SPRX vs. MSTZ

Last updated Jul 12, 2026

SPRX (Spear Alpha ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - SPRX is a Technology Equities fund actively managed by Spear, while MSTZ is a Inverse Equities fund actively managed by REX. Both are actively managed. Over the past year, SPRX returned 73.11% vs 264.10% for MSTZ. At a correlation of -0.45, they often move in opposite directions. SPRX charges 0.75%/yr vs 1.05%/yr for MSTZ.

Performance

SPRX vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spear Alpha ETF (SPRX) 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, SPRX achieves a 32.60% return, which is significantly higher than MSTZ's -26.97% return.

SPRX

• 1D: -1.41%
• 1M: -7.72%
• 6M: 25.66%
• YTD: 32.60%
• 1Y: 73.11%
• 3Y*: 39.84%
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: -1.53%
• 1M: 39.32%
• 6M: -19.19%
• YTD: -26.97%
• 1Y: 264.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPRX vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPRX Spear Alpha ETF	32.60%	41.91%	24.28%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-26.97%	-38.95%	-94.43%

Correlation

The correlation between SPRX 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	-0.45

Return for Risk

SPRX vs. MSTZ — Risk / Return Rank

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

SPRX

SPRX Risk / Return Rank: 57
SPRX Sharpe Ratio Rank: 53
SPRX Sortino Ratio Rank: 48
SPRX Omega Ratio Rank: 48
SPRX Calmar Ratio Rank: 73
SPRX Martin Ratio Rank: 62

MSTZ

MSTZ Risk / Return Rank: 60
MSTZ Sharpe Ratio Rank: 61
MSTZ Sortino Ratio Rank: 62
MSTZ Omega Ratio Rank: 63
MSTZ Calmar Ratio Rank: 71
MSTZ Martin Ratio Rank: 43

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.

SPRX vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spear Alpha ETF (SPRX) 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.

	SPRX	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.64	-0.16
Sortino ratio: Return per unit of downside risk	1.95	2.34	-0.38
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	2.96	2.86	+0.10
Martin ratio: Return relative to average drawdown	8.74	5.59	+3.16

SPRX vs. MSTZ - Sharpe Ratio Comparison

The current SPRX Sharpe Ratio is 1.47, which is comparable to the MSTZ Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of SPRX 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

SPRX vs. MSTZ - Drawdown Comparison

The maximum SPRX drawdown since its inception was -51.21%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for SPRX and MSTZ.

Drawdown Indicators

	SPRX	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-51.21%	-99.38%	+48.17%
Max Drawdown (1Y) Largest decline over 1 year	-24.21%	-84.89%	+60.68%
Max Drawdown (3Y) Largest decline over 3 years	-42.12%	—	—
Current Drawdown Current decline from peak	-13.14%	-97.51%	+84.37%
Average Drawdown Average peak-to-trough decline	-17.44%	-94.53%	+77.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.18%	43.41%	-35.23%

Volatility

SPRX vs. MSTZ - Volatility Comparison

The current volatility for Spear Alpha ETF (SPRX) is 20.37%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 56.46%. This indicates that SPRX 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

	SPRX	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.37%	56.46%	-36.09%
Volatility (6M) Calculated over the trailing 6-month period	40.08%	135.20%	-95.12%
Volatility (1Y) Calculated over the trailing 1-year period	48.69%	148.41%	-99.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.60%	171.17%	-128.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.60%	171.17%	-128.57%

SPRX vs. MSTZ - Expense Ratio Comparison

SPRX has a 0.75% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

SPRX vs. MSTZ - Dividend Comparison

Neither SPRX nor MSTZ has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPRX Spear Alpha ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%

Frequently Asked Questions

Can I hold both SPRX and MSTZ in my portfolio?

SPRX 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, SPRX or MSTZ?

MSTZ has higher volatility (56.46%) compared to SPRX (20.37%). In terms of maximum drawdown, SPRX dropped -51.21% vs MSTZ's -99.38%.

Which ETF is better, SPRX or MSTZ?

On 1-year performance, MSTZ leads with 264.10% vs 73.11% for SPRX. On fees, SPRX is cheaper at 0.75% per year. On volatility, SPRX has been the lower-risk option at 20.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPRX or MSTZ?

Over the 1-year period, MSTZ has performed better with a 264.10% return vs 73.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPRX or MSTZ?

SPRX is cheaper with a 0.75% expense ratio, compared with 1.05% for MSTZ.

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

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

What is the main difference between SPRX and MSTZ?

SPRX is categorized as Technology Equities, while MSTZ is Inverse Equities. They also come from different issuers: Spear and REX. Their fees differ too: 0.75% for SPRX and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.64 vs 1.47), 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.