BITX vs. MSTX

Last updated Jul 14, 2026

BITX (2x Bitcoin Strategy ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both exchange-traded funds - BITX is a Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%), while MSTX is a Leveraged Equities fund actively managed by Defiance. BITX is passively managed, while MSTX is actively managed. Over the past year, BITX returned -80.34% vs -98.20% for MSTX. A 0.78 correlation means they provide meaningful diversification when combined. BITX charges 2.38%/yr vs 1.29%/yr for MSTX.

Performance

BITX vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 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.

Returns By Period

In the year-to-date period, BITX achieves a -58.12% return, which is significantly higher than MSTX's -78.86% return.

BITX

• 1D: -5.33%
• 1M: -6.13%
• 6M: -61.36%
• YTD: -58.12%
• 1Y: -80.34%
• 3Y*: 1.91%
• 5Y*: —
• 10Y*: —

MSTX

• 1D: -5.35%
• 1M: -49.69%
• 6M: -81.03%
• YTD: -78.86%
• 1Y: -98.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITX vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITX 2x Bitcoin Strategy ETF	-58.12%	-38.71%	106.65%
MSTX Defiance Daily Target 2X Long MSTR ETF	-78.86%	-89.06%	134.05%

Correlation

The correlation between BITX and MSTX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.78

The correlation between BITX and MSTX has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

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: 1
BITX Sharpe Ratio Rank: 2
BITX Sortino Ratio Rank: 1
BITX Omega Ratio Rank: 1
BITX Calmar Ratio Rank: 1
BITX Martin Ratio Rank: 1

MSTX

MSTX Risk / Return Rank: 1
MSTX Sharpe Ratio Rank: 4
MSTX Sortino Ratio Rank: 0
MSTX Omega Ratio Rank: 0
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.

BITX vs. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 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.

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.

	BITX	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	-0.92	-0.66	-0.25
Sortino ratio: Return per unit of downside risk	-1.86	-2.68	+0.82
Omega ratio: Gain probability vs. loss probability	0.80	0.73	+0.07
Calmar ratio: Return relative to maximum drawdown	-0.96	-1.00	+0.03
Martin ratio: Return relative to average drawdown	-1.42	-1.20	-0.22

BITX vs. MSTX - Sharpe Ratio Comparison

The current BITX Sharpe Ratio is -0.92, which is lower than the MSTX Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of BITX 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.

Drawdowns

BITX vs. MSTX - Drawdown Comparison

The maximum BITX drawdown since its inception was -83.45%, smaller than the maximum MSTX drawdown of -99.46%. 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	-83.45%	-99.46%	+16.01%
Max Drawdown (1Y) Largest decline over 1 year	-83.45%	-98.63%	+15.18%
Max Drawdown (3Y) Largest decline over 3 years	-83.45%	—	—
Current Drawdown Current decline from peak	-81.49%	-99.35%	+17.86%
Average Drawdown Average peak-to-trough decline	-33.35%	-71.39%	+38.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.38%	81.50%	-25.12%

Volatility

BITX vs. MSTX - Volatility Comparison

The current volatility for 2x Bitcoin Strategy ETF (BITX) is 22.66%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 53.48%. 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	22.66%	53.48%	-30.82%
Volatility (6M) Calculated over the trailing 6-month period	69.77%	121.92%	-52.15%
Volatility (1Y) Calculated over the trailing 1-year period	88.03%	148.11%	-60.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.79%	168.15%	-70.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.79%	168.15%	-70.36%

BITX vs. MSTX - Expense Ratio Comparison

BITX has a 2.38% expense ratio, which is higher than MSTX's 1.29% expense ratio.

Dividends

BITX vs. MSTX - Dividend Comparison

BITX's dividend yield for the trailing twelve months is around 33.37%, while MSTX has not paid dividends to shareholders.

Position	TTM	2025	2024
BITX 2x Bitcoin Strategy ETF	33.37%	21.69%	10.70%
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%

Frequently Asked Questions

Can I hold both BITX and MSTX in my portfolio?

BITX and MSTX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITX or MSTX?

MSTX has higher volatility (53.48%) compared to BITX (22.66%). In terms of maximum drawdown, BITX dropped -83.45% vs MSTX's -99.46%.

Which ETF is better, BITX or MSTX?

On 1-year performance, BITX leads with -80.34% vs -98.20% for MSTX. On fees, MSTX is cheaper at 1.29% per year. On volatility, BITX has been the lower-risk option at 22.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITX or MSTX?

Over the 1-year period, BITX has performed better with a -80.34% return vs -98.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITX or MSTX?

MSTX is cheaper with a 1.29% expense ratio, compared with 2.38% for BITX.

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

BITX has the higher dividend yield at 33.37%, compared with 0.00% for MSTX.

What is the main difference between BITX and MSTX?

BITX is categorized as Cryptocurrency, while MSTX is Leveraged Equities. They also come from different issuers: Volatility Shares and Defiance. Their fees differ too: 2.38% for BITX and 1.29% for MSTX.

Which has better risk-adjusted returns?

MSTX currently has the higher Sharpe Ratio (-0.66 vs -0.92), 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.