NVDG vs. MSTZ

Last updated Jun 26, 2026

NVDG (Leverage Shares 2X Long NVDA Daily ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - NVDG is a Leveraged Equities fund actively managed by Leverage Shares, while MSTZ is a Inverse Equities fund actively managed by REX. Both are actively managed. Over the past year, NVDG returned 26.25% vs 279.21% for MSTZ. At a correlation of -0.39, they often move in opposite directions. NVDG charges 0.75%/yr vs 1.05%/yr for MSTZ.

Performance

NVDG vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long NVDA Daily ETF (NVDG) 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, NVDG achieves a -2.91% return, which is significantly lower than MSTZ's 1.05% return.

NVDG

• 1D: -2.92%
• 1M: -19.09%
• YTD: -2.91%
• 6M: -5.36%
• 1Y: 26.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: 19.27%
• 1M: 186.45%
• YTD: 1.05%
• 6M: 9.89%
• 1Y: 279.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDG vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDG Leverage Shares 2X Long NVDA Daily ETF	-2.91%	32.45%	-0.52%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	1.05%	-38.95%	54.34%

Correlation

The correlation between NVDG and MSTZ is -0.37, 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	-0.37
Correlation (All Time) Calculated using the full available price history since Dec 13, 2024	-0.39

Return for Risk

NVDG vs. MSTZ — Risk / Return Rank

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

NVDG

NVDG Risk / Return Rank: 17
NVDG Sharpe Ratio Rank: 15
NVDG Sortino Ratio Rank: 19
NVDG Omega Ratio Rank: 18
NVDG Calmar Ratio Rank: 17
NVDG Martin Ratio Rank: 15

MSTZ

MSTZ Risk / Return Rank: 62
MSTZ Sharpe Ratio Rank: 69
MSTZ Sortino Ratio Rank: 60
MSTZ Omega Ratio Rank: 59
MSTZ Calmar Ratio Rank: 74
MSTZ Martin Ratio Rank: 45

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.

NVDG vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long NVDA Daily ETF (NVDG) 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.

	NVDG	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	0.38	1.93	-1.55
Sortino ratio: Return per unit of downside risk	1.00	2.48	-1.48
Omega ratio: Gain probability vs. loss probability	1.12	1.32	-0.20
Calmar ratio: Return relative to maximum drawdown	0.62	3.31	-2.70
Martin ratio: Return relative to average drawdown	1.33	6.57	-5.24

NVDG vs. MSTZ - Sharpe Ratio Comparison

The current NVDG Sharpe Ratio is 0.38, which is lower than the MSTZ Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of NVDG 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

NVDG vs. MSTZ - Drawdown Comparison

The maximum NVDG drawdown since its inception was -66.19%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for NVDG and MSTZ.

Drawdown Indicators

	NVDG	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-66.19%	-99.38%	+33.19%
Max Drawdown (1Y) Largest decline over 1 year	-42.72%	-84.89%	+42.17%
Current Drawdown Current decline from peak	-33.33%	-96.56%	+63.23%
Average Drawdown Average peak-to-trough decline	-23.10%	-94.46%	+71.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.80%	42.70%	-22.90%

Volatility

NVDG vs. MSTZ - Volatility Comparison

The current volatility for Leverage Shares 2X Long NVDA Daily ETF (NVDG) is 25.96%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 46.08%. This indicates that NVDG 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

	NVDG	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.96%	46.08%	-20.12%
Volatility (6M) Calculated over the trailing 6-month period	52.33%	129.73%	-77.40%
Volatility (1Y) Calculated over the trailing 1-year period	70.14%	145.84%	-75.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.40%	170.65%	-80.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.40%	170.65%	-80.25%

NVDG vs. MSTZ - Expense Ratio Comparison

NVDG has a 0.75% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

NVDG vs. MSTZ - Dividend Comparison

NVDG's dividend yield for the trailing twelve months is around 12.17%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%
NVDG Leverage Shares 2X Long NVDA Daily ETF	12.17%	11.81%

Frequently Asked Questions

Can I hold both NVDG and MSTZ in my portfolio?

NVDG 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, NVDG or MSTZ?

MSTZ has higher volatility (46.08%) compared to NVDG (25.96%). In terms of maximum drawdown, NVDG dropped -66.19% vs MSTZ's -99.38%.

Which ETF is better, NVDG or MSTZ?

On 1-year performance, MSTZ leads with 279.21% vs 26.25% for NVDG. On fees, NVDG is cheaper at 0.75% per year. On volatility, NVDG has been the lower-risk option at 25.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDG or MSTZ?

Over the 1-year period, MSTZ has performed better with a 279.21% return vs 26.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDG or MSTZ?

NVDG is cheaper with a 0.75% expense ratio, compared with 1.05% for MSTZ.

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

NVDG has the higher dividend yield at 12.17%, compared with 0.00% for MSTZ.

What is the main difference between NVDG and MSTZ?

NVDG is categorized as Leveraged Equities, while MSTZ is Inverse Equities. They also come from different issuers: Leverage Shares and REX. Their fees differ too: 0.75% for NVDG and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.93 vs 0.38), 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.