MST vs. MSTZ

Last updated Jun 4, 2026

MST (Defiance Leveraged Long Income MSTR ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - MST is a Derivative Income fund actively managed by Defiance, while MSTZ is a Inverse Equities fund actively managed by REX. Both are actively managed. Over the past year, MST returned -92.85% vs 94.24% for MSTZ. At a correlation of -1.00, they often move in opposite directions. MST charges 1.31%/yr vs 1.05%/yr for MSTZ.

Performance

MST vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Leveraged Long Income MSTR ETF (MST) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MST having a -46.90% return and MSTZ slightly higher at -46.88%.

MST

• 1D: -14.62%
• 1M: -51.85%
• YTD: -46.90%
• 6M: -62.90%
• 1Y: -92.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: 14.02%
• 1M: 86.49%
• YTD: -46.88%
• 6M: -23.06%
• 1Y: 94.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MST vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025
MST Defiance Leveraged Long Income MSTR ETF	-46.90%	-87.72%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-46.88%	255.81%

Correlation

The correlation between MST and MSTZ is -0.99, 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	-1.00
Correlation (All Time) Calculated using the full available price history since May 5, 2025	-1.00

The correlation between MST and MSTZ has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

Return for Risk

MST vs. MSTZ — Risk / Return Rank

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

MST

MST Risk / Return Rank: 1
MST Sharpe Ratio Rank: 3
MST Sortino Ratio Rank: 1
MST Omega Ratio Rank: 1
MST Calmar Ratio Rank: 1
MST Martin Ratio Rank: 3

MSTZ

MSTZ Risk / Return Rank: 26
MSTZ Sharpe Ratio Rank: 20
MSTZ Sortino Ratio Rank: 32
MSTZ Omega Ratio Rank: 34
MSTZ Calmar Ratio Rank: 24
MSTZ Martin Ratio Rank: 20

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.

MST vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) 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.

	MST	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	0.68	-1.41
Sortino ratio: Return per unit of downside risk	-2.01	1.74	-3.76
Omega ratio: Gain probability vs. loss probability	0.78	1.23	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.98	1.12	-2.09
Martin ratio: Return relative to average drawdown	-1.28	2.35	-3.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MST vs. MSTZ - Sharpe Ratio Comparison

The current MST Sharpe Ratio is -0.74, which is lower than the MSTZ Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of MST 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.

Sharpe Ratios by Period

	MST	MSTZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.74	0.68	-1.41
Sharpe Ratio (All Time) Calculated using the full available price history	-0.74	-0.53	-0.21

Drawdowns

MST vs. MSTZ - Drawdown Comparison

The maximum MST drawdown since its inception was -94.99%, roughly equal to the maximum MSTZ drawdown of -99.36%. Use the drawdown chart below to compare losses from any high point for MST and MSTZ.

Drawdown Indicators

	MST	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-94.99%	-99.36%	+4.37%
Max Drawdown (1Y) Largest decline over 1 year	-94.99%	-84.89%	-10.10%
Current Drawdown Current decline from peak	-94.34%	-98.14%	+3.80%
Average Drawdown Average peak-to-trough decline	-62.22%	-94.39%	+32.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.32%	40.30%	+32.02%

Volatility

MST vs. MSTZ - Volatility Comparison

Defiance Leveraged Long Income MSTR ETF (MST) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) have volatilities of 35.73% and 37.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MST	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.73%	37.49%	-1.76%
Volatility (6M) Calculated over the trailing 6-month period	101.54%	125.82%	-24.28%
Volatility (1Y) Calculated over the trailing 1-year period	126.60%	140.34%	-13.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	123.87%	170.37%	-46.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	123.87%	170.37%	-46.50%

MST vs. MSTZ - Expense Ratio Comparison

MST has a 1.31% expense ratio, which is higher than MSTZ's 1.05% expense ratio.

Dividends

MST vs. MSTZ - Dividend Comparison

MST's dividend yield for the trailing twelve months is around 891.75%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025
MST Defiance Leveraged Long Income MSTR ETF	891.75%	381.22%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both MST and MSTZ in my portfolio?

MST and MSTZ have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MST or MSTZ?

MSTZ has higher volatility (37.49%) compared to MST (35.73%). In terms of maximum drawdown, MST dropped -94.99% vs MSTZ's -99.36%.

Which ETF is better, MST or MSTZ?

On 1-year performance, MSTZ leads with 94.24% vs -92.85% for MST. On fees, MSTZ is cheaper at 1.05% per year. On volatility, MST has been the lower-risk option at 35.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MST or MSTZ?

Over the 1-year period, MSTZ has performed better with a 94.24% return vs -92.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MST or MSTZ?

MSTZ is cheaper with a 1.05% expense ratio, compared with 1.31% for MST.

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

MST has the higher dividend yield at 891.75%, compared with 0.00% for MSTZ.

What is the main difference between MST and MSTZ?

MST is categorized as Derivative Income, while MSTZ is Inverse Equities. They also come from different issuers: Defiance and REX. Their fees differ too: 1.31% for MST and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (0.68 vs -0.74), 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.