ZVOL vs. MSTZ

Last updated Jul 14, 2026

ZVOL (Volatility Premium Plus ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - ZVOL is a Volatility fund tracking the S&P 500 VIX Mid Term Futures Inverse Daily Index, while MSTZ is a Inverse Equities fund actively managed by REX. ZVOL is passively managed, while MSTZ is actively managed. Over the past year, ZVOL returned 15.88% vs 282.56% for MSTZ. At a correlation of -0.32, they often move in opposite directions. ZVOL charges 1.35%/yr vs 1.05%/yr for MSTZ.

Performance

ZVOL vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Premium Plus ETF (ZVOL) 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, ZVOL achieves a 5.55% return, which is significantly higher than MSTZ's -23.27% return.

ZVOL

• 1D: -0.12%
• 1M: 6.22%
• 6M: 3.28%
• YTD: 5.55%
• 1Y: 15.88%
• 3Y*: 5.64%
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: 5.07%
• 1M: 46.38%
• 6M: -9.68%
• YTD: -23.27%
• 1Y: 282.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZVOL vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZVOL Volatility Premium Plus ETF	5.55%	-10.71%	2.51%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-23.27%	-38.95%	-94.43%

Correlation

The correlation between ZVOL and MSTZ is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.28
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.32

Return for Risk

ZVOL vs. MSTZ — Risk / Return Rank

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

ZVOL

ZVOL Risk / Return Rank: 28
ZVOL Sharpe Ratio Rank: 29
ZVOL Sortino Ratio Rank: 31
ZVOL Omega Ratio Rank: 28
ZVOL Calmar Ratio Rank: 25
ZVOL Martin Ratio Rank: 28

MSTZ

MSTZ Risk / Return Rank: 68
MSTZ Sharpe Ratio Rank: 76
MSTZ Sortino Ratio Rank: 67
MSTZ Omega Ratio Rank: 68
MSTZ Calmar Ratio Rank: 80
MSTZ Martin Ratio Rank: 49

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.

ZVOL vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Premium Plus ETF (ZVOL) 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.

	ZVOL	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.92	-1.07
Sortino ratio: Return per unit of downside risk	1.37	2.45	-1.09
Omega ratio: Gain probability vs. loss probability	1.16	1.32	-0.16
Calmar ratio: Return relative to maximum drawdown	0.97	3.35	-2.38
Martin ratio: Return relative to average drawdown	3.10	6.53	-3.43

ZVOL vs. MSTZ - Sharpe Ratio Comparison

The current ZVOL Sharpe Ratio is 0.85, which is lower than the MSTZ Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of ZVOL 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

ZVOL vs. MSTZ - Drawdown Comparison

The maximum ZVOL drawdown since its inception was -37.25%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for ZVOL and MSTZ.

Drawdown Indicators

	ZVOL	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-37.25%	-99.38%	+62.13%
Max Drawdown (1Y) Largest decline over 1 year	-16.46%	-84.89%	+68.43%
Max Drawdown (3Y) Largest decline over 3 years	-37.25%	—	—
Current Drawdown Current decline from peak	-15.92%	-97.39%	+81.47%
Average Drawdown Average peak-to-trough decline	-13.58%	-94.53%	+80.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.15%	43.51%	-38.36%

Volatility

ZVOL vs. MSTZ - Volatility Comparison

The current volatility for Volatility Premium Plus ETF (ZVOL) is 4.83%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 56.56%. This indicates that ZVOL 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

	ZVOL	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.83%	56.56%	-51.73%
Volatility (6M) Calculated over the trailing 6-month period	13.81%	135.11%	-121.30%
Volatility (1Y) Calculated over the trailing 1-year period	18.82%	148.53%	-129.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.93%	171.02%	-142.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.93%	171.02%	-142.09%

ZVOL vs. MSTZ - Expense Ratio Comparison

ZVOL has a 1.35% expense ratio, which is higher than MSTZ's 1.05% expense ratio.

Dividends

ZVOL vs. MSTZ - Dividend Comparison

ZVOL's dividend yield for the trailing twelve months is around 69.87%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%	0.00%
ZVOL Volatility Premium Plus ETF	69.87%	53.44%	30.68%	0.55%

Frequently Asked Questions

Can I hold both ZVOL and MSTZ in my portfolio?

ZVOL and MSTZ have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZVOL or MSTZ?

MSTZ has higher volatility (56.56%) compared to ZVOL (4.83%). In terms of maximum drawdown, ZVOL dropped -37.25% vs MSTZ's -99.38%.

Which ETF is better, ZVOL or MSTZ?

On 1-year performance, MSTZ leads with 282.56% vs 15.88% for ZVOL. On fees, MSTZ is cheaper at 1.05% per year. On volatility, ZVOL has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZVOL or MSTZ?

Over the 1-year period, MSTZ has performed better with a 282.56% return vs 15.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZVOL or MSTZ?

MSTZ is cheaper with a 1.05% expense ratio, compared with 1.35% for ZVOL.

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

ZVOL has the higher dividend yield at 69.87%, compared with 0.00% for MSTZ.

What is the main difference between ZVOL and MSTZ?

ZVOL is categorized as Volatility, while MSTZ is Inverse Equities. They also come from different issuers: Volatility Shares and REX. Their fees differ too: 1.35% for ZVOL and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (1.92 vs 0.85), 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.