SPXS vs. MSTZ

Last updated Jun 4, 2026

SPXS (Direxion Daily S&P 500 Bear 3X Shares) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both Inverse Equities funds. SPXS is passively managed, while MSTZ is actively managed. Over the past year, SPXS returned -48.73% vs 94.24% for MSTZ. At a 0.45 correlation, their price movements are largely independent. SPXS charges 1.08%/yr vs 1.05%/yr for MSTZ.

Performance

SPXS vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bear 3X Shares (SPXS) 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, SPXS achieves a -25.49% return, which is significantly higher than MSTZ's -46.88% return.

SPXS

• 1D: 2.19%
• 1M: -13.11%
• YTD: -25.49%
• 6M: -24.86%
• 1Y: -48.73%
• 3Y*: -42.68%
• 5Y*: -34.76%
• 10Y*: -42.01%

MSTZ

• 1D: 14.02%
• 1M: 86.49%
• YTD: -46.88%
• 6M: -23.06%
• 1Y: 94.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXS vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPXS Direxion Daily S&P 500 Bear 3X Shares	-25.49%	-41.53%	-11.34%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-46.88%	-38.95%	-94.26%

Correlation

The correlation between SPXS and MSTZ is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Sep 19, 2024	0.45

Return for Risk

SPXS vs. MSTZ — Risk / Return Rank

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

SPXS

SPXS Risk / Return Rank: 1
SPXS Sharpe Ratio Rank: 0
SPXS Sortino Ratio Rank: 0
SPXS Omega Ratio Rank: 0
SPXS Calmar Ratio Rank: 1
SPXS Martin Ratio Rank: 1

MSTZ

MSTZ Risk / Return Rank: 26
MSTZ Sharpe Ratio Rank: 20
MSTZ Sortino Ratio Rank: 32
MSTZ Omega Ratio Rank: 34
MSTZ Calmar Ratio Rank: 24
MSTZ Martin Ratio Rank: 20

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.

SPXS vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 3X Shares (SPXS) 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.

	SPXS	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.38	0.68	-2.05
Sortino ratio: Return per unit of downside risk	-2.31	1.74	-4.05
Omega ratio: Gain probability vs. loss probability	0.75	1.23	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.96	1.12	-2.08
Martin ratio: Return relative to average drawdown	-1.62	2.35	-3.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXS vs. MSTZ - Sharpe Ratio Comparison

The current SPXS Sharpe Ratio is -1.38, which is lower than the MSTZ Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of SPXS 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.

Sharpe Ratios by Period

	SPXS	MSTZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.38	0.68	-2.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.69	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.83	-0.53	-0.30

Drawdowns

SPXS vs. MSTZ - Drawdown Comparison

The maximum SPXS drawdown since its inception was -100.00%, roughly equal to the maximum MSTZ drawdown of -99.36%. Use the drawdown chart below to compare losses from any high point for SPXS and MSTZ.

Drawdown Indicators

	SPXS	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.36%	-0.64%
Max Drawdown (1Y) Largest decline over 1 year	-50.77%	-84.89%	+34.12%
Max Drawdown (3Y) Largest decline over 3 years	-84.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-90.11%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.63%	—	—
Current Drawdown Current decline from peak	-100.00%	-98.14%	-1.86%
Average Drawdown Average peak-to-trough decline	-96.30%	-94.39%	-1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.04%	40.30%	-10.26%

Volatility

SPXS vs. MSTZ - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 8.51%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 37.49%. This indicates that SPXS 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

	SPXS	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.51%	37.49%	-28.98%
Volatility (6M) Calculated over the trailing 6-month period	26.82%	125.82%	-99.00%
Volatility (1Y) Calculated over the trailing 1-year period	35.54%	140.34%	-104.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.39%	170.37%	-119.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.54%	170.37%	-116.83%

SPXS vs. MSTZ - Expense Ratio Comparison

SPXS has a 1.08% expense ratio, which is higher than MSTZ's 1.05% expense ratio.

Dividends

SPXS vs. MSTZ - Dividend Comparison

SPXS's dividend yield for the trailing twelve months is around 4.91%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.91%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%

Frequently Asked Questions

Can I hold both SPXS and MSTZ in my portfolio?

SPXS 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, SPXS or MSTZ?

MSTZ has higher volatility (37.49%) compared to SPXS (8.51%). In terms of maximum drawdown, SPXS dropped -100.00% vs MSTZ's -99.36%.

Which ETF is better, SPXS or MSTZ?

On 1-year performance, MSTZ leads with 94.24% vs -48.73% for SPXS. On fees, MSTZ is cheaper at 1.05% per year. On volatility, SPXS has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXS or MSTZ?

Over the 1-year period, MSTZ has performed better with a 94.24% return vs -48.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXS or MSTZ?

MSTZ is cheaper with a 1.05% expense ratio, compared with 1.08% for SPXS.

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

SPXS has the higher dividend yield at 4.91%, compared with 0.00% for MSTZ.

What is the main difference between SPXS and MSTZ?

They also come from different issuers: Direxion and REX. Their fees differ too: 1.08% for SPXS and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (0.68 vs -1.38), 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.