CVNX vs. MSTX

Last updated Jun 6, 2026

CVNX (Defiance Daily Target 2X Long CVNA 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, CVNX returned -44.41% vs -95.53% for MSTX. At a 0.26 correlation, their price movements are largely independent. CVNX charges 1.31%/yr vs 1.29%/yr for MSTX.

Performance

CVNX vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long CVNA ETF (CVNX) 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, CVNX achieves a -51.18% return, which is significantly higher than MSTX's -59.64% return.

CVNX

• 1D: 0.63%
• 1M: -30.08%
• YTD: -51.18%
• 6M: -47.27%
• 1Y: -44.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: -14.14%
• 1M: -61.71%
• YTD: -59.64%
• 6M: -72.15%
• 1Y: -95.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVNX vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025
CVNX Defiance Daily Target 2X Long CVNA ETF	-51.18%	31.03%
MSTX Defiance Daily Target 2X Long MSTR ETF	-59.64%	-89.13%

Correlation

The correlation between CVNX and MSTX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since May 30, 2025	0.26

Return for Risk

CVNX vs. MSTX — Risk / Return Rank

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

CVNX

CVNX Risk / Return Rank: 6
CVNX Sharpe Ratio Rank: 6
CVNX Sortino Ratio Rank: 9
CVNX Omega Ratio Rank: 9
CVNX Calmar Ratio Rank: 4
CVNX Martin Ratio Rank: 3

MSTX

MSTX Risk / Return Rank: 2
MSTX Sharpe Ratio Rank: 4
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.

CVNX vs. MSTX - Risk-Adjusted Trends Comparison

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

	CVNX	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	-0.38	-0.68	+0.31
Sortino ratio: Return per unit of downside risk	0.15	-2.09	+2.23
Omega ratio: Gain probability vs. loss probability	1.02	0.78	+0.24
Calmar ratio: Return relative to maximum drawdown	-0.64	-0.99	+0.35
Martin ratio: Return relative to average drawdown	-1.22	-1.26	+0.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVNX vs. MSTX - Sharpe Ratio Comparison

The current CVNX Sharpe Ratio is -0.38, which is higher than the MSTX Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of CVNX 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

	CVNX	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	-0.68	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	-0.30	-0.43	+0.13

Drawdowns

CVNX vs. MSTX - Drawdown Comparison

The maximum CVNX drawdown since its inception was -69.62%, smaller than the maximum MSTX drawdown of -98.76%. Use the drawdown chart below to compare losses from any high point for CVNX and MSTX.

Drawdown Indicators

	CVNX	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-69.62%	-98.76%	+29.14%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-96.86%	+27.24%
Current Drawdown Current decline from peak	-61.28%	-98.76%	+37.48%
Average Drawdown Average peak-to-trough decline	-29.75%	-70.07%	+40.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.54%	75.75%	-39.21%

Volatility

CVNX vs. MSTX - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long CVNA ETF (CVNX) is 31.27%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 41.25%. This indicates that CVNX 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

	CVNX	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.27%	41.25%	-9.98%
Volatility (6M) Calculated over the trailing 6-month period	87.74%	112.67%	-24.93%
Volatility (1Y) Calculated over the trailing 1-year period	118.64%	140.49%	-21.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	117.95%	167.45%	-49.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	117.95%	167.45%	-49.50%

CVNX vs. MSTX - Expense Ratio Comparison

CVNX has a 1.31% expense ratio, which is higher than MSTX's 1.29% expense ratio.

Dividends

CVNX vs. MSTX - Dividend Comparison

Neither CVNX nor MSTX has paid dividends to shareholders.

Position	TTM	2025	2024
CVNX Defiance Daily Target 2X Long CVNA 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 CVNX and MSTX in my portfolio?

CVNX and MSTX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVNX or MSTX?

MSTX has higher volatility (41.25%) compared to CVNX (31.27%). In terms of maximum drawdown, CVNX dropped -69.62% vs MSTX's -98.76%.

Which ETF is better, CVNX or MSTX?

On 1-year performance, CVNX leads with -44.41% vs -95.53% for MSTX. On fees, MSTX is cheaper at 1.29% per year. On volatility, CVNX has been the lower-risk option at 31.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNX or MSTX?

Over the 1-year period, CVNX has performed better with a -44.41% return vs -95.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVNX or MSTX?

MSTX is cheaper with a 1.29% expense ratio, compared with 1.31% for CVNX.

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

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

What is the main difference between CVNX and MSTX?

Their fees differ too: 1.31% for CVNX and 1.29% for MSTX.

Which has better risk-adjusted returns?

CVNX currently has the higher Sharpe Ratio (-0.38 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.