IBIT vs. MSTX

Last updated Jul 15, 2026

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 -46.35% vs -98.13% for MSTX. A 0.78 correlation means they provide meaningful diversification when combined. IBIT charges 0.25%/yr vs 1.29%/yr for MSTX.

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.

Returns By Period

In the year-to-date period, IBIT achieves a -26.32% return, which is significantly higher than MSTX's -76.42% return.

IBIT

• 1D: 3.86%
• 1M: 1.50%
• 6M: -31.72%
• YTD: -26.32%
• 1Y: -46.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: 11.55%
• 1M: -43.88%
• 6M: -81.28%
• YTD: -76.42%
• 1Y: -98.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBIT vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBIT iShares Bitcoin Trust ETF	-26.32%	-6.41%	58.08%
MSTX Defiance Daily Target 2X Long MSTR ETF	-76.42%	-89.06%	134.05%

Correlation

The correlation between IBIT and MSTX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.78

The correlation between IBIT and MSTX has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

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: 2
IBIT Sharpe Ratio Rank: 1
IBIT Sortino Ratio Rank: 2
IBIT Omega Ratio Rank: 2
IBIT Calmar Ratio Rank: 2
IBIT Martin Ratio Rank: 2

MSTX

MSTX Risk / Return Rank: 2
MSTX Sharpe Ratio Rank: 4
MSTX Sortino Ratio Rank: 0
MSTX Omega Ratio Rank: 0
MSTX Calmar Ratio Rank: 0
MSTX 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.

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 ratio: Return per unit of total volatility	-1.05	-0.66	-0.38
Sortino ratio: Return per unit of downside risk	-1.58	-2.65	+1.07
Omega ratio: Gain probability vs. loss probability	0.83	0.73	+0.10
Calmar ratio: Return relative to maximum drawdown	-0.87	-1.00	+0.12
Martin ratio: Return relative to average drawdown	-1.41	-1.20	-0.21

IBIT vs. MSTX - Sharpe Ratio Comparison

The current IBIT Sharpe Ratio is -1.05, which is lower than the MSTX Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of IBIT and MSTX, 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

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.

Drawdown Indicators

	IBIT	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-53.30%	-99.46%	+46.16%
Max Drawdown (1Y) Largest decline over 1 year	-53.30%	-98.63%	+45.33%
Current Drawdown Current decline from peak	-48.69%	-99.27%	+50.58%
Average Drawdown Average peak-to-trough decline	-17.61%	-71.44%	+53.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.86%	81.73%	-48.87%

Volatility

IBIT vs. MSTX - Volatility Comparison

The current volatility for iShares Bitcoin Trust ETF (IBIT) is 11.82%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 54.21%. 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	11.82%	54.21%	-42.39%
Volatility (6M) Calculated over the trailing 6-month period	35.03%	122.06%	-87.03%
Volatility (1Y) Calculated over the trailing 1-year period	44.48%	148.36%	-103.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.99%	168.19%	-118.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.99%	168.19%	-118.20%

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

Can I hold both IBIT and MSTX in my portfolio?

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.

Which is riskier, IBIT or MSTX?

MSTX has higher volatility (54.21%) compared to IBIT (11.82%). In terms of maximum drawdown, IBIT dropped -53.30% vs MSTX's -99.46%.

Which ETF is better, IBIT or MSTX?

On 1-year performance, IBIT leads with -46.35% vs -98.13% for MSTX. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 11.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBIT or MSTX?

Over the 1-year period, IBIT has performed better with a -46.35% return vs -98.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBIT or MSTX?

IBIT is cheaper with a 0.25% expense ratio, compared with 1.29% for MSTX.

Which ETF pays a higher dividend yield, IBIT or MSTX?

IBIT and MSTX have nearly identical dividend yields, around 0.00%.

What is the main difference between IBIT and MSTX?

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.

Which has better risk-adjusted returns?

MSTX currently has the higher Sharpe Ratio (-0.66 vs -1.05), 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.