MSDD vs. MSTZ

Last updated Jun 24, 2026

MSDD (GraniteShares 2x Short MSTR Daily ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both Inverse Equities funds. Both are actively managed. Over the past year, MSDD returned 69.58% vs 138.79% for MSTZ. With a 0.97 correlation, they move nearly in lockstep. MSDD charges 1.50%/yr vs 1.05%/yr for MSTZ.

Performance

MSDD vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short MSTR Daily ETF (MSDD) 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, MSDD achieves a -48.72% return, which is significantly lower than MSTZ's -28.57% return.

MSDD

• 1D: 0.00%
• 1M: 44.94%
• YTD: -48.72%
• 6M: -45.00%
• 1Y: 69.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: 10.06%
• 1M: 102.15%
• YTD: -28.57%
• 6M: -23.10%
• 1Y: 138.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSDD vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025
MSDD GraniteShares 2x Short MSTR Daily ETF	-48.72%	274.52%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-28.57%	277.75%

Correlation

The correlation between MSDD and MSTZ is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	0.97

The correlation between MSDD and MSTZ has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

MSDD vs. MSTZ — Risk / Return Rank

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

MSDD

MSDD Risk / Return Rank: 24
MSDD Sharpe Ratio Rank: 17
MSDD Sortino Ratio Rank: 32
MSDD Omega Ratio Rank: 33
MSDD Calmar Ratio Rank: 20
MSDD Martin Ratio Rank: 16

MSTZ

MSTZ Risk / Return Rank: 34
MSTZ Sharpe Ratio Rank: 28
MSTZ Sortino Ratio Rank: 41
MSTZ Omega Ratio Rank: 40
MSTZ Calmar Ratio Rank: 35
MSTZ Martin Ratio Rank: 26

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.

MSDD vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short MSTR Daily ETF (MSDD) 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.

	MSDD	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	0.50	0.97	-0.48
Sortino ratio: Return per unit of downside risk	1.61	1.98	-0.36
Omega ratio: Gain probability vs. loss probability	1.21	1.25	-0.04
Calmar ratio: Return relative to maximum drawdown	0.82	1.64	-0.82
Martin ratio: Return relative to average drawdown	1.63	3.27	-1.64

MSDD vs. MSTZ - Sharpe Ratio Comparison

The current MSDD Sharpe Ratio is 0.50, which is lower than the MSTZ Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of MSDD 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

MSDD vs. MSTZ - Drawdown Comparison

The maximum MSDD drawdown since its inception was -84.91%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for MSDD and MSTZ.

Drawdown Indicators

	MSDD	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-84.91%	-99.38%	+14.47%
Max Drawdown (1Y) Largest decline over 1 year	-84.91%	-84.89%	-0.02%
Current Drawdown Current decline from peak	-68.63%	-97.57%	+28.94%
Average Drawdown Average peak-to-trough decline	-31.26%	-94.45%	+63.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.14%	42.87%	+0.27%

Volatility

MSDD vs. MSTZ - Volatility Comparison

The current volatility for GraniteShares 2x Short MSTR Daily ETF (MSDD) is 32.28%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 42.31%. This indicates that MSDD 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

	MSDD	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.28%	42.31%	-10.03%
Volatility (6M) Calculated over the trailing 6-month period	124.65%	127.64%	-2.99%
Volatility (1Y) Calculated over the trailing 1-year period	140.94%	143.71%	-2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	138.85%	169.81%	-30.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	138.85%	169.81%	-30.96%

MSDD vs. MSTZ - Expense Ratio Comparison

MSDD has a 1.50% expense ratio, which is higher than MSTZ's 1.05% expense ratio.

Dividends

MSDD vs. MSTZ - Dividend Comparison

Neither MSDD nor MSTZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MSDD and MSTZ in my portfolio?

With a correlation of 0.97, MSDD and MSTZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MSDD or MSTZ?

MSTZ has higher volatility (42.31%) compared to MSDD (32.28%). In terms of maximum drawdown, MSDD dropped -84.91% vs MSTZ's -99.38%.

Which ETF is better, MSDD or MSTZ?

On 1-year performance, MSTZ leads with 138.79% vs 69.58% for MSDD. On fees, MSTZ is cheaper at 1.05% per year. On volatility, MSDD has been the lower-risk option at 32.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSDD or MSTZ?

Over the 1-year period, MSTZ has performed better with a 138.79% return vs 69.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSDD or MSTZ?

MSTZ is cheaper with a 1.05% expense ratio, compared with 1.50% for MSDD.

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

MSDD and MSTZ have nearly identical dividend yields, around 0.00%.

What is the main difference between MSDD and MSTZ?

They also come from different issuers: GraniteShares and REX. Their fees differ too: 1.50% for MSDD and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (0.97 vs 0.50), 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.