DKNX vs. MSTX
DKNX (Defiance Daily Target 2X Long DKNG ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both Leveraged Equities funds from Defiance. Both are actively managed. At a 0.12 correlation, their price movements are largely independent. Both charge a 1.29% expense ratio.
Performance
DKNX vs. MSTX - Performance Comparison
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Returns By Period
In the year-to-date period, DKNX achieves a -65.05% return, which is significantly higher than MSTX's -80.96% return.
DKNX
- 1D
- -11.57%
- 1M
- -10.92%
- YTD
- -65.05%
- 6M
- -65.18%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTX
- 1D
- -18.65%
- 1M
- -74.39%
- YTD
- -80.96%
- 6M
- -82.67%
- 1Y
- -98.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DKNX vs. MSTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DKNX Defiance Daily Target 2X Long DKNG ETF | -65.05% | -52.72% |
MSTX Defiance Daily Target 2X Long MSTR ETF | -80.96% | -89.42% |
Correlation
The correlation between DKNX and MSTX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 31, 2025 | 0.12 |
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Return for Risk
DKNX vs. MSTX — Risk / Return Rank
DKNX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MSTX
DKNX vs. MSTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long DKNG ETF (DKNX) 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.
| DKNX | MSTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.73 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -1.00 | — |
| Martin ratioReturn relative to average drawdown | — | -1.24 | — |
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Drawdowns
DKNX vs. MSTX - Drawdown Comparison
The maximum DKNX drawdown since its inception was -86.10%, smaller than the maximum MSTX drawdown of -99.41%. Use the drawdown chart below to compare losses from any high point for DKNX and MSTX.
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Drawdown Indicators
| DKNX | MSTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.10% | -99.41% | +13.31% |
Max Drawdown (1Y)Largest decline over 1 year | — | -98.52% | — |
Current DrawdownCurrent decline from peak | -84.58% | -99.41% | +14.83% |
Average DrawdownAverage peak-to-trough decline | -59.28% | -70.73% | +11.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 78.88% | — |
Volatility
DKNX vs. MSTX - Volatility Comparison
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Volatility by Period
| DKNX | MSTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 49.58% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 117.90% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 99.99% | 145.63% | -45.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 99.99% | 167.82% | -67.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 99.99% | 167.82% | -67.83% |
DKNX vs. MSTX - Expense Ratio Comparison
Both DKNX and MSTX have an expense ratio of 1.29%.
Dividends
DKNX vs. MSTX - Dividend Comparison
Neither DKNX nor MSTX has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
DKNX Defiance Daily Target 2X Long DKNG ETF | 0.00% | 0.00% | 0.00% |
MSTX Defiance Daily Target 2X Long MSTR ETF | 0.00% | 0.00% | 41.01% |
Frequently Asked Questions
DKNX and MSTX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 1.29% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
DKNX and MSTX have the same expense ratio: 1.29% per year.
DKNX and MSTX have nearly identical dividend yields, around 0.00%.
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