IBIT vs. MSTX
IBIT (iShares Bitcoin Trust ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while MSTX is a Leveraged Equities fund actively managed by Defiance. IBIT is passively managed, while MSTX is actively managed. Over the past year, IBIT returned -44.19% vs -97.47% for MSTX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. IBIT charges 0.25%/yr vs 1.29%/yr for MSTX.
Performance
IBIT vs. MSTX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IBIT achieves a -26.71% return, which is significantly higher than MSTX's -77.25% return.
IBIT
- 1D
- 0.64%
- 1M
- 4.36%
- 6M
- -15.96%
- YTD
- -26.71%
- 1Y
- -44.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.86%
MSTX
- 1D
- 6.05%
- 1M
- -10.89%
- 6M
- -67.91%
- YTD
- -77.25%
- 1Y
- -97.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -76.40%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.29B | $1.33B | $1.64B | |
| $53.03M | $60.85M | $77.69M |
IBIT vs. MSTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -26.71% | -6.41% | 58.08% |
MSTX Defiance Daily Target 2X Long MSTR ETF | -77.25% | -89.06% | 134.05% |
Correlation
The correlation between IBIT and MSTX 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 Aug 15, 2024 | 0.79 |
The correlation between IBIT and MSTX has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IBIT vs. MSTX — Risk / Return Rank
IBIT
MSTX
IBIT vs. MSTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
| IBIT | MSTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.76 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.99 | +0.16 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.20 | -0.07 |
Loading charts...
Drawdowns
IBIT vs. MSTX - Drawdown Comparison
The maximum IBIT drawdown since its inception was -53.30%, smaller than the maximum MSTX drawdown of -99.46%. Use the drawdown chart below to compare losses from any high point for IBIT and MSTX.
Loading charts...
Drawdown Indicators
| IBIT | MSTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.30% | -99.46% | +46.16% |
Max Drawdown (1Y)Largest decline over 1 year | -53.30% | -98.15% | +44.85% |
Current DrawdownCurrent decline from peak | -48.95% | -99.30% | +50.35% |
Average DrawdownAverage peak-to-trough decline | -18.34% | -72.29% | +53.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.94% | 81.09% | -46.15% |
Volatility
IBIT vs. MSTX - Volatility Comparison
The current volatility for iShares Bitcoin Trust ETF (IBIT) is 8.29%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 33.77%. This indicates that IBIT 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.
Loading charts...
Volatility by Period
| IBIT | MSTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.29% | 33.77% | -25.48% |
Volatility (6M)Calculated over the trailing 6-month period | 33.07% | 119.75% | -86.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.40% | 149.06% | -104.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.53% | 166.90% | -117.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.53% | 166.90% | -117.37% |
IBIT vs. MSTX - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than MSTX's 1.29% expense ratio.
Dividends
IBIT vs. MSTX - Dividend Comparison
Neither IBIT nor MSTX has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% |
MSTX Defiance Daily Target 2X Long MSTR ETF | 0.00% | 0.00% | 41.01% |
Frequently Asked Questions
IBIT and MSTX 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.
MSTX has higher volatility (33.77%) compared to IBIT (8.29%). In terms of maximum drawdown, IBIT dropped -53.30% vs MSTX's -99.46%.
On 1-year performance, IBIT leads with -44.19% vs -97.47% for MSTX. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 8.29%. 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 -44.19% return vs -97.47%. 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 1.29% for MSTX.
IBIT and MSTX have nearly identical dividend yields, around 0.00%.
IBIT is categorized as Cryptocurrency, while MSTX is Leveraged Equities. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.25% for IBIT and 1.29% for MSTX.
MSTX currently has the higher Sharpe Ratio (-0.66 vs -1.00), 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.
Find the right allocation for IBIT and MSTX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer