MSTZ vs. MST

Last updated Aug 2, 2026

MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) and MST (Defiance Leveraged Long Income MSTR ETF) are both exchange-traded funds - MSTZ is a Inverse Equities fund actively managed by REX, while MST is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, MSTZ returned 159.07% vs -95.52% for MST. Their -0.99 correlation means they have often moved in opposite directions in the past. MSTZ charges 1.05%/yr vs 1.31%/yr for MST.

Performance

MSTZ vs. MST - 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 Defiance Leveraged Long Income MSTR ETF (MST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTZ achieves a -30.44% return, which is significantly higher than MST's -72.61% return.

MSTZ

• 1D: 8.95%
• 1M: 7.38%
• 6M: -24.16%
• YTD: -30.44%
• 1Y: 159.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -86.57%

MST

• 1D: -5.83%
• 1M: -10.00%
• 6M: -70.53%
• YTD: -72.61%
• 1Y: -95.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -93.38%

*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)
MST Defiance Leveraged Long Income MSTR ETF	$610.12K	$656.19K	$1.42M
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	$101.73M	$133.33M	$177.41M

MSTZ vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-30.44%	233.01%
MST Defiance Leveraged Long Income MSTR ETF	-72.61%	-87.60%

Correlation

The correlation between MSTZ and MST is -1.00, 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.	-1.00
Correlation (All Time) Calculated using the full available price history since May 2, 2025	-1.00

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

Return for Risk

MSTZ vs. MST — Risk / Return Rank

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

MSTZ

MSTZ Risk / Return Rank: 61
MSTZ Sharpe Ratio Rank: 58
MSTZ Sortino Ratio Rank: 68
MSTZ Omega Ratio Rank: 68
MSTZ Calmar Ratio Rank: 70
MSTZ Martin Ratio Rank: 42

MST

MST Risk / Return Rank: 1
MST Sharpe Ratio Rank: 3
MST Sortino Ratio Rank: 0
MST Omega Ratio Rank: 0
MST Calmar Ratio Rank: 0
MST Martin Ratio Rank: 3

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.

MSTZ vs. MST - 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 Defiance Leveraged Long Income MSTR ETF (MST). 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	MST	Difference
Sharpe ratio: Return per unit of total volatility	1.38	-0.71	+2.09
Sortino ratio: Return per unit of downside risk	2.22	-2.41	+4.62
Omega ratio: Gain probability vs. loss probability	1.28	0.75	+0.53
Calmar ratio: Return relative to maximum drawdown	2.44	-0.99	+3.44
Martin ratio: Return relative to average drawdown	4.53	-1.24	+5.78

MSTZ vs. MST - Sharpe Ratio Comparison

The current MSTZ Sharpe Ratio is 1.38, which is higher than the MST Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of MSTZ and MST, 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. MST - Drawdown Comparison

The maximum MSTZ drawdown since its inception was -99.38%, roughly equal to the maximum MST drawdown of -97.68%. Use the drawdown chart below to compare losses from any high point for MSTZ and MST.

Drawdown Indicators

	MSTZ	MST	Difference
Max Drawdown Largest peak-to-trough decline	-99.38%	-97.68%	-1.70%
Max Drawdown (1Y) Largest decline over 1 year	-84.89%	-96.92%	+12.03%
Current Drawdown Current decline from peak	-97.63%	-97.08%	-0.55%
Average Drawdown Average peak-to-trough decline	-94.63%	-66.39%	-28.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.62%	78.12%	-32.50%

Volatility

MSTZ vs. MST - Volatility Comparison

T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a higher volatility of 37.86% compared to Defiance Leveraged Long Income MSTR ETF (MST) at 30.28%. This indicates that MSTZ's price experiences larger fluctuations and is considered to be riskier than MST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTZ	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.86%	30.28%	+7.58%
Volatility (6M) Calculated over the trailing 6-month period	134.52%	108.38%	+26.14%
Volatility (1Y) Calculated over the trailing 1-year period	150.23%	135.47%	+14.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	169.87%	126.83%	+43.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	169.87%	126.83%	+43.04%

MSTZ vs. MST - Expense Ratio Comparison

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

Dividends

MSTZ vs. MST - Dividend Comparison

MSTZ has not paid dividends to shareholders, while MST's dividend yield for the trailing twelve months is around 1,038.42%.

Position	TTM	2025
MST Defiance Leveraged Long Income MSTR ETF	1,038.42%	381.22%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTZ and MST in my portfolio?

MSTZ and MST have a correlation of -1.00, 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 MST?

MSTZ has higher volatility (37.86%) compared to MST (30.28%). In terms of maximum drawdown, MSTZ dropped -99.38% vs MST's -97.68%.

Which ETF is better, MSTZ or MST?

On 1-year performance, MSTZ leads with 159.07% vs -95.52% for MST. On fees, MSTZ is cheaper at 1.05% per year. On volatility, MST has been the lower-risk option at 30.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTZ or MST?

Over the 1-year period, MSTZ has performed better with a 159.07% return vs -95.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTZ or MST?

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

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

MST has the higher dividend yield at 1038.42%, compared with 0.00% for MSTZ.

What is the main difference between MSTZ and MST?

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

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.38 vs -0.71), 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.