ETHU vs. MSTX

Last updated Jun 6, 2026

ETHU (Volatility Shares 2x Ether ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both exchange-traded funds - ETHU is a Cryptocurrency fund actively managed by Volatility Shares, while MSTX is a Leveraged Equities fund actively managed by Defiance. Both are actively managed. Over the past year, ETHU returned -80.06% vs -95.53% for MSTX. A 0.68 correlation means they provide meaningful diversification when combined. ETHU charges 0.94%/yr vs 1.29%/yr for MSTX.

Performance

ETHU vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares 2x Ether ETF (ETHU) 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, ETHU achieves a -78.43% return, which is significantly lower than MSTX's -59.64% return.

ETHU

• 1D: -22.60%
• 1M: -56.94%
• YTD: -78.43%
• 6M: -79.79%
• 1Y: -80.06%
• 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)

ETHU vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHU Volatility Shares 2x Ether ETF	-78.43%	-64.38%	34.26%
MSTX Defiance Daily Target 2X Long MSTR ETF	-59.64%	-89.06%	137.37%

Correlation

The correlation between ETHU and MSTX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (All Time) Calculated using the full available price history since Aug 16, 2024	0.68

The correlation between ETHU and MSTX has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

Return for Risk

ETHU vs. MSTX — Risk / Return Rank

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

ETHU

ETHU Risk / Return Rank: 4
ETHU Sharpe Ratio Rank: 4
ETHU Sortino Ratio Rank: 4
ETHU Omega Ratio Rank: 5
ETHU Calmar Ratio Rank: 2
ETHU 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.

ETHU vs. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Ether ETF (ETHU) 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.

	ETHU	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	-0.58	-0.68	+0.10
Sortino ratio: Return per unit of downside risk	-0.65	-2.09	+1.43
Omega ratio: Gain probability vs. loss probability	0.93	0.78	+0.15
Calmar ratio: Return relative to maximum drawdown	-0.86	-0.99	+0.13
Martin ratio: Return relative to average drawdown	-1.27	-1.26	-0.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHU vs. MSTX - Sharpe Ratio Comparison

The current ETHU Sharpe Ratio is -0.58, which is comparable to the MSTX Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of ETHU 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

	ETHU	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.58	-0.68	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	-0.56	-0.43	-0.13

Drawdowns

ETHU vs. MSTX - Drawdown Comparison

The maximum ETHU drawdown since its inception was -96.27%, roughly equal to the maximum MSTX drawdown of -98.76%. Use the drawdown chart below to compare losses from any high point for ETHU and MSTX.

Drawdown Indicators

	ETHU	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-96.27%	-98.76%	+2.49%
Max Drawdown (1Y) Largest decline over 1 year	-93.66%	-96.86%	+3.20%
Current Drawdown Current decline from peak	-96.27%	-98.76%	+2.49%
Average Drawdown Average peak-to-trough decline	-69.51%	-70.07%	+0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.88%	75.75%	-12.87%

Volatility

ETHU vs. MSTX - Volatility Comparison

The current volatility for Volatility Shares 2x Ether ETF (ETHU) is 30.24%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 41.25%. This indicates that ETHU 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

	ETHU	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.24%	41.25%	-11.01%
Volatility (6M) Calculated over the trailing 6-month period	94.97%	112.67%	-17.70%
Volatility (1Y) Calculated over the trailing 1-year period	139.25%	140.49%	-1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.70%	167.45%	-23.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.70%	167.45%	-23.75%

ETHU vs. MSTX - Expense Ratio Comparison

ETHU has a 0.94% expense ratio, which is lower than MSTX's 1.29% expense ratio.

Dividends

ETHU vs. MSTX - Dividend Comparison

ETHU's dividend yield for the trailing twelve months is around 6.67%, while MSTX has not paid dividends to shareholders.

Position	TTM	2025	2024
ETHU Volatility Shares 2x Ether ETF	6.67%	2.31%	0.41%
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%

Frequently Asked Questions

Can I hold both ETHU and MSTX in my portfolio?

ETHU and MSTX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHU or MSTX?

MSTX has higher volatility (41.25%) compared to ETHU (30.24%). In terms of maximum drawdown, ETHU dropped -96.27% vs MSTX's -98.76%.

Which ETF is better, ETHU or MSTX?

On 1-year performance, ETHU leads with -80.06% vs -95.53% for MSTX. On fees, ETHU is cheaper at 0.94% per year. On volatility, ETHU has been the lower-risk option at 30.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHU or MSTX?

Over the 1-year period, ETHU has performed better with a -80.06% return vs -95.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHU or MSTX?

ETHU is cheaper with a 0.94% expense ratio, compared with 1.29% for MSTX.

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

ETHU has the higher dividend yield at 6.67%, compared with 0.00% for MSTX.

What is the main difference between ETHU and MSTX?

ETHU is categorized as Cryptocurrency, while MSTX is Leveraged Equities. They also come from different issuers: Volatility Shares and Defiance. Their fees differ too: 0.94% for ETHU and 1.29% for MSTX.

Which has better risk-adjusted returns?

ETHU currently has the higher Sharpe Ratio (-0.58 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.