NVDD vs. MSTZ

Last updated Jun 24, 2026

NVDD (Direxion Daily NVDA Bear 1X Shares) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both Inverse Equities funds. Both are actively managed. Over the past year, NVDD returned -31.84% vs 138.79% for MSTZ. At a 0.36 correlation, their price movements are largely independent. NVDD charges 1.01%/yr vs 1.05%/yr for MSTZ.

Performance

NVDD vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NVDA Bear 1X Shares (NVDD) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDD achieves a -10.62% return, which is significantly higher than MSTZ's -28.57% return.

NVDD

• 1D: 3.37%
• 1M: 5.55%
• YTD: -10.62%
• 6M: -9.15%
• 1Y: -31.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTZ

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

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

NVDD vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDD Direxion Daily NVDA Bear 1X Shares	-10.62%	-38.72%	-15.32%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-28.57%	-38.95%	-94.43%

Correlation

The correlation between NVDD and MSTZ is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	0.37

Return for Risk

NVDD vs. MSTZ — Risk / Return Rank

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

NVDD

NVDD Risk / Return Rank: 2
NVDD Sharpe Ratio Rank: 2
NVDD Sortino Ratio Rank: 2
NVDD Omega Ratio Rank: 2
NVDD Calmar Ratio Rank: 2
NVDD Martin Ratio Rank: 1

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

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.

NVDD vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bear 1X Shares (NVDD) 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.

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.

	NVDD	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	0.97	-1.88
Sortino ratio: Return per unit of downside risk	-1.24	1.98	-3.22
Omega ratio: Gain probability vs. loss probability	0.86	1.25	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.81	1.64	-2.46
Martin ratio: Return relative to average drawdown	-1.44	3.27	-4.71

NVDD vs. MSTZ - Sharpe Ratio Comparison

The current NVDD Sharpe Ratio is -0.90, which is lower than the MSTZ Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of NVDD 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.

Drawdowns

NVDD vs. MSTZ - Drawdown Comparison

The maximum NVDD drawdown since its inception was -88.34%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for NVDD and MSTZ.

Drawdown Indicators

	NVDD	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-88.34%	-99.38%	+11.04%
Max Drawdown (1Y) Largest decline over 1 year	-39.32%	-84.89%	+45.57%
Current Drawdown Current decline from peak	-86.54%	-97.57%	+11.03%
Average Drawdown Average peak-to-trough decline	-67.31%	-94.45%	+27.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.19%	42.87%	-18.68%

Volatility

NVDD vs. MSTZ - Volatility Comparison

The current volatility for Direxion Daily NVDA Bear 1X Shares (NVDD) is 13.05%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 42.31%. This indicates that NVDD experiences smaller price fluctuations and is considered to be less risky than MSTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDD	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.05%	42.31%	-29.26%
Volatility (6M) Calculated over the trailing 6-month period	26.79%	127.64%	-100.85%
Volatility (1Y) Calculated over the trailing 1-year period	35.31%	143.71%	-108.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.36%	169.81%	-122.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.36%	169.81%	-122.45%

NVDD vs. MSTZ - Expense Ratio Comparison

NVDD has a 1.01% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

NVDD vs. MSTZ - Dividend Comparison

NVDD's dividend yield for the trailing twelve months is around 4.01%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%	0.00%
NVDD Direxion Daily NVDA Bear 1X Shares	4.01%	4.19%	4.83%	1.31%

Frequently Asked Questions

Can I hold both NVDD and MSTZ in my portfolio?

NVDD and MSTZ have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDD or MSTZ?

MSTZ has higher volatility (42.31%) compared to NVDD (13.05%). In terms of maximum drawdown, NVDD dropped -88.34% vs MSTZ's -99.38%.

Which ETF is better, NVDD or MSTZ?

On 1-year performance, MSTZ leads with 138.79% vs -31.84% for NVDD. On fees, NVDD is cheaper at 1.01% per year. On volatility, NVDD has been the lower-risk option at 13.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDD or MSTZ?

Over the 1-year period, MSTZ has performed better with a 138.79% return vs -31.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDD or MSTZ?

NVDD is cheaper with a 1.01% expense ratio, compared with 1.05% for MSTZ.

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

NVDD has the higher dividend yield at 4.01%, compared with 0.00% for MSTZ.

What is the main difference between NVDD and MSTZ?

They also come from different issuers: Direxion and REX. Their fees differ too: 1.01% for NVDD and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (0.97 vs -0.90), 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.