MSFX vs. NVDQ

Last updated Aug 2, 2026

MSFX (T-Rex 2X Long Microsoft Daily Target ETF) and NVDQ (T-Rex 2X Inverse NVIDIA Daily Target ETF) are both exchange-traded funds - MSFX is a Leveraged Equities fund actively managed by T-Rex, while NVDQ is a Inverse Equities fund actively managed by T-Rex. Both are actively managed. Over the past year, MSFX returned -36.75% vs -48.60% for NVDQ. Their -0.45 correlation means they have often moved in opposite directions in the past. Both charge a 1.05% expense ratio.

Performance

MSFX vs. NVDQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Long Microsoft Daily Target ETF (MSFX) and T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSFX achieves a -19.85% return, which is significantly higher than NVDQ's -32.56% return.

MSFX

• 1D: 5.74%
• 1M: 37.34%
• 6M: 4.23%
• YTD: -19.85%
• 1Y: -36.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -3.75%

NVDQ

• 1D: -5.82%
• 1M: -9.94%
• 6M: -28.13%
• YTD: -32.56%
• 1Y: -48.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -82.74%

*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)
MSFX T-Rex 2X Long Microsoft Daily Target ETF	$7.46M	$6.03M	$5.49M
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF	$23.89M	$29.47M	$56.41M

MSFX vs. NVDQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSFX T-Rex 2X Long Microsoft Daily Target ETF	-19.85%	9.84%	3.03%
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF	-32.56%	-74.63%	-92.40%

Correlation

The correlation between MSFX and NVDQ is -0.34, 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.	-0.34
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	-0.45

The correlation between MSFX and NVDQ shifts across timeframes, from -0.45 (all time) to -0.34 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MSFX vs. NVDQ — Risk / Return Rank

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

MSFX

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

NVDQ

NVDQ Risk / Return Rank: 4
NVDQ Sharpe Ratio Rank: 4
NVDQ Sortino Ratio Rank: 5
NVDQ Omega Ratio Rank: 5
NVDQ Calmar Ratio Rank: 3
NVDQ Martin Ratio Rank: 2

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.

MSFX vs. NVDQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Long Microsoft Daily Target ETF (MSFX) and T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ). 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.

	MSFX	NVDQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.62	-0.64	+0.02
Sortino ratio: Return per unit of downside risk	-0.72	-0.68	-0.04
Omega ratio: Gain probability vs. loss probability	0.91	0.92	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.62	-0.76	+0.14
Martin ratio: Return relative to average drawdown	-1.01	-1.33	+0.32

MSFX vs. NVDQ - Sharpe Ratio Comparison

The current MSFX Sharpe Ratio is -0.62, which is comparable to the NVDQ Sharpe Ratio of -0.64. The chart below compares the historical Sharpe Ratios of MSFX and NVDQ, 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

MSFX vs. NVDQ - Drawdown Comparison

The maximum MSFX drawdown since its inception was -63.56%, smaller than the maximum NVDQ drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for MSFX and NVDQ.

Drawdown Indicators

	MSFX	NVDQ	Difference
Max Drawdown Largest peak-to-trough decline	-63.56%	-99.45%	+35.89%
Max Drawdown (1Y) Largest decline over 1 year	-63.56%	-61.17%	-2.39%
Current Drawdown Current decline from peak	-39.33%	-99.32%	+59.99%
Average Drawdown Average peak-to-trough decline	-23.33%	-88.72%	+65.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.70%	34.78%	+3.92%

Volatility

MSFX vs. NVDQ - Volatility Comparison

T-Rex 2X Long Microsoft Daily Target ETF (MSFX) has a higher volatility of 29.51% compared to T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) at 23.95%. This indicates that MSFX's price experiences larger fluctuations and is considered to be riskier than NVDQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFX	NVDQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.51%	23.95%	+5.56%
Volatility (6M) Calculated over the trailing 6-month period	51.35%	57.01%	-5.66%
Volatility (1Y) Calculated over the trailing 1-year period	63.33%	72.43%	-9.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.73%	94.76%	-41.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.73%	94.76%	-41.03%

MSFX vs. NVDQ - Expense Ratio Comparison

Both MSFX and NVDQ have an expense ratio of 1.05%.

Dividends

MSFX vs. NVDQ - Dividend Comparison

MSFX's dividend yield for the trailing twelve months is around 6.66%, more than NVDQ's 0.39% yield.

Position	TTM	2025	2024	2023
MSFX T-Rex 2X Long Microsoft Daily Target ETF	6.66%	5.34%	0.00%	0.00%
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF	0.39%	0.26%	4.59%	11.60%

Frequently Asked Questions

Can I hold both MSFX and NVDQ in my portfolio?

MSFX and NVDQ have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSFX or NVDQ?

MSFX has higher volatility (29.51%) compared to NVDQ (23.95%). In terms of maximum drawdown, MSFX dropped -63.56% vs NVDQ's -99.45%.

Which ETF is better, MSFX or NVDQ?

On 1-year performance, MSFX leads with -36.75% vs -48.60% for NVDQ. Both ETFs have the same 1.05% expense ratio. On volatility, NVDQ has been the lower-risk option at 23.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFX or NVDQ?

Over the 1-year period, MSFX has performed better with a -36.75% return vs -48.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFX or NVDQ?

MSFX and NVDQ have the same expense ratio: 1.05% per year.

Which ETF pays a higher dividend yield, MSFX or NVDQ?

MSFX has the higher dividend yield at 6.66%, compared with 0.39% for NVDQ.

What is the main difference between MSFX and NVDQ?

MSFX is categorized as Leveraged Equities, while NVDQ is Inverse Equities.

Which has better risk-adjusted returns?

MSFX currently has the higher Sharpe Ratio (-0.62 vs -0.64), 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.