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 -38.74% vs -95.49% for MSTX. A 0.79 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
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Returns By Period
In the year-to-date period, IBIT achieves a -25.48% return, which is significantly higher than MSTX's -54.94% return.
IBIT
- 1D
- -2.76%
- 1M
- -18.50%
- YTD
- -25.48%
- 6M
- -29.84%
- 1Y
- -38.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTX
- 1D
- -14.41%
- 1M
- -56.02%
- YTD
- -54.94%
- 6M
- -72.02%
- 1Y
- -95.49%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBIT vs. MSTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -25.48% | -6.41% | 63.23% |
MSTX Defiance Daily Target 2X Long MSTR ETF | -54.94% | -89.06% | 137.37% |
Correlation
The correlation between IBIT and MSTX is 0.86, 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 | 0.86 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2024 | 0.79 |
The correlation between IBIT and MSTX has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.
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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.
| IBIT | MSTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.78 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | -0.99 | +0.20 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.27 | -0.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IBIT | MSTX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.89 | -0.68 | -0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | -0.42 | +0.71 |
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.
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Drawdown Indicators
| IBIT | MSTX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -48.10% | -98.61% | +50.51% |
Average DrawdownAverage peak-to-trough decline | -16.02% | -69.94% | +53.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.44% | 75.26% | -46.82% |
Volatility
IBIT vs. MSTX - Volatility Comparison
The current volatility for iShares Bitcoin Trust ETF (IBIT) is 9.50%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 39.64%. 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.
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Volatility by Period
| IBIT | MSTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.50% | 39.64% | -30.14% |
Volatility (6M)Calculated over the trailing 6-month period | 34.44% | 112.57% | -78.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.73% | 140.09% | -96.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.19% | 167.46% | -117.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.19% | 167.46% | -117.27% |
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 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTX has higher volatility (39.64%) compared to IBIT (9.50%). In terms of maximum drawdown, IBIT dropped -49.36% vs MSTX's -98.66%.
On 1-year performance, IBIT leads with -38.74% vs -95.49% for MSTX. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 9.50%. 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 -38.74% return vs -95.49%. 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 (-0.68 vs -0.89), 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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