TSMZ vs. MSTZ

Last updated Aug 2, 2026

TSMZ (Direxion Daily TSM Bear 1X Shares) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both Inverse Equities funds. Both are actively managed. Over the past year, TSMZ returned -48.22% vs 159.07% for MSTZ. Their 0.31 correlation means their historical movements had little consistent relationship. TSMZ charges 0.98%/yr vs 1.05%/yr for MSTZ.

Performance

TSMZ vs. MSTZ - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with TSMZ having a -31.34% return and MSTZ slightly higher at -30.44%.

TSMZ

• 1D: -0.09%
• 1M: 5.88%
• 6M: -24.87%
• YTD: -31.34%
• 1Y: -48.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -43.42%

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
TSMZ Direxion Daily TSM Bear 1X Shares	$787.65K	$1.02M	$750.23K

TSMZ vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMZ Direxion Daily TSM Bear 1X Shares	-31.34%	-41.91%	-11.25%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-30.44%	-38.95%	-90.43%

Correlation

The correlation between TSMZ and MSTZ is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.31

Return for Risk

TSMZ vs. MSTZ — Risk / Return Rank

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

TSMZ

TSMZ Risk / Return Rank: 1
TSMZ Sharpe Ratio Rank: 1
TSMZ Sortino Ratio Rank: 1
TSMZ Omega Ratio Rank: 1
TSMZ Calmar Ratio Rank: 2
TSMZ 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.

TSMZ vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bear 1X Shares (TSMZ) 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.

	TSMZ	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	1.38	-2.53
Sortino ratio: Return per unit of downside risk	-1.75	2.22	-3.97
Omega ratio: Gain probability vs. loss probability	0.80	1.28	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.83	2.44	-3.27
Martin ratio: Return relative to average drawdown	-1.32	4.53	-5.86

TSMZ vs. MSTZ - Sharpe Ratio Comparison

The current TSMZ Sharpe Ratio is -1.15, which is lower than the MSTZ Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of TSMZ 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

TSMZ vs. MSTZ - Drawdown Comparison

The maximum TSMZ drawdown since its inception was -74.02%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for TSMZ and MSTZ.

Drawdown Indicators

	TSMZ	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-74.02%	-99.38%	+25.36%
Max Drawdown (1Y) Largest decline over 1 year	-56.52%	-84.89%	+28.37%
Current Drawdown Current decline from peak	-69.99%	-97.63%	+27.64%
Average Drawdown Average peak-to-trough decline	-40.58%	-94.63%	+54.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.46%	45.62%	-10.16%

Volatility

TSMZ vs. MSTZ - Volatility Comparison

The current volatility for Direxion Daily TSM Bear 1X Shares (TSMZ) is 14.51%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 37.86%. This indicates that TSMZ 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

	TSMZ	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.51%	37.86%	-23.35%
Volatility (6M) Calculated over the trailing 6-month period	33.33%	134.52%	-101.19%
Volatility (1Y) Calculated over the trailing 1-year period	40.76%	150.23%	-109.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.96%	169.87%	-127.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.96%	169.87%	-127.91%

TSMZ vs. MSTZ - Expense Ratio Comparison

TSMZ has a 0.98% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

TSMZ vs. MSTZ - Dividend Comparison

TSMZ's dividend yield for the trailing twelve months is around 4.39%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%
TSMZ Direxion Daily TSM Bear 1X Shares	4.39%	4.88%	0.86%

Frequently Asked Questions

Can I hold both TSMZ and MSTZ in my portfolio?

TSMZ and MSTZ have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSMZ or MSTZ?

MSTZ has higher volatility (37.86%) compared to TSMZ (14.51%). In terms of maximum drawdown, TSMZ dropped -74.02% vs MSTZ's -99.38%.

Which ETF is better, TSMZ or MSTZ?

On 1-year performance, MSTZ leads with 159.07% vs -48.22% for TSMZ. On fees, TSMZ is cheaper at 0.98% per year. On volatility, TSMZ has been the lower-risk option at 14.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMZ or MSTZ?

Over the 1-year period, MSTZ has performed better with a 159.07% return vs -48.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMZ or MSTZ?

TSMZ is cheaper with a 0.98% expense ratio, compared with 1.05% for MSTZ.

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

TSMZ has the higher dividend yield at 4.39%, compared with 0.00% for MSTZ.

What is the main difference between TSMZ and MSTZ?

They also come from different issuers: Direxion and REX. Their fees differ too: 0.98% for TSMZ and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.38 vs -1.15), 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.