XSW vs. MSTZ

Last updated Aug 2, 2026

XSW (SPDR S&P Software & Services ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - XSW is a Technology Equities fund tracking the S&P Software & Services Select Industry Index, while MSTZ is a Inverse Equities fund actively managed by REX. XSW is passively managed, while MSTZ is actively managed. Over the past year, XSW returned 0.97% vs 159.07% for MSTZ. Their -0.47 correlation means they have often moved in opposite directions in the past. XSW charges 0.35%/yr vs 1.05%/yr for MSTZ.

Performance

XSW vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Software & Services ETF (XSW) 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, XSW achieves a -2.35% return, which is significantly higher than MSTZ's -30.44% return.

XSW

• 1D: 0.60%
• 1M: 3.56%
• 6M: 9.30%
• YTD: -2.35%
• 1Y: 0.97%
• 3Y*: 8.86%
• 5Y*: 1.40%
• 10Y*: 13.43%
• ALL TIME*: 14.98%

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
XSW SPDR S&P Software & Services ETF	$8.95M	$8.27M	$10.07M

XSW vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XSW SPDR S&P Software & Services ETF	-2.35%	-0.90%	20.88%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-30.44%	-38.95%	-94.43%

Correlation

The correlation between XSW and MSTZ is -0.45, 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.	-0.45
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.47

Return for Risk

XSW vs. MSTZ — Risk / Return Rank

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

XSW

XSW Risk / Return Rank: 10
XSW Sharpe Ratio Rank: 10
XSW Sortino Ratio Rank: 10
XSW Omega Ratio Rank: 10
XSW Calmar Ratio Rank: 10
XSW Martin Ratio Rank: 10

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.

XSW vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Software & Services ETF (XSW) 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.

	XSW	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.08	1.38	-1.46
Sortino ratio: Return per unit of downside risk	0.10	2.22	-2.12
Omega ratio: Gain probability vs. loss probability	1.01	1.28	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.07	2.44	-2.51
Martin ratio: Return relative to average drawdown	-0.13	4.53	-4.67

XSW vs. MSTZ - Sharpe Ratio Comparison

The current XSW Sharpe Ratio is -0.08, which is lower than the MSTZ Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of XSW 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

XSW vs. MSTZ - Drawdown Comparison

The maximum XSW drawdown since its inception was -45.38%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for XSW and MSTZ.

Drawdown Indicators

	XSW	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-45.38%	-99.38%	+54.00%
Max Drawdown (1Y) Largest decline over 1 year	-33.75%	-84.89%	+51.14%
Max Drawdown (3Y) Largest decline over 3 years	-33.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-45.38%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.38%	—	—
Current Drawdown Current decline from peak	-10.96%	-97.63%	+86.67%
Average Drawdown Average peak-to-trough decline	-9.90%	-94.63%	+84.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.92%	45.62%	-28.70%

Volatility

XSW vs. MSTZ - Volatility Comparison

The current volatility for SPDR S&P Software & Services ETF (XSW) is 8.03%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 37.86%. This indicates that XSW 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

	XSW	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.03%	37.86%	-29.83%
Volatility (6M) Calculated over the trailing 6-month period	24.75%	134.52%	-109.77%
Volatility (1Y) Calculated over the trailing 1-year period	29.79%	150.23%	-120.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.15%	169.87%	-140.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.36%	169.87%	-143.51%

XSW vs. MSTZ - Expense Ratio Comparison

XSW has a 0.35% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

XSW vs. MSTZ - Dividend Comparison

Neither XSW nor MSTZ has 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%
XSW SPDR S&P Software & Services ETF	0.00%	0.06%	0.07%	0.20%	0.09%	0.13%	0.26%	0.12%	0.31%	0.46%	0.87%	0.54%

Frequently Asked Questions

Can I hold both XSW and MSTZ in my portfolio?

XSW and MSTZ have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSW or MSTZ?

MSTZ has higher volatility (37.86%) compared to XSW (8.03%). In terms of maximum drawdown, XSW dropped -45.38% vs MSTZ's -99.38%.

Which ETF is better, XSW or MSTZ?

On 1-year performance, MSTZ leads with 159.07% vs 0.97% for XSW. On fees, XSW is cheaper at 0.35% per year. On volatility, XSW has been the lower-risk option at 8.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSW or MSTZ?

Over the 1-year period, MSTZ has performed better with a 159.07% return vs 0.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSW or MSTZ?

XSW is cheaper with a 0.35% expense ratio, compared with 1.05% for MSTZ.

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

XSW and MSTZ have nearly identical dividend yields, around 0.00%.

What is the main difference between XSW and MSTZ?

XSW is categorized as Technology Equities, while MSTZ is Inverse Equities. They also come from different issuers: State Street and REX. Their fees differ too: 0.35% for XSW and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.38 vs -0.08), 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.