BMNZ vs. MSDD
BMNZ (Defiance Daily Target 2X Short BMNR ETF) and MSDD (GraniteShares 2x Short MSTR Daily ETF) are both Inverse Equities funds. BMNZ is passively managed, while MSDD is actively managed. A 0.79 correlation means they provide meaningful diversification when combined. BMNZ charges 1.31%/yr vs 1.50%/yr for MSDD.
Performance
BMNZ vs. MSDD - Performance Comparison
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Returns By Period
In the year-to-date period, BMNZ achieves a 29.97% return, which is significantly higher than MSDD's -48.72% return.
BMNZ
- 1D
- 9.79%
- 1M
- 76.32%
- YTD
- 29.97%
- 6M
- 50.80%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSDD
- 1D
- 0.00%
- 1M
- 44.99%
- YTD
- -48.72%
- 6M
- -44.83%
- 1Y
- 89.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BMNZ vs. MSDD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BMNZ Defiance Daily Target 2X Short BMNR ETF | 29.97% | 15.30% |
MSDD GraniteShares 2x Short MSTR Daily ETF | -48.72% | 82.92% |
Correlation
The correlation between BMNZ and MSDD is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 13, 2025 | 0.79 |
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Return for Risk
BMNZ vs. MSDD — Risk / Return Rank
BMNZ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MSDD
BMNZ vs. MSDD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short BMNR ETF (BMNZ) and GraniteShares 2x Short MSTR Daily ETF (MSDD). 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.
| BMNZ | MSDD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.22 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.92 | — |
| Martin ratioReturn relative to average drawdown | — | 1.81 | — |
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Drawdowns
BMNZ vs. MSDD - Drawdown Comparison
The maximum BMNZ drawdown since its inception was -70.80%, smaller than the maximum MSDD drawdown of -84.91%. Use the drawdown chart below to compare losses from any high point for BMNZ and MSDD.
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Drawdown Indicators
| BMNZ | MSDD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.80% | -84.91% | +14.11% |
Max Drawdown (1Y)Largest decline over 1 year | — | -84.91% | — |
Current DrawdownCurrent decline from peak | -27.23% | -68.63% | +41.40% |
Average DrawdownAverage peak-to-trough decline | -50.65% | -31.40% | -19.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 43.10% | — |
Volatility
BMNZ vs. MSDD - Volatility Comparison
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Volatility by Period
| BMNZ | MSDD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 32.11% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 124.37% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 187.04% | 140.94% | +46.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 187.04% | 138.59% | +48.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 187.04% | 138.59% | +48.45% |
BMNZ vs. MSDD - Expense Ratio Comparison
BMNZ has a 1.31% expense ratio, which is lower than MSDD's 1.50% expense ratio.
Dividends
BMNZ vs. MSDD - Dividend Comparison
Neither BMNZ nor MSDD has paid dividends to shareholders.
Frequently Asked Questions
BMNZ and MSDD have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BMNZ is cheaper at 1.31% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BMNZ is cheaper with a 1.31% expense ratio, compared with 1.50% for MSDD.
BMNZ and MSDD have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Defiance and GraniteShares. Their fees differ too: 1.31% for BMNZ and 1.50% for MSDD.
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