SPD vs. MSTZ

Last updated Jul 14, 2026

SPD (Simplify US Equity PLUS Downside Convexity ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - SPD is a Large Cap Blend Equities fund actively managed by Simplify, while MSTZ is a Inverse Equities fund actively managed by REX. Both are actively managed. Over the past year, SPD returned 11.02% vs 282.56% for MSTZ. At a correlation of -0.47, they often move in opposite directions. SPD charges 0.53%/yr vs 1.05%/yr for MSTZ.

Performance

SPD vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS Downside Convexity ETF (SPD) 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, SPD achieves a 6.38% return, which is significantly higher than MSTZ's -23.27% return.

SPD

• 1D: -0.69%
• 1M: 0.91%
• 6M: 4.65%
• YTD: 6.38%
• 1Y: 11.02%
• 3Y*: 15.93%
• 5Y*: 7.65%
• 10Y*: —

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)

SPD vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPD Simplify US Equity PLUS Downside Convexity ETF	6.38%	18.86%	2.30%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-23.27%	-38.95%	-94.43%

Correlation

The correlation between SPD and MSTZ is -0.46, 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	-0.46
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.47

Return for Risk

SPD vs. MSTZ — Risk / Return Rank

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

SPD

SPD Risk / Return Rank: 27
SPD Sharpe Ratio Rank: 28
SPD Sortino Ratio Rank: 28
SPD Omega Ratio Rank: 26
SPD Calmar Ratio Rank: 24
SPD Martin Ratio Rank: 27

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.

SPD vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Downside Convexity ETF (SPD) 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.

	SPD	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.92	-1.07
Sortino ratio: Return per unit of downside risk	1.29	2.45	-1.16
Omega ratio: Gain probability vs. loss probability	1.15	1.32	-0.17
Calmar ratio: Return relative to maximum drawdown	0.93	3.35	-2.42
Martin ratio: Return relative to average drawdown	2.95	6.53	-3.58

SPD vs. MSTZ - Sharpe Ratio Comparison

The current SPD Sharpe Ratio is 0.85, which is lower than the MSTZ Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of SPD 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

SPD vs. MSTZ - Drawdown Comparison

The maximum SPD drawdown since its inception was -27.38%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for SPD and MSTZ.

Drawdown Indicators

	SPD	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-27.38%	-99.38%	+72.00%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-84.89%	+72.99%
Max Drawdown (3Y) Largest decline over 3 years	-15.18%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.38%	—	—
Current Drawdown Current decline from peak	-0.99%	-97.39%	+96.40%
Average Drawdown Average peak-to-trough decline	-7.62%	-94.53%	+86.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.75%	43.51%	-39.76%

Volatility

SPD vs. MSTZ - Volatility Comparison

The current volatility for Simplify US Equity PLUS Downside Convexity ETF (SPD) is 4.19%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 56.56%. This indicates that SPD 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

	SPD	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	56.56%	-52.37%
Volatility (6M) Calculated over the trailing 6-month period	9.39%	135.11%	-125.72%
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	148.53%	-135.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.15%	171.02%	-154.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	171.02%	-155.06%

SPD vs. MSTZ - Expense Ratio Comparison

SPD has a 0.53% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

SPD vs. MSTZ - Dividend Comparison

SPD's dividend yield for the trailing twelve months is around 0.96%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPD Simplify US Equity PLUS Downside Convexity ETF	0.96%	0.97%	1.14%	1.91%	1.64%	0.88%	0.43%

Frequently Asked Questions

Can I hold both SPD and MSTZ in my portfolio?

SPD and MSTZ have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPD or MSTZ?

MSTZ has higher volatility (56.56%) compared to SPD (4.19%). In terms of maximum drawdown, SPD dropped -27.38% vs MSTZ's -99.38%.

Which ETF is better, SPD or MSTZ?

On 1-year performance, MSTZ leads with 282.56% vs 11.02% for SPD. On fees, SPD is cheaper at 0.53% per year. On volatility, SPD has been the lower-risk option at 4.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPD or MSTZ?

Over the 1-year period, MSTZ has performed better with a 282.56% return vs 11.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPD or MSTZ?

SPD is cheaper with a 0.53% expense ratio, compared with 1.05% for MSTZ.

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

SPD has the higher dividend yield at 0.96%, compared with 0.00% for MSTZ.

What is the main difference between SPD and MSTZ?

SPD is categorized as Large Cap Blend Equities, while MSTZ is Inverse Equities. They also come from different issuers: Simplify and REX. Their fees differ too: 0.53% for SPD and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.92 vs 0.85), 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.