around 2.79%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KSA iShares MSCI Saudi Arabia ETF	2.79%	2.95%	3.44%	2.44%	1.93%	1.58%	1.76%	2.15%	2.51%	2.30%	3.05%	0.04%
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 KSA and MSTZ in my portfolio?

KSA and MSTZ have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KSA or MSTZ?

MSTZ has higher volatility (37.86%) compared to KSA (2.83%). In terms of maximum drawdown, KSA dropped -40.56% vs MSTZ's -99.38%.

Which ETF is better, KSA or MSTZ?

On 1-year performance, MSTZ leads with 159.07% vs 1.77% for KSA. On fees, KSA is cheaper at 0.74% per year. On volatility, KSA has been the lower-risk option at 2.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KSA or MSTZ?

Over the 1-year period, MSTZ has performed better with a 159.07% return vs 1.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSA or MSTZ?

KSA is cheaper with a 0.74% expense ratio, compared with 1.05% for MSTZ.

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

KSA has the higher dividend yield at 2.79%, compared with 0.00% for MSTZ.

What is the main difference between KSA and MSTZ?

KSA is categorized as Emerging Markets Equities, while MSTZ is Inverse Equities. They also come from different issuers: iShares and REX. Their fees differ too: 0.74% for KSA and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.38 vs 0.07), 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.