GLDY vs. MST

Last updated Jun 4, 2026

GLDY (Defiance Gold Enhanced Options Income ETF) and MST (Defiance Leveraged Long Income MSTR ETF) are both Derivative Income funds from Defiance. Both are actively managed. Over the past year, GLDY returned 13.84% vs -92.85% for MST. At a 0.14 correlation, their price movements are largely independent. GLDY charges 0.99%/yr vs 1.31%/yr for MST.

Performance

GLDY vs. MST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Gold Enhanced Options Income ETF (GLDY) and Defiance Leveraged Long Income MSTR ETF (MST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDY achieves a -2.30% return, which is significantly higher than MST's -46.90% return.

GLDY

• 1D: -0.58%
• 1M: -1.38%
• YTD: -2.30%
• 6M: -0.58%
• 1Y: 13.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MST

• 1D: -14.62%
• 1M: -51.85%
• YTD: -46.90%
• 6M: -62.90%
• 1Y: -92.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLDY vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
GLDY Defiance Gold Enhanced Options Income ETF	-2.30%	16.93%
MST Defiance Leveraged Long Income MSTR ETF	-46.90%	-87.72%

Correlation

The correlation between GLDY and MST is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since May 5, 2025	0.14

Return for Risk

GLDY vs. MST — Risk / Return Rank

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

GLDY

GLDY Risk / Return Rank: 21
GLDY Sharpe Ratio Rank: 20
GLDY Sortino Ratio Rank: 18
GLDY Omega Ratio Rank: 23
GLDY Calmar Ratio Rank: 23
GLDY Martin Ratio Rank: 21

MST

MST Risk / Return Rank: 1
MST Sharpe Ratio Rank: 3
MST Sortino Ratio Rank: 1
MST Omega Ratio Rank: 1
MST Calmar Ratio Rank: 1
MST 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.

GLDY vs. MST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Gold Enhanced Options Income ETF (GLDY) and Defiance Leveraged Long Income MSTR ETF (MST). 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.

	GLDY	MST	Difference
Sharpe ratio: Return per unit of total volatility	0.70	-0.74	+1.43
Sortino ratio: Return per unit of downside risk	0.92	-2.01	+2.93
Omega ratio: Gain probability vs. loss probability	1.16	0.78	+0.38
Calmar ratio: Return relative to maximum drawdown	1.03	-0.98	+2.01
Martin ratio: Return relative to average drawdown	2.47	-1.28	+3.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLDY vs. MST - Sharpe Ratio Comparison

The current GLDY Sharpe Ratio is 0.70, which is higher than the MST Sharpe Ratio of -0.74. The chart below compares the historical Sharpe Ratios of GLDY and MST, 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

	GLDY	MST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	-0.74	+1.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	-0.74	+1.30

Drawdowns

GLDY vs. MST - Drawdown Comparison

The maximum GLDY drawdown since its inception was -13.43%, smaller than the maximum MST drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for GLDY and MST.

Drawdown Indicators

	GLDY	MST	Difference
Max Drawdown Largest peak-to-trough decline	-13.43%	-94.99%	+81.56%
Max Drawdown (1Y) Largest decline over 1 year	-13.43%	-94.99%	+81.56%
Current Drawdown Current decline from peak	-13.12%	-94.34%	+81.22%
Average Drawdown Average peak-to-trough decline	-3.91%	-62.22%	+58.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.61%	72.32%	-66.71%

Volatility

GLDY vs. MST - Volatility Comparison

The current volatility for Defiance Gold Enhanced Options Income ETF (GLDY) is 4.56%, while Defiance Leveraged Long Income MSTR ETF (MST) has a volatility of 35.73%. This indicates that GLDY experiences smaller price fluctuations and is considered to be less risky than MST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDY	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	35.73%	-31.17%
Volatility (6M) Calculated over the trailing 6-month period	18.27%	101.54%	-83.27%
Volatility (1Y) Calculated over the trailing 1-year period	19.87%	126.60%	-106.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.58%	123.87%	-104.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.58%	123.87%	-104.29%

GLDY vs. MST - Expense Ratio Comparison

GLDY has a 0.99% expense ratio, which is lower than MST's 1.31% expense ratio.

Dividends

GLDY vs. MST - Dividend Comparison

GLDY's dividend yield for the trailing twelve months is around 46.42%, less than MST's 891.75% yield.

Position	TTM	2025
GLDY Defiance Gold Enhanced Options Income ETF	46.42%	37.38%
MST Defiance Leveraged Long Income MSTR ETF	891.75%	381.22%

Frequently Asked Questions

Can I hold both GLDY and MST in my portfolio?

GLDY and MST have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLDY or MST?

MST has higher volatility (35.73%) compared to GLDY (4.56%). In terms of maximum drawdown, GLDY dropped -13.43% vs MST's -94.99%.

Which ETF is better, GLDY or MST?

On 1-year performance, GLDY leads with 13.84% vs -92.85% for MST. On fees, GLDY is cheaper at 0.99% per year. On volatility, GLDY has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDY or MST?

Over the 1-year period, GLDY has performed better with a 13.84% return vs -92.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDY or MST?

GLDY is cheaper with a 0.99% expense ratio, compared with 1.31% for MST.

Which ETF pays a higher dividend yield, GLDY or MST?

MST has the higher dividend yield at 891.75%, compared with 46.42% for GLDY.

What is the main difference between GLDY and MST?

Their fees differ too: 0.99% for GLDY and 1.31% for MST.

Which has better risk-adjusted returns?

GLDY currently has the higher Sharpe Ratio (0.70 vs -0.74), 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.