MSTZ vs. SH

Last updated Jun 4, 2026

MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) and SH (ProShares Short S&P500) are both Inverse Equities funds. MSTZ is actively managed, while SH is passively managed. Over the past year, MSTZ returned 94.24% vs -17.23% for SH. At a 0.45 correlation, their price movements are largely independent. MSTZ charges 1.05%/yr vs 0.90%/yr for SH.

Performance

MSTZ vs. SH - 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 ProShares Short S&P500 (SH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTZ achieves a -46.88% return, which is significantly lower than SH's -8.00% return.

MSTZ

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

SH

• 1D: 0.70%
• 1M: -4.35%
• YTD: -8.00%
• 6M: -7.59%
• 1Y: -17.23%
• 3Y*: -13.02%
• 5Y*: -9.07%
• 10Y*: -12.89%

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

MSTZ vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-46.88%	-38.95%	-94.26%
SH ProShares Short S&P500	-8.00%	-11.35%	-2.92%

Correlation

The correlation between MSTZ and SH is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Sep 19, 2024	0.45

Return for Risk

MSTZ vs. SH — Risk / Return Rank

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

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

SH

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

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. SH - 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 ProShares Short S&P500 (SH). 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	SH	Difference
Sharpe ratio Return per unit of total volatility	0.68	-1.47	+2.14
Sortino ratio Return per unit of downside risk	1.74	-2.10	+3.85
Omega ratio Gain probability vs. loss probability	1.23	0.77	+0.45
Calmar ratio Return relative to maximum drawdown	1.12	-0.95	+2.06
Martin ratio Return relative to average drawdown	2.35	-1.75	+4.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTZ vs. SH - Sharpe Ratio Comparison

The current MSTZ Sharpe Ratio is 0.68, which is higher than the SH Sharpe Ratio of -1.47. The chart below compares the historical Sharpe Ratios of MSTZ and SH, 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

	MSTZ	SH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	-1.47	+2.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.54	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.53	-0.59	+0.06

Drawdowns

MSTZ vs. SH - Drawdown Comparison

The maximum MSTZ drawdown since its inception was -99.36%, roughly equal to the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for MSTZ and SH.

Drawdown Indicators

	MSTZ	SH	Difference
Max Drawdown Largest peak-to-trough decline	-99.36%	-94.66%	-4.70%
Max Drawdown (1Y) Largest decline over 1 year	-84.89%	-18.28%	-66.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-38.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-44.53%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.12%	—
Current Drawdown Current decline from peak	-98.14%	-94.62%	-3.52%
Average Drawdown Average peak-to-trough decline	-94.39%	-67.73%	-26.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.30%	9.89%	+30.41%

Volatility

MSTZ vs. SH - Volatility Comparison

T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a higher volatility of 37.49% compared to ProShares Short S&P500 (SH) at 2.84%. This indicates that MSTZ's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTZ	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.49%	2.84%	+34.65%
Volatility (6M) Calculated over the trailing 6-month period	125.82%	8.91%	+116.91%
Volatility (1Y) Calculated over the trailing 1-year period	140.34%	11.80%	+128.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	170.37%	16.85%	+153.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	170.37%	18.01%	+152.36%

MSTZ vs. SH - Expense Ratio Comparison

MSTZ has a 1.05% expense ratio, which is higher than SH's 0.90% expense ratio.

Dividends

MSTZ vs. SH - Dividend Comparison

MSTZ has not paid dividends to shareholders, while SH's dividend yield for the trailing twelve months is around 4.51%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SH ProShares Short S&P500	4.51%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Frequently Asked Questions

Can I hold both MSTZ and SH in my portfolio?

MSTZ and SH have a correlation of 0.46, 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 SH?

MSTZ has higher volatility (37.49%) compared to SH (2.84%). In terms of maximum drawdown, MSTZ dropped -99.36% vs SH's -94.66%.

Which ETF is better, MSTZ or SH?

On 1-year performance, MSTZ leads with 94.24% vs -17.23% for SH. On fees, SH is cheaper at 0.90% per year. On volatility, SH has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTZ or SH?

Over the 1-year period, MSTZ has performed better with a 94.24% return vs -17.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTZ or SH?

SH is cheaper with a 0.90% expense ratio, compared with 1.05% for MSTZ.

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

SH has the higher dividend yield at 4.51%, compared with 0.00% for MSTZ.

What is the main difference between MSTZ and SH?

They also come from different issuers: REX and ProShares. Their fees differ too: 1.05% for MSTZ and 0.90% for SH.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (0.68 vs -1.47), 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.