PWB vs. MSTZ

Last updated Jul 14, 2026

PWB (Invesco Dynamic Large Cap Growth ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - PWB is a Large Cap Growth Equities fund tracking the Dynamic Large Cap Growth Intellidex Index, while MSTZ is a Inverse Equities fund actively managed by REX. PWB is passively managed, while MSTZ is actively managed. Over the past year, PWB returned 36.90% vs 282.56% for MSTZ. At a correlation of -0.43, they often move in opposite directions. PWB charges 0.56%/yr vs 1.05%/yr for MSTZ.

Performance

PWB vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Large Cap Growth ETF (PWB) 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, PWB achieves a 24.96% return, which is significantly higher than MSTZ's -23.27% return.

PWB

• 1D: -2.16%
• 1M: -0.81%
• 6M: 19.67%
• YTD: 24.96%
• 1Y: 36.90%
• 3Y*: 30.77%
• 5Y*: 16.41%
• 10Y*: 17.80%

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)

PWB vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PWB Invesco Dynamic Large Cap Growth ETF	24.96%	24.94%	5.73%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-23.27%	-38.95%	-94.43%

Correlation

The correlation between PWB and MSTZ is -0.43, 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	-0.43
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.43

Return for Risk

PWB vs. MSTZ — Risk / Return Rank

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

PWB

PWB Risk / Return Rank: 68
PWB Sharpe Ratio Rank: 65
PWB Sortino Ratio Rank: 59
PWB Omega Ratio Rank: 61
PWB Calmar Ratio Rank: 75
PWB Martin Ratio Rank: 79

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.

PWB vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Growth ETF (PWB) 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.

	PWB	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.92	-0.23
Sortino ratio: Return per unit of downside risk	2.21	2.45	-0.24
Omega ratio: Gain probability vs. loss probability	1.29	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	3.06	3.35	-0.29
Martin ratio: Return relative to average drawdown	12.04	6.53	+5.51

PWB vs. MSTZ - Sharpe Ratio Comparison

The current PWB Sharpe Ratio is 1.69, which is comparable to the MSTZ Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of PWB 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

PWB vs. MSTZ - Drawdown Comparison

The maximum PWB drawdown since its inception was -52.58%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for PWB and MSTZ.

Drawdown Indicators

	PWB	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-52.58%	-99.38%	+46.80%
Max Drawdown (1Y) Largest decline over 1 year	-12.11%	-84.89%	+72.78%
Max Drawdown (3Y) Largest decline over 3 years	-22.10%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.41%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.36%	—	—
Current Drawdown Current decline from peak	-5.74%	-97.39%	+91.65%
Average Drawdown Average peak-to-trough decline	-8.21%	-94.53%	+86.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	43.51%	-40.44%

Volatility

PWB vs. MSTZ - Volatility Comparison

The current volatility for Invesco Dynamic Large Cap Growth ETF (PWB) is 11.34%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 56.56%. This indicates that PWB 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

	PWB	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.34%	56.56%	-45.22%
Volatility (6M) Calculated over the trailing 6-month period	18.88%	135.11%	-116.23%
Volatility (1Y) Calculated over the trailing 1-year period	22.01%	148.53%	-126.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.68%	171.02%	-149.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.04%	171.02%	-149.98%

PWB vs. MSTZ - Expense Ratio Comparison

PWB has a 0.56% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

PWB vs. MSTZ - Dividend Comparison

Neither PWB nor MSTZ has 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%
PWB Invesco Dynamic Large Cap Growth ETF	0.00%	0.00%	0.08%	0.37%	0.31%	0.04%	0.21%	0.58%	0.97%	0.54%	0.82%	0.67%

Frequently Asked Questions

Can I hold both PWB and MSTZ in my portfolio?

PWB and MSTZ have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PWB or MSTZ?

MSTZ has higher volatility (56.56%) compared to PWB (11.34%). In terms of maximum drawdown, PWB dropped -52.58% vs MSTZ's -99.38%.

Which ETF is better, PWB or MSTZ?

On 1-year performance, MSTZ leads with 282.56% vs 36.90% for PWB. On fees, PWB is cheaper at 0.56% per year. On volatility, PWB has been the lower-risk option at 11.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PWB or MSTZ?

Over the 1-year period, MSTZ has performed better with a 282.56% return vs 36.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWB or MSTZ?

PWB is cheaper with a 0.56% expense ratio, compared with 1.05% for MSTZ.

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

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

What is the main difference between PWB and MSTZ?

PWB is categorized as Large Cap Growth Equities, while MSTZ is Inverse Equities. They also come from different issuers: Invesco and REX. Their fees differ too: 0.56% for PWB and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.92 vs 1.69), 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.