PALD vs. MSTZ

Last updated Jun 30, 2026

PALD (Direxion Daily PANW 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, PALD returned -45.37% vs 194.22% for MSTZ. At a 0.26 correlation, their price movements are largely independent. PALD charges 1.02%/yr vs 1.05%/yr for MSTZ.

Performance

PALD vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily PANW Bear 1X Shares (PALD) 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, PALD achieves a -49.10% return, which is significantly lower than MSTZ's -19.88% return.

PALD

• 1D: -9.16%
• 1M: -17.17%
• YTD: -49.10%
• 6M: -48.38%
• 1Y: -45.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: -26.05%
• 1M: 127.48%
• YTD: -19.88%
• 6M: -16.27%
• 1Y: 194.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PALD vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025
PALD Direxion Daily PANW Bear 1X Shares	-49.10%	-3.89%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-19.88%	64.75%

Correlation

The correlation between PALD and MSTZ is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025	0.26

Return for Risk

PALD vs. MSTZ — Risk / Return Rank

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

PALD

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

MSTZ

MSTZ Risk / Return Rank: 46
MSTZ Sharpe Ratio Rank: 41
MSTZ Sortino Ratio Rank: 51
MSTZ Omega Ratio Rank: 51
MSTZ Calmar Ratio Rank: 54
MSTZ Martin Ratio Rank: 33

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.

PALD vs. MSTZ - Risk-Adjusted Trends Comparison

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

	PALD	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.13	1.32	-2.45
Sortino ratio: Return per unit of downside risk	-1.77	2.19	-3.96
Omega ratio: Gain probability vs. loss probability	0.80	1.28	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.76	2.30	-3.06
Martin ratio: Return relative to average drawdown	-2.01	4.55	-6.56

PALD vs. MSTZ - Sharpe Ratio Comparison

The current PALD Sharpe Ratio is -1.13, which is lower than the MSTZ Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of PALD 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

PALD vs. MSTZ - Drawdown Comparison

The maximum PALD drawdown since its inception was -60.23%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for PALD and MSTZ.

Drawdown Indicators

	PALD	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-60.23%	-99.38%	+39.15%
Max Drawdown (1Y) Largest decline over 1 year	-60.23%	-84.89%	+24.66%
Current Drawdown Current decline from peak	-60.23%	-97.27%	+37.04%
Average Drawdown Average peak-to-trough decline	-23.31%	-94.47%	+71.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.61%	42.87%	-20.26%

Volatility

PALD vs. MSTZ - Volatility Comparison

The current volatility for Direxion Daily PANW Bear 1X Shares (PALD) is 18.31%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 58.00%. This indicates that PALD 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

	PALD	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.31%	58.00%	-39.69%
Volatility (6M) Calculated over the trailing 6-month period	33.90%	133.18%	-99.28%
Volatility (1Y) Calculated over the trailing 1-year period	40.26%	148.59%	-108.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.97%	171.47%	-130.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.97%	171.47%	-130.50%

PALD vs. MSTZ - Expense Ratio Comparison

PALD has a 1.02% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

PALD vs. MSTZ - Dividend Comparison

PALD's dividend yield for the trailing twelve months is around 5.11%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%
PALD Direxion Daily PANW Bear 1X Shares	5.11%	3.31%

Frequently Asked Questions

Can I hold both PALD and MSTZ in my portfolio?

PALD and MSTZ have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PALD or MSTZ?

MSTZ has higher volatility (58.00%) compared to PALD (18.31%). In terms of maximum drawdown, PALD dropped -60.23% vs MSTZ's -99.38%.

Which ETF is better, PALD or MSTZ?

On 1-year performance, MSTZ leads with 194.22% vs -45.37% for PALD. On fees, PALD is cheaper at 1.02% per year. On volatility, PALD has been the lower-risk option at 18.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PALD or MSTZ?

Over the 1-year period, MSTZ has performed better with a 194.22% return vs -45.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PALD or MSTZ?

PALD is cheaper with a 1.02% expense ratio, compared with 1.05% for MSTZ.

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

PALD has the higher dividend yield at 5.11%, compared with 0.00% for MSTZ.

What is the main difference between PALD and MSTZ?

They also come from different issuers: Direxion and REX. Their fees differ too: 1.02% for PALD and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.32 vs -1.13), 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.