SVIX vs. MSTZ

Last updated Apr 1, 2026

Compare and contrast key facts about Volatility Shares -1x Short VIX Futures ETF (SVIX) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ).

SVIX and MSTZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SVIX is managed by Volatility Shares. It was launched on Mar 28, 2022. MSTZ is an actively managed fund by REX. It was launched on Sep 17, 2024.

Performance

SVIX vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares -1x Short VIX Futures ETF (SVIX) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). The values are adjusted to include any dividend payments, if applicable.

SVIX vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SVIX Volatility Shares -1x Short VIX Futures ETF	-35.16%	-4.49%	-6.45%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-27.23%	-38.95%	-94.26%

Returns By Period

In the year-to-date period, SVIX achieves a -35.16% return, which is significantly lower than MSTZ's -27.23% return.

SVIX

• 1D: 9.17%
• 1M: -25.51%
• YTD: -35.16%
• 6M: -26.52%
• 1Y: -22.76%
• 3Y*: -1.64%
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: -5.53%
• 1M: -4.07%
• YTD: -27.23%
• 6M: 137.26%
• 1Y: -11.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SVIX vs. MSTZ - Expense Ratio Comparison

SVIX has a 1.47% expense ratio, which is higher than MSTZ's 1.05% expense ratio.

SVIX

Volatility Shares -1x Short VIX Futures ETF

MSTZ

T-REX 2X Inverse MSTR Daily Target ETF

Return for Risk

SVIX vs. MSTZ — Risk / Return Rank

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

SVIX

SVIX Risk / Return Rank: 8
SVIX Sharpe Ratio Rank: 7
SVIX Sortino Ratio Rank: 11
SVIX Omega Ratio Rank: 11
SVIX Calmar Ratio Rank: 5
SVIX Martin Ratio Rank: 4

MSTZ

MSTZ Risk / Return Rank: 20
MSTZ Sharpe Ratio Rank: 10
MSTZ Sortino Ratio Rank: 36
MSTZ Omega Ratio Rank: 35
MSTZ Calmar Ratio Rank: 10
MSTZ Martin Ratio Rank: 11

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.

SVIX vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares -1x Short VIX Futures ETF (SVIX) 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.

	SVIX	MSTZ	Difference
Sharpe ratio Return per unit of total volatility	-0.31	-0.08	-0.23
Sortino ratio Return per unit of downside risk	0.05	1.02	-0.96
Omega ratio Gain probability vs. loss probability	1.01	1.14	-0.13
Calmar ratio Return relative to maximum drawdown	-0.45	-0.12	-0.32
Martin ratio Return relative to average drawdown	-1.03	-0.17	-0.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SVIX vs. MSTZ - Sharpe Ratio Comparison

The current SVIX Sharpe Ratio is -0.31, which is lower than the MSTZ Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of SVIX and MSTZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SVIX	MSTZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.31	-0.08	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	-0.53	+0.55

Correlation

The correlation between SVIX and MSTZ is -0.35. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SVIX vs. MSTZ - Dividend Comparison

Neither SVIX nor MSTZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

SVIX vs. MSTZ - Drawdown Comparison

The maximum SVIX drawdown since its inception was -79.30%, smaller than the maximum MSTZ drawdown of -99.36%. Use the drawdown chart below to compare losses from any high point for SVIX and MSTZ.

Drawdown Indicators

	SVIX	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-79.30%	-99.36%	+20.06%
Max Drawdown (1Y) Largest decline over 1 year	-49.47%	-83.20%	+33.73%
Current Drawdown Current decline from peak	-69.03%	-97.45%	+28.42%
Average Drawdown Average peak-to-trough decline	-30.26%	-93.91%	+63.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.52%	61.32%	-39.80%

Volatility

SVIX vs. MSTZ - Volatility Comparison

The current volatility for Volatility Shares -1x Short VIX Futures ETF (SVIX) is 29.79%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 38.43%. This indicates that SVIX 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

	SVIX	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.79%	38.43%	-8.64%
Volatility (6M) Calculated over the trailing 6-month period	47.49%	122.48%	-74.99%
Volatility (1Y) Calculated over the trailing 1-year period	74.62%	147.15%	-72.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.26%	173.11%	-105.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.26%	173.11%	-105.85%