AMA vs. MST

Last updated Jul 17, 2026

AMA (Defiance Daily Target 2X Long AMAT ETF) and MST (Defiance Leveraged Long Income MSTR ETF) are both exchange-traded funds - AMA is a Leveraged Equities fund actively managed by Defiance, while MST is a Derivative Income fund actively managed by Defiance. Both are actively managed. At a correlation of -0.01, they often move in opposite directions. AMA charges 1.29%/yr vs 1.31%/yr for MST.

Performance

AMA vs. MST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long AMAT ETF (AMA) and Defiance Leveraged Long Income MSTR ETF (MST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AMA

• 1D: -6.84%
• 1M: -11.50%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MST

• 1D: -5.37%
• 1M: -44.37%
• 6M: -77.72%
• YTD: -72.88%
• 1Y: -97.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AMA vs. MST - Yearly Performance Comparison

	2026 (YTD)
AMA Defiance Daily Target 2X Long AMAT ETF	37.78%
MST Defiance Leveraged Long Income MSTR ETF	-67.58%

Correlation

The correlation between AMA and MST is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 26, 2026	-0.01

Return for Risk

AMA vs. MST — Risk / Return Rank

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

AMA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MST

MST Risk / Return Rank: 1
MST Sharpe Ratio Rank: 3
MST Sortino Ratio Rank: 0
MST Omega Ratio Rank: 0
MST Calmar Ratio Rank: 0
MST Martin Ratio Rank: 3

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.

AMA vs. MST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long AMAT ETF (AMA) and Defiance Leveraged Long Income MSTR ETF (MST). 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.

	AMA	MST	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.72	—
Sortino ratio: Return per unit of downside risk	—	-2.66	—
Omega ratio: Gain probability vs. loss probability	—	0.72	—
Calmar ratio: Return relative to maximum drawdown	—	-0.99	—
Martin ratio: Return relative to average drawdown	—	-1.23	—

Drawdowns

AMA vs. MST - Drawdown Comparison

The maximum AMA drawdown since its inception was -42.98%, smaller than the maximum MST drawdown of -97.68%. Use the drawdown chart below to compare losses from any high point for AMA and MST.

Drawdown Indicators

	AMA	MST	Difference
Max Drawdown Largest peak-to-trough decline	-42.98%	-97.68%	+54.70%
Max Drawdown (1Y) Largest decline over 1 year	—	-97.64%	—
Current Drawdown Current decline from peak	-42.70%	-97.11%	+54.41%
Average Drawdown Average peak-to-trough decline	-13.49%	-65.28%	+51.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	79.33%	—

Volatility

Volatility by Period

	AMA	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	47.52%	—
Volatility (6M) Calculated over the trailing 6-month period	—	109.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	182.25%	134.41%	+47.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	182.25%	127.52%	+54.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	182.25%	127.52%	+54.73%

AMA vs. MST - Expense Ratio Comparison

AMA has a 1.29% expense ratio, which is lower than MST's 1.31% expense ratio.

Dividends

AMA vs. MST - Dividend Comparison

AMA has not paid dividends to shareholders, while MST's dividend yield for the trailing twelve months is around 1,176.23%.

Position	TTM	2025
AMA Defiance Daily Target 2X Long AMAT ETF	0.00%	0.00%
MST Defiance Leveraged Long Income MSTR ETF	1,176.23%	381.22%

Frequently Asked Questions

Can I hold both AMA and MST in my portfolio?

AMA and MST have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AMA or MST?

On fees, AMA is cheaper at 1.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AMA or MST?

AMA is cheaper with a 1.29% expense ratio, compared with 1.31% for MST.

Which ETF pays a higher dividend yield, AMA or MST?

MST has the higher dividend yield at 1176.23%, compared with 0.00% for AMA.

What is the main difference between AMA and MST?

AMA is categorized as Leveraged Equities, while MST is Derivative Income. Their fees differ too: 1.29% for AMA and 1.31% for MST.