DRNL vs. MSTX

Last updated Jun 26, 2026

DRNL (Defiance 2X Daily Long Pure Drone & Aerial Automation ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both Leveraged Equities funds from Defiance. DRNL is passively managed, while MSTX is actively managed. A 0.52 correlation means they provide meaningful diversification when combined. DRNL charges 1.31%/yr vs 1.29%/yr for MSTX.

Performance

DRNL vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance 2X Daily Long Pure Drone & Aerial Automation ETF (DRNL) and Defiance Daily Target 2X Long MSTR ETF (MSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DRNL

• 1D: -10.39%
• 1M: -43.38%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: -18.65%
• 1M: -74.39%
• YTD: -80.96%
• 6M: -82.67%
• 1Y: -98.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DRNL vs. MSTX - Yearly Performance Comparison

	2026 (YTD)
DRNL Defiance 2X Daily Long Pure Drone & Aerial Automation ETF	-68.51%
MSTX Defiance Daily Target 2X Long MSTR ETF	-70.80%

Correlation

The correlation between DRNL and MSTX is 0.52, 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 Mar 3, 2026	0.52

Return for Risk

DRNL vs. MSTX — Risk / Return Rank

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

DRNL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MSTX

MSTX Risk / Return Rank: 2
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.

DRNL vs. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance 2X Daily Long Pure Drone & Aerial Automation ETF (DRNL) 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.

	DRNL	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.67	—
Sortino ratio: Return per unit of downside risk	—	-2.65	—
Omega ratio: Gain probability vs. loss probability	—	0.73	—
Calmar ratio: Return relative to maximum drawdown	—	-1.00	—
Martin ratio: Return relative to average drawdown	—	-1.24	—

Drawdowns

DRNL vs. MSTX - Drawdown Comparison

The maximum DRNL drawdown since its inception was -70.63%, smaller than the maximum MSTX drawdown of -99.41%. Use the drawdown chart below to compare losses from any high point for DRNL and MSTX.

Drawdown Indicators

	DRNL	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-70.63%	-99.41%	+28.78%
Max Drawdown (1Y) Largest decline over 1 year	—	-98.52%	—
Current Drawdown Current decline from peak	-70.63%	-99.41%	+28.78%
Average Drawdown Average peak-to-trough decline	-39.98%	-70.73%	+30.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	78.88%	—

Volatility

Volatility by Period

	DRNL	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	141.57%	145.63%	-4.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	141.57%	167.82%	-26.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	141.57%	167.82%	-26.25%

DRNL vs. MSTX - Expense Ratio Comparison

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

Dividends

DRNL vs. MSTX - Dividend Comparison

Neither DRNL nor MSTX has paid dividends to shareholders.

Position	TTM	2025	2024
DRNL Defiance 2X Daily Long Pure Drone & Aerial Automation 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 DRNL and MSTX in my portfolio?

DRNL and MSTX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DRNL or MSTX?

On fees, MSTX is cheaper at 1.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DRNL or MSTX?

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

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

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

What is the main difference between DRNL and MSTX?

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