IONX vs. MSTX

Last updated Apr 1, 2026

Compare and contrast key facts about Defiance Daily Target 2X Long IONQ ETF (IONX) and Defiance Daily Target 2X Long MSTR ETF (MSTX).

IONX and MSTX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IONX is an actively managed fund by Defiance. It was launched on Mar 11, 2025. MSTX is an actively managed fund by Defiance. It was launched on Aug 14, 2024.

Performance

IONX vs. MSTX - Performance Comparison

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

IONX vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025
IONX Defiance Daily Target 2X Long IONQ ETF	-68.06%	67.09%
MSTX Defiance Daily Target 2X Long MSTR ETF	-49.22%	-83.15%

Returns By Period

In the year-to-date period, IONX achieves a -68.06% return, which is significantly lower than MSTX's -49.22% return.

IONX

• 1D: 16.54%
• 1M: -46.45%
• YTD: -68.06%
• 6M: -87.86%
• 1Y: -43.24%
• 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)

IONX vs. MSTX - Expense Ratio Comparison

IONX has a 1.31% expense ratio, which is higher than MSTX's 1.29% expense ratio.

IONX

Defiance Daily Target 2X Long IONQ ETF

MSTX

Defiance Daily Target 2X Long MSTR ETF

Return for Risk

IONX vs. MSTX — Risk / Return Rank

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

IONX

IONX Risk / Return Rank: 16
IONX Sharpe Ratio Rank: 8
IONX Sortino Ratio Rank: 34
IONX Omega Ratio Rank: 27
IONX Calmar Ratio Rank: 4
IONX Martin Ratio Rank: 5

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.

IONX vs. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long IONQ ETF (IONX) 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.

	IONX	MSTX	Difference
Sharpe ratio Return per unit of total volatility	-0.23	-0.63	+0.40
Sortino ratio Return per unit of downside risk	1.01	-1.48	+2.49
Omega ratio Gain probability vs. loss probability	1.11	0.84	+0.27
Calmar ratio Return relative to maximum drawdown	-0.51	-0.96	+0.45
Martin ratio Return relative to average drawdown	-0.87	-1.43	+0.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IONX vs. MSTX - Sharpe Ratio Comparison

The current IONX Sharpe Ratio is -0.23, which is higher than the MSTX Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of IONX 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

	IONX	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.23	-0.63	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	-0.23	-0.42	+0.19

Correlation

The correlation between IONX and MSTX is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

IONX vs. MSTX - Dividend Comparison

IONX's dividend yield for the trailing twelve months is around 7.98%, while MSTX has not paid dividends to shareholders.

	TTM	2025	2024
IONX Defiance Daily Target 2X Long IONQ ETF	7.98%	2.55%	0.00%
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%

Drawdowns

IONX vs. MSTX - Drawdown Comparison

The maximum IONX drawdown since its inception was -93.75%, roughly equal to the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for IONX and MSTX.

Drawdown Indicators

	IONX	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-93.75%	-98.66%	+4.91%
Max Drawdown (1Y) Largest decline over 1 year	-93.75%	-96.62%	+2.87%
Current Drawdown Current decline from peak	-92.72%	-98.44%	+5.72%
Average Drawdown Average peak-to-trough decline	-44.49%	-66.95%	+22.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.75%	64.85%	-10.10%

Volatility

IONX vs. MSTX - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long IONQ ETF (IONX) is 32.82%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 37.25%. This indicates that IONX 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

	IONX	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.82%	37.25%	-4.43%
Volatility (6M) Calculated over the trailing 6-month period	131.54%	111.13%	+20.41%
Volatility (1Y) Calculated over the trailing 1-year period	192.31%	147.32%	+44.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	196.17%	169.73%	+26.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	196.17%	169.73%	+26.44%