PHDG vs. MSTZ

Last updated Jul 14, 2026

PHDG (Invesco S&P 500 Downside Hedged ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index, while MSTZ is a Inverse Equities fund actively managed by REX. PHDG is passively managed, while MSTZ is actively managed. Over the past year, PHDG returned 18.45% vs 282.56% for MSTZ. At a correlation of -0.20, they often move in opposite directions. PHDG charges 0.39%/yr vs 1.05%/yr for MSTZ.

Performance

PHDG vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Downside Hedged ETF (PHDG) 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, PHDG achieves a 10.72% return, which is significantly higher than MSTZ's -23.27% return.

PHDG

• 1D: -0.30%
• 1M: -0.58%
• 6M: 8.89%
• YTD: 10.72%
• 1Y: 18.45%
• 3Y*: 9.01%
• 5Y*: 4.32%
• 10Y*: 7.28%

MSTZ

• 1D: 5.07%
• 1M: 46.38%
• 6M: -9.68%
• YTD: -23.27%
• 1Y: 282.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PHDG vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PHDG Invesco S&P 500 Downside Hedged ETF	10.72%	2.72%	-0.56%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-23.27%	-38.95%	-94.43%

Correlation

The correlation between PHDG and MSTZ is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.20

Return for Risk

PHDG vs. MSTZ — Risk / Return Rank

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

PHDG

PHDG Risk / Return Rank: 68
PHDG Sharpe Ratio Rank: 62
PHDG Sortino Ratio Rank: 61
PHDG Omega Ratio Rank: 71
PHDG Calmar Ratio Rank: 72
PHDG Martin Ratio Rank: 72

MSTZ

MSTZ Risk / Return Rank: 68
MSTZ Sharpe Ratio Rank: 76
MSTZ Sortino Ratio Rank: 67
MSTZ Omega Ratio Rank: 68
MSTZ Calmar Ratio Rank: 80
MSTZ Martin Ratio Rank: 49

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.

PHDG vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) 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.

	PHDG	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.92	-0.29
Sortino ratio: Return per unit of downside risk	2.28	2.45	-0.17
Omega ratio: Gain probability vs. loss probability	1.33	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	2.91	3.35	-0.44
Martin ratio: Return relative to average drawdown	10.44	6.53	+3.91

PHDG vs. MSTZ - Sharpe Ratio Comparison

The current PHDG Sharpe Ratio is 1.63, which is comparable to the MSTZ Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of PHDG 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

PHDG vs. MSTZ - Drawdown Comparison

The maximum PHDG drawdown since its inception was -17.70%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for PHDG and MSTZ.

Drawdown Indicators

	PHDG	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-17.70%	-99.38%	+81.68%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	-84.89%	+78.53%
Max Drawdown (3Y) Largest decline over 3 years	-14.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-17.06%	—	—
Current Drawdown Current decline from peak	-4.87%	-97.39%	+92.52%
Average Drawdown Average peak-to-trough decline	-6.23%	-94.53%	+88.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	43.51%	-41.74%

Volatility

PHDG vs. MSTZ - Volatility Comparison

The current volatility for Invesco S&P 500 Downside Hedged ETF (PHDG) is 6.89%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 56.56%. This indicates that PHDG 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

	PHDG	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.89%	56.56%	-49.67%
Volatility (6M) Calculated over the trailing 6-month period	9.55%	135.11%	-125.56%
Volatility (1Y) Calculated over the trailing 1-year period	11.38%	148.53%	-137.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.41%	171.02%	-159.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.10%	171.02%	-158.92%

PHDG vs. MSTZ - Expense Ratio Comparison

PHDG has a 0.39% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

PHDG vs. MSTZ - Dividend Comparison

PHDG's dividend yield for the trailing twelve months is around 1.68%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
PHDG Invesco S&P 500 Downside Hedged ETF	1.68%	2.10%	1.94%	1.93%	1.35%	0.44%	0.63%	1.80%	1.56%	1.83%	2.29%	1.64%

Frequently Asked Questions

Can I hold both PHDG and MSTZ in my portfolio?

PHDG and MSTZ have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHDG or MSTZ?

MSTZ has higher volatility (56.56%) compared to PHDG (6.89%). In terms of maximum drawdown, PHDG dropped -17.70% vs MSTZ's -99.38%.

Which ETF is better, PHDG or MSTZ?

On 1-year performance, MSTZ leads with 282.56% vs 18.45% for PHDG. On fees, PHDG is cheaper at 0.39% per year. On volatility, PHDG has been the lower-risk option at 6.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PHDG or MSTZ?

Over the 1-year period, MSTZ has performed better with a 282.56% return vs 18.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHDG or MSTZ?

PHDG is cheaper with a 0.39% expense ratio, compared with 1.05% for MSTZ.

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

PHDG has the higher dividend yield at 1.68%, compared with 0.00% for MSTZ.

What is the main difference between PHDG and MSTZ?

PHDG is categorized as Equity Hedged, while MSTZ is Inverse Equities. They also come from different issuers: Invesco and REX. Their fees differ too: 0.39% for PHDG and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.92 vs 1.63), 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.