XPP vs. MSTZ

Last updated Aug 2, 2026

XPP (ProShares Ultra FTSE China 50) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - XPP is a China Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while MSTZ is a Inverse Equities fund actively managed by REX. XPP is passively managed, while MSTZ is actively managed. Over the past year, XPP returned -7.90% vs 159.07% for MSTZ. Their -0.28 correlation means they have often moved in opposite directions in the past. XPP charges 0.95%/yr vs 1.05%/yr for MSTZ.

Performance

XPP vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) 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, XPP achieves a -13.25% return, which is significantly higher than MSTZ's -30.44% return.

XPP

• 1D: -0.03%
• 1M: 29.99%
• 6M: -18.24%
• YTD: -13.25%
• 1Y: -7.90%
• 3Y*: 4.02%
• 5Y*: -14.42%
• 10Y*: -5.62%
• ALL TIME*: -4.67%

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
XPP ProShares Ultra FTSE China 50	$97.64K	$74.04K	$132.37K

XPP vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XPP ProShares Ultra FTSE China 50	-13.25%	45.84%	27.04%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-30.44%	-38.95%	-94.43%

Correlation

The correlation between XPP and MSTZ is -0.34, 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.	-0.34
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.28

Return for Risk

XPP vs. MSTZ — Risk / Return Rank

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

XPP

XPP Risk / Return Rank: 8
XPP Sharpe Ratio Rank: 7
XPP Sortino Ratio Rank: 8
XPP Omega Ratio Rank: 8
XPP Calmar Ratio Rank: 8
XPP 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.

XPP vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.

	XPP	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	1.38	-1.65
Sortino ratio: Return per unit of downside risk	-0.12	2.22	-2.33
Omega ratio: Gain probability vs. loss probability	0.99	1.28	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.24	2.44	-2.68
Martin ratio: Return relative to average drawdown	-0.50	4.53	-5.04

XPP vs. MSTZ - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.27, which is lower than the MSTZ Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of XPP 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

XPP vs. MSTZ - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for XPP and MSTZ.

Drawdown Indicators

	XPP	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-99.38%	+9.48%
Max Drawdown (1Y) Largest decline over 1 year	-44.78%	-84.89%	+40.11%
Max Drawdown (3Y) Largest decline over 3 years	-48.56%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-81.38%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	—	—
Current Drawdown Current decline from peak	-77.04%	-97.63%	+20.59%
Average Drawdown Average peak-to-trough decline	-48.11%	-94.63%	+46.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.55%	45.62%	-24.07%

Volatility

XPP vs. MSTZ - Volatility Comparison

The current volatility for ProShares Ultra FTSE China 50 (XPP) is 10.66%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 37.86%. This indicates that XPP 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

	XPP	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.66%	37.86%	-27.20%
Volatility (6M) Calculated over the trailing 6-month period	29.57%	134.52%	-104.95%
Volatility (1Y) Calculated over the trailing 1-year period	40.39%	150.23%	-109.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.33%	169.87%	-107.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.80%	169.87%	-115.07%

XPP vs. MSTZ - Expense Ratio Comparison

XPP has a 0.95% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

XPP vs. MSTZ - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 2.41%, 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%
XPP ProShares Ultra FTSE China 50	2.41%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%

Frequently Asked Questions

Can I hold both XPP and MSTZ in my portfolio?

XPP and MSTZ have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPP or MSTZ?

MSTZ has higher volatility (37.86%) compared to XPP (10.66%). In terms of maximum drawdown, XPP dropped -89.90% vs MSTZ's -99.38%.

Which ETF is better, XPP or MSTZ?

On 1-year performance, MSTZ leads with 159.07% vs -7.90% for XPP. On fees, XPP is cheaper at 0.95% per year. On volatility, XPP has been the lower-risk option at 10.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPP or MSTZ?

Over the 1-year period, MSTZ has performed better with a 159.07% return vs -7.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPP or MSTZ?

XPP is cheaper with a 0.95% expense ratio, compared with 1.05% for MSTZ.

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

XPP has the higher dividend yield at 2.41%, compared with 0.00% for MSTZ.

What is the main difference between XPP and MSTZ?

XPP is categorized as China Equities, while MSTZ is Inverse Equities. They also come from different issuers: ProShares and REX. Their fees differ too: 0.95% for XPP and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.38 vs -0.27), 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.