IBIT vs. MST
IBIT (iShares Bitcoin Trust ETF) and MST (Defiance Leveraged Long Income MSTR ETF) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while MST is a Derivative Income fund actively managed by Defiance. IBIT is passively managed, while MST is actively managed. Over the past year, IBIT returned -43.08% vs -95.33% for MST. Their correlation of 0.83 means they have usually moved in the same direction. IBIT charges 0.25%/yr vs 1.31%/yr for MST.
Performance
IBIT vs. MST - Performance Comparison
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Returns By Period
In the year-to-date period, IBIT achieves a -26.00% return, which is significantly higher than MST's -70.19% return.
IBIT
- 1D
- 0.96%
- 1M
- 1.72%
- 6M
- -11.62%
- YTD
- -26.00%
- 1Y
- -43.08%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.26%
MST
- 1D
- 0.63%
- 1M
- -2.43%
- 6M
- -57.11%
- YTD
- -70.19%
- 1Y
- -95.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -92.71%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.32B | $1.30B | $1.64B | |
| $574.66K | $599.46K | $1.34M |
IBIT vs. MST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBIT iShares Bitcoin Trust ETF | -26.00% | -9.65% |
MST Defiance Leveraged Long Income MSTR ETF | -70.19% | -87.60% |
Correlation
The correlation between IBIT and MST is 0.85, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.85 |
Correlation (All Time) Calculated using the full available price history since May 2, 2025 | 0.83 |
The correlation between IBIT and MST has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.
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Return for Risk
IBIT vs. MST — Risk / Return Rank
IBIT
MST
IBIT vs. MST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
| IBIT | MST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.82 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.77 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.98 | +0.17 |
| Martin ratioReturn relative to average drawdown | -1.23 | -1.22 | -0.01 |
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Drawdowns
IBIT vs. MST - Drawdown Comparison
The maximum IBIT drawdown since its inception was -53.30%, smaller than the maximum MST drawdown of -97.68%. Use the drawdown chart below to compare losses from any high point for IBIT and MST.
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Drawdown Indicators
| IBIT | MST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.30% | -97.68% | +44.38% |
Max Drawdown (1Y)Largest decline over 1 year | -53.30% | -96.92% | +43.62% |
Current DrawdownCurrent decline from peak | -48.46% | -96.82% | +48.36% |
Average DrawdownAverage peak-to-trough decline | -18.39% | -66.68% | +48.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.07% | 78.05% | -42.98% |
Volatility
IBIT vs. MST - Volatility Comparison
The current volatility for iShares Bitcoin Trust ETF (IBIT) is 8.34%, while Defiance Leveraged Long Income MSTR ETF (MST) has a volatility of 27.11%. This indicates that IBIT 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.
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Volatility by Period
| IBIT | MST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.34% | 27.11% | -18.77% |
Volatility (6M)Calculated over the trailing 6-month period | 33.03% | 107.16% | -74.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.38% | 134.07% | -89.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.50% | 126.38% | -76.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.50% | 126.38% | -76.88% |
IBIT vs. MST - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than MST's 1.31% expense ratio.
Dividends
IBIT vs. MST - Dividend Comparison
IBIT has not paid dividends to shareholders, while MST's dividend yield for the trailing twelve months is around 963.56%.
| Position | TTM | 2025 |
|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% |
MST Defiance Leveraged Long Income MSTR ETF | 963.56% | 381.22% |
Frequently Asked Questions
IBIT and MST have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MST has higher volatility (27.11%) compared to IBIT (8.34%). In terms of maximum drawdown, IBIT dropped -53.30% vs MST's -97.68%.
On 1-year performance, IBIT leads with -43.08% vs -95.33% for MST. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 8.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBIT has performed better with a -43.08% return vs -95.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 1.31% for MST.
MST has the higher dividend yield at 963.56%, compared with 0.00% for IBIT.
IBIT is categorized as Cryptocurrency, while MST is Derivative Income. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.25% for IBIT and 1.31% for MST.
MST currently has the higher Sharpe Ratio (-0.71 vs -0.97), 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.
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