BITX vs. MSTX

Last updated Apr 1, 2026

Compare and contrast key facts about Volatility Shares 2x Bitcoin Strategy ETF (BITX) and Defiance Daily Target 2X Long MSTR ETF (MSTX).

BITX and MSTX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BITX is an actively managed fund by Volatility Shares. It was launched on Jun 27, 2023. MSTX is an actively managed fund by Defiance. It was launched on Aug 14, 2024.

Performance

BITX vs. MSTX - Performance Comparison

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

BITX vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITX Volatility Shares 2x Bitcoin Strategy ETF	-46.69%	-38.71%	120.63%
MSTX Defiance Daily Target 2X Long MSTR ETF	-49.22%	-89.06%	137.37%

Returns By Period

In the year-to-date period, BITX achieves a -46.69% return, which is significantly higher than MSTX's -49.22% return.

BITX

• 1D: 3.88%
• 1M: 3.53%
• YTD: -46.69%
• 6M: -71.66%
• 1Y: -53.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: 5.68%
• 1M: -13.11%
• YTD: -49.22%
• 6M: -90.86%
• 1Y: -92.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITX vs. MSTX - Expense Ratio Comparison

BITX has a 1.85% expense ratio, which is higher than MSTX's 1.29% expense ratio.

BITX

Volatility Shares 2x Bitcoin Strategy ETF

MSTX

Defiance Daily Target 2X Long MSTR ETF

Return for Risk

BITX vs. MSTX — Risk / Return Rank

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

BITX

BITX Risk / Return Rank: 3
BITX Sharpe Ratio Rank: 3
BITX Sortino Ratio Rank: 4
BITX Omega Ratio Rank: 4
BITX Calmar Ratio Rank: 2
BITX Martin Ratio Rank: 2

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: 2

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.

BITX vs. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Bitcoin Strategy ETF (BITX) 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.

	BITX	MSTX	Difference
Sharpe ratio Return per unit of total volatility	-0.59	-0.63	+0.04
Sortino ratio Return per unit of downside risk	-0.53	-1.48	+0.95
Omega ratio Gain probability vs. loss probability	0.94	0.84	+0.10
Calmar ratio Return relative to maximum drawdown	-0.70	-0.96	+0.26
Martin ratio Return relative to average drawdown	-1.35	-1.43	+0.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITX vs. MSTX - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.59, which is comparable to the MSTX Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of BITX and MSTX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BITX	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.59	-0.63	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	-0.42	+0.51

Correlation

The correlation between BITX and MSTX is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BITX vs. MSTX - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 36.66%, while MSTX has not paid dividends to shareholders.

	TTM	2025	2024
BITX Volatility Shares 2x Bitcoin Strategy ETF	36.66%	21.69%	10.70%
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%

Drawdowns

BITX vs. MSTX - Drawdown Comparison

The maximum BITX drawdown since its inception was -77.88%, smaller than the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for BITX and MSTX.

Drawdown Indicators

	BITX	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-77.88%	-98.66%	+20.78%
Max Drawdown (1Y) Largest decline over 1 year	-77.88%	-96.62%	+18.74%
Current Drawdown Current decline from peak	-76.44%	-98.44%	+22.00%
Average Drawdown Average peak-to-trough decline	-29.19%	-66.95%	+37.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.45%	64.85%	-24.40%

Volatility

BITX vs. MSTX - Volatility Comparison

The current volatility for Volatility Shares 2x Bitcoin Strategy ETF (BITX) is 26.02%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 37.25%. This indicates that BITX 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

	BITX	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.02%	37.25%	-11.23%
Volatility (6M) Calculated over the trailing 6-month period	73.70%	111.13%	-37.43%
Volatility (1Y) Calculated over the trailing 1-year period	90.25%	147.32%	-57.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	99.89%	169.73%	-69.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.89%	169.73%	-69.84%