PSLV vs. MSTZ

Last updated Jul 15, 2026

PSLV (Sprott Physical Silver Trust) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - PSLV is a Silver fund tracking the No Index (Physical Silver), while MSTZ is a Inverse Equities fund actively managed by REX. PSLV is passively managed, while MSTZ is actively managed. Over the past year, PSLV returned 47.04% vs 266.72% for MSTZ. At a correlation of -0.21, they often move in opposite directions. PSLV charges 0.51%/yr vs 1.05%/yr for MSTZ.

Performance

PSLV vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Physical Silver Trust (PSLV) 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, PSLV achieves a -20.30% return, which is significantly higher than MSTZ's -31.90% return.

PSLV

• 1D: 1.67%
• 1M: -12.57%
• 6M: -34.43%
• YTD: -20.30%
• 1Y: 47.04%
• 3Y*: 30.41%
• 5Y*: 15.28%
• 10Y*: 9.38%

MSTZ

• 1D: -11.25%
• 1M: 29.92%
• 6M: -7.52%
• YTD: -31.90%
• 1Y: 266.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSLV vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PSLV Sprott Physical Silver Trust	-20.30%	145.08%	-6.76%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-31.90%	-38.95%	-94.43%

Correlation

The correlation between PSLV and MSTZ is -0.23, 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	-0.23
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.21

Return for Risk

PSLV vs. MSTZ — Risk / Return Rank

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

PSLV

PSLV Risk / Return Rank: 26
PSLV Sharpe Ratio Rank: 26
PSLV Sortino Ratio Rank: 27
PSLV Omega Ratio Rank: 34
PSLV Calmar Ratio Rank: 24
PSLV Martin Ratio Rank: 21

MSTZ

MSTZ Risk / Return Rank: 65
MSTZ Sharpe Ratio Rank: 71
MSTZ Sortino Ratio Rank: 65
MSTZ Omega Ratio Rank: 66
MSTZ Calmar Ratio Rank: 77
MSTZ Martin Ratio Rank: 46

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.

PSLV vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Silver Trust (PSLV) 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.

	PSLV	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.81	-1.03
Sortino ratio: Return per unit of downside risk	1.24	2.41	-1.17
Omega ratio: Gain probability vs. loss probability	1.19	1.31	-0.12
Calmar ratio: Return relative to maximum drawdown	0.94	3.16	-2.22
Martin ratio: Return relative to average drawdown	2.01	6.14	-4.13

PSLV vs. MSTZ - Sharpe Ratio Comparison

The current PSLV Sharpe Ratio is 0.78, which is lower than the MSTZ Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of PSLV 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

PSLV vs. MSTZ - Drawdown Comparison

The maximum PSLV drawdown since its inception was -79.38%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for PSLV and MSTZ.

Drawdown Indicators

	PSLV	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-79.38%	-99.38%	+20.00%
Max Drawdown (1Y) Largest decline over 1 year	-50.17%	-84.89%	+34.72%
Max Drawdown (3Y) Largest decline over 3 years	-50.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-50.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.17%	—	—
Current Drawdown Current decline from peak	-48.16%	-97.68%	+49.52%
Average Drawdown Average peak-to-trough decline	-58.05%	-94.54%	+36.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.45%	43.66%	-20.21%

Volatility

PSLV vs. MSTZ - Volatility Comparison

The current volatility for Sprott Physical Silver Trust (PSLV) is 13.75%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 57.19%. This indicates that PSLV 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

	PSLV	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.75%	57.19%	-43.44%
Volatility (6M) Calculated over the trailing 6-month period	56.82%	135.18%	-78.36%
Volatility (1Y) Calculated over the trailing 1-year period	60.82%	148.74%	-87.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.42%	171.04%	-134.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.50%	171.04%	-139.54%

PSLV vs. MSTZ - Expense Ratio Comparison

PSLV has a 0.51% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

PSLV vs. MSTZ - Dividend Comparison

Neither PSLV nor MSTZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PSLV and MSTZ in my portfolio?

PSLV and MSTZ have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSLV or MSTZ?

MSTZ has higher volatility (57.19%) compared to PSLV (13.75%). In terms of maximum drawdown, PSLV dropped -79.38% vs MSTZ's -99.38%.

Which ETF is better, PSLV or MSTZ?

On 1-year performance, MSTZ leads with 266.72% vs 47.04% for PSLV. On fees, PSLV is cheaper at 0.51% per year. On volatility, PSLV has been the lower-risk option at 13.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSLV or MSTZ?

Over the 1-year period, MSTZ has performed better with a 266.72% return vs 47.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSLV or MSTZ?

PSLV is cheaper with a 0.51% expense ratio, compared with 1.05% for MSTZ.

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

PSLV and MSTZ have nearly identical dividend yields, around 0.00%.

What is the main difference between PSLV and MSTZ?

PSLV is categorized as Silver, while MSTZ is Inverse Equities. They also come from different issuers: Sprott and REX. Their fees differ too: 0.51% for PSLV and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.81 vs 0.78), 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.