MSTZ vs. HIBS

Last updated Jun 24, 2026

MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) and HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) are both Inverse Equities funds. MSTZ is actively managed, while HIBS is passively managed. Over the past year, MSTZ returned 138.79% vs -81.56% for HIBS. At a 0.49 correlation, their price movements are largely independent. MSTZ charges 1.05%/yr vs 1.06%/yr for HIBS.

Performance

MSTZ vs. HIBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) and Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTZ achieves a -28.57% return, which is significantly higher than HIBS's -61.28% return.

MSTZ

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

HIBS

• 1D: 11.66%
• 1M: -22.55%
• YTD: -61.28%
• 6M: -58.56%
• 1Y: -81.56%
• 3Y*: -62.72%
• 5Y*: -54.42%
• 10Y*: —

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

MSTZ vs. HIBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-28.57%	-38.95%	-94.43%
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares	-61.28%	-72.44%	-10.45%

Correlation

The correlation between MSTZ and HIBS is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	0.49

The correlation between MSTZ and HIBS has been stable across timeframes, ranging from 0.49 to 0.50 - a consistent structural relationship.

Return for Risk

MSTZ vs. HIBS — Risk / Return Rank

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

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

HIBS

HIBS Risk / Return Rank: 0
HIBS Sharpe Ratio Rank: 1
HIBS Sortino Ratio Rank: 0
HIBS Omega Ratio Rank: 0
HIBS Calmar Ratio Rank: 0
HIBS Martin Ratio Rank: 1

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.

MSTZ vs. HIBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) and Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS). 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.

	MSTZ	HIBS	Difference
Sharpe ratio: Return per unit of total volatility	0.97	-1.10	+2.07
Sortino ratio: Return per unit of downside risk	1.98	-2.58	+4.55
Omega ratio: Gain probability vs. loss probability	1.25	0.73	+0.52
Calmar ratio: Return relative to maximum drawdown	1.64	-0.99	+2.64
Martin ratio: Return relative to average drawdown	3.27	-1.62	+4.89

MSTZ vs. HIBS - Sharpe Ratio Comparison

The current MSTZ Sharpe Ratio is 0.97, which is higher than the HIBS Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of MSTZ and HIBS, 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

MSTZ vs. HIBS - Drawdown Comparison

The maximum MSTZ drawdown since its inception was -99.38%, roughly equal to the maximum HIBS drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for MSTZ and HIBS.

Drawdown Indicators

	MSTZ	HIBS	Difference
Max Drawdown Largest peak-to-trough decline	-99.38%	-99.98%	+0.60%
Max Drawdown (1Y) Largest decline over 1 year	-84.89%	-82.33%	-2.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-96.91%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-98.70%	—
Current Drawdown Current decline from peak	-97.57%	-99.98%	+2.41%
Average Drawdown Average peak-to-trough decline	-94.45%	-93.13%	-1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.87%	53.14%	-10.27%

Volatility

MSTZ vs. HIBS - Volatility Comparison

T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a higher volatility of 42.31% compared to Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) at 35.05%. This indicates that MSTZ's price experiences larger fluctuations and is considered to be riskier than HIBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTZ	HIBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	42.31%	35.05%	+7.26%
Volatility (6M) Calculated over the trailing 6-month period	127.64%	60.54%	+67.10%
Volatility (1Y) Calculated over the trailing 1-year period	143.71%	74.07%	+69.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	169.81%	83.51%	+86.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	169.81%	95.27%	+74.54%

MSTZ vs. HIBS - Expense Ratio Comparison

MSTZ has a 1.05% expense ratio, which is lower than HIBS's 1.06% expense ratio.

Dividends

MSTZ vs. HIBS - Dividend Comparison

MSTZ has not paid dividends to shareholders, while HIBS's dividend yield for the trailing twelve months is around 12.23%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares	12.23%	8.42%	5.34%	6.49%	0.04%	0.00%	0.92%	0.13%
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%

Frequently Asked Questions

Can I hold both MSTZ and HIBS in my portfolio?

MSTZ and HIBS have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTZ or HIBS?

MSTZ has higher volatility (42.31%) compared to HIBS (35.05%). In terms of maximum drawdown, MSTZ dropped -99.38% vs HIBS's -99.98%.

Which ETF is better, MSTZ or HIBS?

On 1-year performance, MSTZ leads with 138.79% vs -81.56% for HIBS. On fees, MSTZ is cheaper at 1.05% per year. On volatility, HIBS has been the lower-risk option at 35.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTZ or HIBS?

Over the 1-year period, MSTZ has performed better with a 138.79% return vs -81.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTZ or HIBS?

MSTZ is cheaper with a 1.05% expense ratio, compared with 1.06% for HIBS.

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

HIBS has the higher dividend yield at 12.23%, compared with 0.00% for MSTZ.

What is the main difference between MSTZ and HIBS?

They also come from different issuers: REX and Direxion. Their fees differ too: 1.05% for MSTZ and 1.06% for HIBS.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (0.97 vs -1.10), 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.