UTES vs. MSTZ

Last updated Aug 2, 2026

UTES (Virtus Reaves Utilities ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - UTES is a Utilities Equities fund actively managed by Virtus, while MSTZ is a Inverse Equities fund actively managed by REX. Both are actively managed. Over the past year, UTES returned -3.98% vs 159.07% for MSTZ. Their -0.22 correlation means they have often moved in opposite directions in the past. UTES charges 0.49%/yr vs 1.05%/yr for MSTZ.

Performance

UTES vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Reaves Utilities ETF (UTES) 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, UTES achieves a -1.07% return, which is significantly higher than MSTZ's -30.44% return.

UTES

• 1D: -0.03%
• 1M: -4.28%
• 6M: 0.59%
• YTD: -1.07%
• 1Y: -3.98%
• 3Y*: 21.10%
• 5Y*: 14.97%
• 10Y*: 11.78%
• ALL TIME*: 13.50%

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
UTES Virtus Reaves Utilities ETF	$11.16M	$10.04M	$13.72M

UTES vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UTES Virtus Reaves Utilities ETF	-1.07%	25.71%	7.39%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-30.44%	-38.95%	-94.43%

Correlation

The correlation between UTES and MSTZ is -0.21, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.21
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.22

Return for Risk

UTES vs. MSTZ — Risk / Return Rank

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

UTES

UTES Risk / Return Rank: 7
UTES Sharpe Ratio Rank: 8
UTES Sortino Ratio Rank: 8
UTES Omega Ratio Rank: 8
UTES Calmar Ratio Rank: 7
UTES Martin Ratio Rank: 7

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.

UTES vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Reaves Utilities ETF (UTES) 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.

	UTES	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.20	1.38	-1.58
Sortino ratio: Return per unit of downside risk	-0.14	2.22	-2.35
Omega ratio: Gain probability vs. loss probability	0.98	1.28	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.31	2.44	-2.75
Martin ratio: Return relative to average drawdown	-0.65	4.53	-5.18

UTES vs. MSTZ - Sharpe Ratio Comparison

The current UTES Sharpe Ratio is -0.20, which is lower than the MSTZ Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of UTES 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

UTES vs. MSTZ - Drawdown Comparison

The maximum UTES drawdown since its inception was -35.39%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for UTES and MSTZ.

Drawdown Indicators

	UTES	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-35.39%	-99.38%	+63.99%
Max Drawdown (1Y) Largest decline over 1 year	-13.88%	-84.89%	+71.01%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.39%	—	—
Current Drawdown Current decline from peak	-10.30%	-97.63%	+87.33%
Average Drawdown Average peak-to-trough decline	-5.54%	-94.63%	+89.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.72%	45.62%	-38.90%

Volatility

UTES vs. MSTZ - Volatility Comparison

The current volatility for Virtus Reaves Utilities ETF (UTES) is 5.50%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 37.86%. This indicates that UTES 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

	UTES	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	37.86%	-32.36%
Volatility (6M) Calculated over the trailing 6-month period	16.19%	134.52%	-118.33%
Volatility (1Y) Calculated over the trailing 1-year period	21.39%	150.23%	-128.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.74%	169.87%	-149.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.26%	169.87%	-149.61%

UTES vs. MSTZ - Expense Ratio Comparison

UTES has a 0.49% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

UTES vs. MSTZ - Dividend Comparison

UTES's dividend yield for the trailing twelve months is around 1.53%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
UTES Virtus Reaves Utilities ETF	1.53%	1.42%	1.51%	2.44%	2.13%	1.94%	2.09%	1.84%	2.09%	3.44%	3.53%	0.61%

Frequently Asked Questions

Can I hold both UTES and MSTZ in my portfolio?

UTES and MSTZ have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTES or MSTZ?

MSTZ has higher volatility (37.86%) compared to UTES (5.50%). In terms of maximum drawdown, UTES dropped -35.39% vs MSTZ's -99.38%.

Which ETF is better, UTES or MSTZ?

On 1-year performance, MSTZ leads with 159.07% vs -3.98% for UTES. On fees, UTES is cheaper at 0.49% per year. On volatility, UTES has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTES or MSTZ?

Over the 1-year period, MSTZ has performed better with a 159.07% return vs -3.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTES or MSTZ?

UTES is cheaper with a 0.49% expense ratio, compared with 1.05% for MSTZ.

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

UTES has the higher dividend yield at 1.53%, compared with 0.00% for MSTZ.

What is the main difference between UTES and MSTZ?

UTES is categorized as Utilities Equities, while MSTZ is Inverse Equities. They also come from different issuers: Virtus and REX. Their fees differ too: 0.49% for UTES and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.38 vs -0.20), 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.