AMA vs. MSTX

Last updated Jul 1, 2026

AMA (Defiance Daily Target 2X Long AMAT ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both Leveraged Equities funds from Defiance. Both are actively managed. At a 0.15 correlation, their price movements are largely independent. Both charge a 1.29% expense ratio.

Performance

AMA vs. MSTX - 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 Daily Target 2X Long MSTR ETF (MSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AMA

• 1D: 8.42%
• 1M: 136.44%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: -12.26%
• 1M: -73.56%
• YTD: -80.68%
• 6M: -81.54%
• 1Y: -98.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AMA vs. MSTX - Yearly Performance Comparison

	2026 (YTD)
AMA Defiance Daily Target 2X Long AMAT ETF	140.44%
MSTX Defiance Daily Target 2X Long MSTR ETF	-74.00%

Correlation

The correlation between AMA and MSTX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 26, 2026	0.15

Return for Risk

AMA vs. MSTX — 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.

MSTX

MSTX Risk / Return Rank: 2
MSTX Sharpe Ratio Rank: 4
MSTX Sortino Ratio Rank: 0
MSTX Omega Ratio Rank: 0
MSTX Calmar Ratio Rank: 0
MSTX Martin Ratio Rank: 4

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. MSTX - 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 Daily Target 2X Long MSTR ETF (MSTX). 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	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.66	—
Sortino ratio: Return per unit of downside risk	—	-2.65	—
Omega ratio: Gain probability vs. loss probability	—	0.73	—
Calmar ratio: Return relative to maximum drawdown	—	-1.00	—
Martin ratio: Return relative to average drawdown	—	-1.23	—

Drawdowns

AMA vs. MSTX - Drawdown Comparison

The maximum AMA drawdown since its inception was -19.35%, smaller than the maximum MSTX drawdown of -99.46%. Use the drawdown chart below to compare losses from any high point for AMA and MSTX.

Drawdown Indicators

	AMA	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-19.35%	-99.46%	+80.11%
Max Drawdown (1Y) Largest decline over 1 year	—	-98.63%	—
Current Drawdown Current decline from peak	0.00%	-99.41%	+99.41%
Average Drawdown Average peak-to-trough decline	-3.68%	-70.91%	+67.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	79.61%	—

Volatility

Volatility by Period

	AMA	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	55.88%	—
Volatility (6M) Calculated over the trailing 6-month period	—	120.88%	—
Volatility (1Y) Calculated over the trailing 1-year period	181.63%	148.43%	+33.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	181.63%	168.66%	+12.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	181.63%	168.66%	+12.97%

AMA vs. MSTX - Expense Ratio Comparison

Both AMA and MSTX have an expense ratio of 1.29%.

Dividends

AMA vs. MSTX - Dividend Comparison

Neither AMA nor MSTX has paid dividends to shareholders.

Position	TTM	2025	2024
AMA Defiance Daily Target 2X Long AMAT ETF	0.00%	0.00%	0.00%
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%

Frequently Asked Questions

Can I hold both AMA and MSTX in my portfolio?

AMA and MSTX have a correlation of 0.15, 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 MSTX?

Both ETFs have the same 1.29% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AMA or MSTX?

AMA and MSTX have the same expense ratio: 1.29% per year.

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

AMA and MSTX have nearly identical dividend yields, around 0.00%.