MSII vs. BMAX

Last updated Jun 4, 2026

MSII (REX MSTR Growth & Income ETF) and BMAX (REX Bitcoin Corporate Treasury Convertible Bond ETF) are both exchange-traded funds - MSII is a Leveraged Equities fund actively managed by REX, while BMAX is a Convertible Bonds fund actively managed by REX. Both are actively managed. At a 0.48 correlation, their price movements are largely independent. MSII charges 0.99%/yr vs 1.14%/yr for BMAX.

Performance

MSII vs. BMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX MSTR Growth & Income ETF (MSII) and REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MSII

• 1D: -8.30%
• 1M: -32.66%
• YTD: -21.10%
• 6M: -34.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BMAX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSII vs. BMAX - Yearly Performance Comparison

	2026 (YTD)	2025
MSII REX MSTR Growth & Income ETF	-21.10%	-60.25%
BMAX REX Bitcoin Corporate Treasury Convertible Bond ETF	4.03%	-22.75%

Correlation

The correlation between MSII and BMAX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.48

Return for Risk

MSII vs. BMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX MSTR Growth & Income ETF (MSII) and REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MSII	BMAX	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.97	—	—

Drawdowns

Drawdown Indicators

	MSII	BMAX	Difference
Max Drawdown Largest peak-to-trough decline	-78.73%	—	—
Current Drawdown Current decline from peak	-74.38%	—	—
Average Drawdown Average peak-to-trough decline	-46.16%	—	—

Volatility

Volatility by Period

	MSII	BMAX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	71.20%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.20%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.20%	—	—

MSII vs. BMAX - Expense Ratio Comparison

MSII has a 0.99% expense ratio, which is lower than BMAX's 1.14% expense ratio.

Dividends

MSII vs. BMAX - Dividend Comparison

MSII's dividend yield for the trailing twelve months is around 90.41%, while BMAX has not paid dividends to shareholders.

Position	TTM	2025
BMAX REX Bitcoin Corporate Treasury Convertible Bond ETF	0.00%	0.00%
MSII REX MSTR Growth & Income ETF	90.41%	48.93%

Frequently Asked Questions

Can I hold both MSII and BMAX in my portfolio?

MSII and BMAX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSII or BMAX?

On fees, MSII is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSII or BMAX?

MSII is cheaper with a 0.99% expense ratio, compared with 1.14% for BMAX.

Which ETF pays a higher dividend yield, MSII or BMAX?

MSII has the higher dividend yield at 90.41%, compared with 0.00% for BMAX.

What is the main difference between MSII and BMAX?

MSII is categorized as Leveraged Equities, while BMAX is Convertible Bonds. Their fees differ too: 0.99% for MSII and 1.14% for BMAX.