AVGX vs. MSTX

Last updated Jun 4, 2026

AVGX (Defiance Daily Target 2X Long AVGO ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both Leveraged Equities funds from Defiance. Both are actively managed. Over the past year, AVGX returned 156.34% vs -95.49% for MSTX. At a 0.32 correlation, their price movements are largely independent. Both charge a 1.29% expense ratio.

Performance

AVGX vs. MSTX - Performance Comparison

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

Returns By Period

In the year-to-date period, AVGX achieves a 69.89% return, which is significantly higher than MSTX's -54.94% return.

AVGX

• 1D: -0.83%
• 1M: 29.49%
• YTD: 69.89%
• 6M: 35.83%
• 1Y: 156.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: -14.41%
• 1M: -56.02%
• YTD: -54.94%
• 6M: -72.02%
• 1Y: -95.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AVGX vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVGX Defiance Daily Target 2X Long AVGO ETF	69.89%	46.98%	69.92%
MSTX Defiance Daily Target 2X Long MSTR ETF	-54.94%	-89.06%	132.14%

Correlation

The correlation between AVGX and MSTX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Aug 23, 2024	0.32

Return for Risk

AVGX vs. MSTX — Risk / Return Rank

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

AVGX

AVGX Risk / Return Rank: 50
AVGX Sharpe Ratio Rank: 53
AVGX Sortino Ratio Rank: 50
AVGX Omega Ratio Rank: 48
AVGX Calmar Ratio Rank: 59
AVGX Martin Ratio Rank: 40

MSTX

MSTX Risk / Return Rank: 1
MSTX Sharpe Ratio Rank: 3
MSTX Sortino Ratio Rank: 1
MSTX Omega Ratio Rank: 1
MSTX Calmar Ratio Rank: 0
MSTX 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.

AVGX vs. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long AVGO ETF (AVGX) 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.

	AVGX	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	-0.68	+2.52
Sortino ratio: Return per unit of downside risk	2.45	-2.10	+4.55
Omega ratio: Gain probability vs. loss probability	1.31	0.78	+0.53
Calmar ratio: Return relative to maximum drawdown	2.91	-0.99	+3.90
Martin ratio: Return relative to average drawdown	6.49	-1.27	+7.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVGX vs. MSTX - Sharpe Ratio Comparison

The current AVGX Sharpe Ratio is 1.83, which is higher than the MSTX Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of AVGX and MSTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AVGX	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	-0.68	+2.52
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	-0.42	+1.63

Drawdowns

AVGX vs. MSTX - Drawdown Comparison

The maximum AVGX drawdown since its inception was -70.97%, smaller than the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for AVGX and MSTX.

Drawdown Indicators

	AVGX	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-70.97%	-98.66%	+27.69%
Max Drawdown (1Y) Largest decline over 1 year	-54.09%	-96.62%	+42.53%
Current Drawdown Current decline from peak	-0.83%	-98.61%	+97.78%
Average Drawdown Average peak-to-trough decline	-22.71%	-69.94%	+47.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.20%	75.26%	-51.06%

Volatility

AVGX vs. MSTX - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long AVGO ETF (AVGX) is 23.50%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 39.64%. This indicates that AVGX experiences smaller price fluctuations and is considered to be less risky than MSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVGX	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.50%	39.64%	-16.14%
Volatility (6M) Calculated over the trailing 6-month period	61.90%	112.57%	-50.67%
Volatility (1Y) Calculated over the trailing 1-year period	85.97%	140.09%	-54.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	104.65%	167.46%	-62.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	104.65%	167.46%	-62.81%

AVGX vs. MSTX - Expense Ratio Comparison

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

Dividends

AVGX vs. MSTX - Dividend Comparison

AVGX's dividend yield for the trailing twelve months is around 0.97%, while MSTX has not paid dividends to shareholders.

Position	TTM	2025	2024
AVGX Defiance Daily Target 2X Long AVGO ETF	0.97%	1.65%	0.81%
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%

Frequently Asked Questions

Can I hold both AVGX and MSTX in my portfolio?

AVGX and MSTX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVGX or MSTX?

MSTX has higher volatility (39.64%) compared to AVGX (23.50%). In terms of maximum drawdown, AVGX dropped -70.97% vs MSTX's -98.66%.

Which ETF is better, AVGX or MSTX?

On 1-year performance, AVGX leads with 156.34% vs -95.49% for MSTX. Both ETFs have the same 1.29% expense ratio. On volatility, AVGX has been the lower-risk option at 23.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVGX or MSTX?

Over the 1-year period, AVGX has performed better with a 156.34% return vs -95.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVGX or MSTX?

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

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

AVGX has the higher dividend yield at 0.97%, compared with 0.00% for MSTX.

Which has better risk-adjusted returns?

AVGX currently has the higher Sharpe Ratio (1.83 vs -0.68), 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.