IBIT vs. MSTX

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Bitcoin Trust ETF (IBIT) and Defiance Daily Target 2X Long MSTR ETF (MSTX).

IBIT and MSTX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IBIT is a passively managed fund by iShares that tracks the performance of the CME CF Bitcoin Reference Rate - New York Variant. It was launched on Jan 5, 2024. MSTX is an actively managed fund by Defiance. It was launched on Aug 14, 2024.

Performance

IBIT vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Bitcoin Trust ETF (IBIT) and Defiance Daily Target 2X Long MSTR ETF (MSTX). The values are adjusted to include any dividend payments, if applicable.

IBIT vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBIT iShares Bitcoin Trust ETF	-22.62%	-6.41%	63.23%
MSTX Defiance Daily Target 2X Long MSTR ETF	-49.22%	-89.06%	137.37%

Returns By Period

In the year-to-date period, IBIT achieves a -22.62% return, which is significantly higher than MSTX's -49.22% return.

IBIT

• 1D: 1.96%
• 1M: 3.31%
• YTD: -22.62%
• 6M: -40.89%
• 1Y: -17.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: 5.68%
• 1M: -13.11%
• YTD: -49.22%
• 6M: -90.86%
• 1Y: -92.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBIT vs. MSTX - Expense Ratio Comparison

IBIT has a 0.25% expense ratio, which is lower than MSTX's 1.29% expense ratio.

MSTX

Defiance Daily Target 2X Long MSTR ETF

IBIT

iShares Bitcoin Trust ETF

Return for Risk

IBIT vs. MSTX — Risk / Return Rank

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

IBIT

IBIT Risk / Return Rank: 6
IBIT Sharpe Ratio Rank: 5
IBIT Sortino Ratio Rank: 6
IBIT Omega Ratio Rank: 7
IBIT Calmar Ratio Rank: 6
IBIT Martin Ratio Rank: 6

MSTX

MSTX Risk / Return Rank: 1
MSTX Sharpe Ratio Rank: 3
MSTX Sortino Ratio Rank: 1
MSTX Omega Ratio Rank: 1
MSTX Calmar Ratio Rank: 0
MSTX Martin Ratio Rank: 2

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.

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.

	IBIT	MSTX	Difference
Sharpe ratio Return per unit of total volatility	-0.40	-0.63	+0.23
Sortino ratio Return per unit of downside risk	-0.29	-1.48	+1.19
Omega ratio Gain probability vs. loss probability	0.97	0.84	+0.13
Calmar ratio Return relative to maximum drawdown	-0.39	-0.96	+0.57
Martin ratio Return relative to average drawdown	-0.83	-1.43	+0.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBIT vs. MSTX - Sharpe Ratio Comparison

The current IBIT Sharpe Ratio is -0.40, which is higher than the MSTX Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of IBIT and MSTX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IBIT	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.40	-0.63	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	-0.42	+0.78

Correlation

The correlation between IBIT and MSTX is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IBIT vs. MSTX - Dividend Comparison

Neither IBIT nor MSTX has paid dividends to shareholders.

	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%

Drawdowns

IBIT vs. MSTX - Drawdown Comparison

The maximum IBIT drawdown since its inception was -49.36%, smaller than the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for IBIT and MSTX.

Drawdown Indicators

	IBIT	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-49.36%	-98.66%	+49.30%
Max Drawdown (1Y) Largest decline over 1 year	-49.36%	-96.62%	+47.26%
Current Drawdown Current decline from peak	-46.11%	-98.44%	+52.33%
Average Drawdown Average peak-to-trough decline	-14.13%	-66.95%	+52.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.09%	64.85%	-41.76%

Volatility

IBIT vs. MSTX - Volatility Comparison

The current volatility for iShares Bitcoin Trust ETF (IBIT) is 12.99%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 37.25%. 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.

Volatility by Period

	IBIT	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.99%	37.25%	-24.26%
Volatility (6M) Calculated over the trailing 6-month period	36.75%	111.13%	-74.38%
Volatility (1Y) Calculated over the trailing 1-year period	45.42%	147.32%	-101.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.26%	169.73%	-118.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.26%	169.73%	-118.47%