GOLI vs. MST

Last updated Jul 2, 2026

GOLI (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, GOLI returned 2.62% vs -96.09% for MST. At a 0.17 correlation, their price movements are largely independent. GOLI charges 0.99%/yr vs 1.31%/yr for MST.

Performance

GOLI vs. MST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Gold Enhanced Options Income ETF (GOLI) 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, GOLI achieves a -11.06% return, which is significantly higher than MST's -73.23% return.

GOLI

• 1D: 1.46%
• 1M: -9.25%
• 6M: -11.06%
• YTD: -11.06%
• 1Y: 2.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MST

• 1D: 12.46%
• 1M: -64.04%
• 6M: -73.23%
• YTD: -73.23%
• 1Y: -96.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GOLI vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
GOLI Defiance Gold Enhanced Options Income ETF	-11.06%	17.41%
MST Defiance Leveraged Long Income MSTR ETF	-73.23%	-87.60%

Correlation

The correlation between GOLI and MST is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.17

Return for Risk

GOLI vs. MST — Risk / Return Rank

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

GOLI

GOLI Risk / Return Rank: 10
GOLI Sharpe Ratio Rank: 10
GOLI Sortino Ratio Rank: 10
GOLI Omega Ratio Rank: 11
GOLI Calmar Ratio Rank: 10
GOLI Martin Ratio Rank: 11

MST

MST Risk / Return Rank: 2
MST Sharpe Ratio Rank: 4
MST Sortino Ratio Rank: 0
MST Omega Ratio Rank: 0
MST Calmar Ratio Rank: 1
MST Martin Ratio Rank: 4

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.

GOLI vs. MST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Gold Enhanced Options Income ETF (GOLI) 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.

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.

	GOLI	MST	Difference
Sharpe ratio: Return per unit of total volatility	0.11	-0.72	+0.82
Sortino ratio: Return per unit of downside risk	0.30	-2.37	+2.67
Omega ratio: Gain probability vs. loss probability	1.05	0.75	+0.30
Calmar ratio: Return relative to maximum drawdown	0.10	-0.98	+1.09
Martin ratio: Return relative to average drawdown	0.34	-1.25	+1.59

GOLI vs. MST - Sharpe Ratio Comparison

The current GOLI Sharpe Ratio is 0.11, which is higher than the MST Sharpe Ratio of -0.72. The chart below compares the historical Sharpe Ratios of GOLI 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.

Drawdowns

GOLI vs. MST - Drawdown Comparison

The maximum GOLI drawdown since its inception was -25.88%, smaller than the maximum MST drawdown of -97.68%. Use the drawdown chart below to compare losses from any high point for GOLI and MST.

Drawdown Indicators

	GOLI	MST	Difference
Max Drawdown Largest peak-to-trough decline	-25.88%	-97.68%	+71.80%
Max Drawdown (1Y) Largest decline over 1 year	-25.88%	-97.68%	+71.80%
Current Drawdown Current decline from peak	-20.91%	-97.14%	+76.23%
Average Drawdown Average peak-to-trough decline	-4.79%	-64.19%	+59.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.62%	76.94%	-69.32%

Volatility

GOLI vs. MST - Volatility Comparison

The current volatility for Defiance Gold Enhanced Options Income ETF (GOLI) is 15.20%, while Defiance Leveraged Long Income MSTR ETF (MST) has a volatility of 53.81%. This indicates that GOLI 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

	GOLI	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.20%	53.81%	-38.61%
Volatility (6M) Calculated over the trailing 6-month period	23.23%	110.16%	-86.93%
Volatility (1Y) Calculated over the trailing 1-year period	24.87%	134.85%	-109.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.35%	128.21%	-104.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.35%	128.21%	-104.86%

GOLI vs. MST - Expense Ratio Comparison

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

Dividends

GOLI vs. MST - Dividend Comparison

GOLI's dividend yield for the trailing twelve months is around 52.65%, less than MST's 1,484.16% yield.

Position	TTM	2025
GOLI Defiance Gold Enhanced Options Income ETF	52.65%	37.38%
MST Defiance Leveraged Long Income MSTR ETF	1,484.16%	381.22%

Frequently Asked Questions

Can I hold both GOLI and MST in my portfolio?

GOLI and MST have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOLI or MST?

MST has higher volatility (53.81%) compared to GOLI (15.20%). In terms of maximum drawdown, GOLI dropped -25.88% vs MST's -97.68%.

Which ETF is better, GOLI or MST?

On 1-year performance, GOLI leads with 2.62% vs -96.09% for MST. On fees, GOLI is cheaper at 0.99% per year. On volatility, GOLI has been the lower-risk option at 15.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOLI or MST?

Over the 1-year period, GOLI has performed better with a 2.62% return vs -96.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOLI or MST?

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

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

MST has the higher dividend yield at 1484.16%, compared with 52.65% for GOLI.

What is the main difference between GOLI and MST?

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

Which has better risk-adjusted returns?

GOLI currently has the higher Sharpe Ratio (0.11 vs -0.72), 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.