MSTZ vs. ICVT
MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) and ICVT (iShares Convertible Bond ETF) are both exchange-traded funds - MSTZ is a Inverse Equities fund actively managed by REX, while ICVT is a Preferred Stock/Convertible Bonds fund tracking the Barclays U.S. Convertible Cash Pay Bond > $250MM Index. MSTZ is actively managed, while ICVT is passively managed. Over the past year, MSTZ returned 77.80% vs 41.66% for ICVT. At a correlation of -0.58, they often move in opposite directions. MSTZ charges 1.05%/yr vs 0.20%/yr for ICVT.
Performance
MSTZ vs. ICVT - Performance Comparison
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Returns By Period
In the year-to-date period, MSTZ achieves a -49.10% return, which is significantly lower than ICVT's 25.39% return.
MSTZ
- 1D
- -4.17%
- 1M
- 84.18%
- YTD
- -49.10%
- 6M
- -27.85%
- 1Y
- 77.80%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ICVT
- 1D
- 0.09%
- 1M
- 6.06%
- YTD
- 25.39%
- 6M
- 23.41%
- 1Y
- 41.66%
- 3Y*
- 20.87%
- 5Y*
- 7.81%
- 10Y*
- 14.11%
MSTZ vs. ICVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSTZ T-REX 2X Inverse MSTR Daily Target ETF | -49.10% | -38.95% | -94.26% |
ICVT iShares Convertible Bond ETF | 25.39% | 18.10% | 4.85% |
Correlation
The correlation between MSTZ and ICVT is -0.55, 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 | -0.55 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2024 | -0.58 |
The correlation between MSTZ and ICVT has been stable across timeframes, ranging from -0.58 to -0.55 - a consistent structural relationship.
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Return for Risk
MSTZ vs. ICVT — Risk / Return Rank
MSTZ
ICVT
MSTZ vs. ICVT - 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 iShares Convertible Bond ETF (ICVT). 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.
| MSTZ | ICVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.36 | ||
| Sortino ratioReturn per unit of downside risk | -2.14 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.52 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 5.55 | -4.63 |
| Martin ratioReturn relative to average drawdown | 1.93 | 20.21 | -18.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MSTZ | ICVT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.56 | 2.92 | -2.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.59 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.91 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.53 | 0.78 | -1.32 |
Drawdowns
MSTZ vs. ICVT - Drawdown Comparison
The maximum MSTZ drawdown since its inception was -99.36%, which is greater than ICVT's maximum drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for MSTZ and ICVT.
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Drawdown Indicators
| MSTZ | ICVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.36% | -33.25% | -66.11% |
Max Drawdown (1Y)Largest decline over 1 year | -84.89% | -7.55% | -77.34% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.22% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.95% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.25% | — |
Current DrawdownCurrent decline from peak | -98.21% | -0.89% | -97.32% |
Average DrawdownAverage peak-to-trough decline | -94.40% | -9.49% | -84.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.54% | 2.07% | +38.47% |
Volatility
MSTZ vs. ICVT - Volatility Comparison
T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a higher volatility of 37.72% compared to iShares Convertible Bond ETF (ICVT) at 5.47%. This indicates that MSTZ's price experiences larger fluctuations and is considered to be riskier than ICVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSTZ | ICVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 37.72% | 5.47% | +32.25% |
Volatility (6M)Calculated over the trailing 6-month period | 125.30% | 11.67% | +113.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 140.15% | 14.36% | +125.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 170.19% | 13.22% | +156.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 170.19% | 15.50% | +154.69% |
MSTZ vs. ICVT - Expense Ratio Comparison
MSTZ has a 1.05% expense ratio, which is higher than ICVT's 0.20% expense ratio.
Dividends
MSTZ vs. ICVT - Dividend Comparison
MSTZ has not paid dividends to shareholders, while ICVT's dividend yield for the trailing twelve months is around 1.29%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 1.29% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
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% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MSTZ and ICVT have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTZ has higher volatility (37.72%) compared to ICVT (5.47%). In terms of maximum drawdown, MSTZ dropped -99.36% vs ICVT's -33.25%.
On 1-year performance, MSTZ leads with 77.80% vs 41.66% for ICVT. On fees, ICVT is cheaper at 0.20% per year. On volatility, ICVT has been the lower-risk option at 5.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MSTZ has performed better with a 77.80% return vs 41.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICVT is cheaper with a 0.20% expense ratio, compared with 1.05% for MSTZ.
ICVT has the higher dividend yield at 1.29%, compared with 0.00% for MSTZ.
MSTZ is categorized as Inverse Equities, while ICVT is Preferred Stock/Convertible Bonds. They also come from different issuers: REX and iShares. Their fees differ too: 1.05% for MSTZ and 0.20% for ICVT.
ICVT currently has the higher Sharpe Ratio (2.92 vs 0.56), 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.
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