SPDN vs. MSTZ

Last updated Aug 2, 2026

SPDN (Direxion Daily S&P 500 Bear 1x Shares) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both Inverse Equities funds. SPDN is passively managed, while MSTZ is actively managed. Over the past year, SPDN returned -12.79% vs 159.07% for MSTZ. Their 0.45 correlation means their historical movements had little consistent relationship. SPDN charges 0.50%/yr vs 1.05%/yr for MSTZ.

Performance

SPDN vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bear 1x Shares (SPDN) 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, SPDN achieves a -6.42% return, which is significantly higher than MSTZ's -30.44% return.

SPDN

• 1D: -0.80%
• 1M: 0.00%
• 6M: -5.52%
• YTD: -6.42%
• 1Y: -12.79%
• 3Y*: -10.75%
• 5Y*: -7.84%
• 10Y*: -12.18%
• ALL TIME*: -12.21%

MSTZ

• 1D: 8.95%
• 1M: 7.38%
• 6M: -24.16%
• YTD: -30.44%
• 1Y: 159.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -86.57%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	$101.73M	$133.33M	$177.41M
SPDN Direxion Daily S&P 500 Bear 1x Shares	$433.42M	$387.95M	$422.31M

SPDN vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPDN Direxion Daily S&P 500 Bear 1x Shares	-6.42%	-11.09%	-2.31%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-30.44%	-38.95%	-94.43%

Correlation

The correlation between SPDN and MSTZ is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	0.45

Return for Risk

SPDN vs. MSTZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPDN

SPDN Risk / Return Rank: 3
SPDN Sharpe Ratio Rank: 2
SPDN Sortino Ratio Rank: 3
SPDN Omega Ratio Rank: 3
SPDN Calmar Ratio Rank: 3
SPDN Martin Ratio Rank: 2

MSTZ

MSTZ Risk / Return Rank: 61
MSTZ Sharpe Ratio Rank: 58
MSTZ Sortino Ratio Rank: 68
MSTZ Omega Ratio Rank: 68
MSTZ Calmar Ratio Rank: 70
MSTZ Martin Ratio Rank: 42

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPDN vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 1x Shares (SPDN) 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.

	SPDN	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	1.38	-2.26
Sortino ratio: Return per unit of downside risk	-1.22	2.22	-3.44
Omega ratio: Gain probability vs. loss probability	0.87	1.28	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.71	2.44	-3.16
Martin ratio: Return relative to average drawdown	-1.27	4.53	-5.81

SPDN vs. MSTZ - Sharpe Ratio Comparison

The current SPDN Sharpe Ratio is -0.88, which is lower than the MSTZ Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of SPDN 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

SPDN vs. MSTZ - Drawdown Comparison

The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for SPDN and MSTZ.

Drawdown Indicators

	SPDN	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-75.31%	-99.38%	+24.07%
Max Drawdown (1Y) Largest decline over 1 year	-15.93%	-84.89%	+68.96%
Max Drawdown (3Y) Largest decline over 3 years	-38.24%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-43.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-73.97%	—	—
Current Drawdown Current decline from peak	-74.80%	-97.63%	+22.83%
Average Drawdown Average peak-to-trough decline	-48.93%	-94.63%	+45.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.90%	45.62%	-36.72%

Volatility

SPDN vs. MSTZ - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.55%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 37.86%. This indicates that SPDN 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

	SPDN	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	37.86%	-34.31%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	134.52%	-124.37%
Volatility (1Y) Calculated over the trailing 1-year period	12.98%	150.23%	-137.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.97%	169.87%	-152.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	169.87%	-151.84%

SPDN vs. MSTZ - Expense Ratio Comparison

SPDN has a 0.50% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

SPDN vs. MSTZ - Dividend Comparison

SPDN's dividend yield for the trailing twelve months is around 3.32%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SPDN Direxion Daily S&P 500 Bear 1x Shares	3.32%	4.06%	5.32%	5.84%	0.96%	0.00%	0.10%	1.89%	1.24%	0.42%

Frequently Asked Questions

Can I hold both SPDN and MSTZ in my portfolio?

SPDN and MSTZ have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPDN or MSTZ?

MSTZ has higher volatility (37.86%) compared to SPDN (3.55%). In terms of maximum drawdown, SPDN dropped -75.31% vs MSTZ's -99.38%.

Which ETF is better, SPDN or MSTZ?

On 1-year performance, MSTZ leads with 159.07% vs -12.79% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDN or MSTZ?

Over the 1-year period, MSTZ has performed better with a 159.07% return vs -12.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDN or MSTZ?

SPDN is cheaper with a 0.50% expense ratio, compared with 1.05% for MSTZ.

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

SPDN has the higher dividend yield at 3.32%, compared with 0.00% for MSTZ.

What is the main difference between SPDN and MSTZ?

They also come from different issuers: Direxion and REX. Their fees differ too: 0.50% for SPDN and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.38 vs -0.88), 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.