IONZ vs. MST

Last updated Jul 17, 2026

IONZ (Defiance Daily Target 2X Short IONQ ETF) and MST (Defiance Leveraged Long Income MSTR ETF) are both exchange-traded funds - IONZ is a Inverse Equities fund actively managed by Defiance, while MST is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, IONZ returned -94.12% vs -97.11% for MST. At a correlation of -0.49, they often move in opposite directions. IONZ charges 1.29%/yr vs 1.31%/yr for MST.

Performance

IONZ vs. MST - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with IONZ having a -76.00% return and MST slightly higher at -72.88%.

IONZ

• 1D: 12.86%
• 1M: 116.73%
• 6M: -71.26%
• YTD: -76.00%
• 1Y: -94.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MST

• 1D: -5.37%
• 1M: -44.37%
• 6M: -77.72%
• YTD: -72.88%
• 1Y: -97.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IONZ vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
IONZ Defiance Daily Target 2X Short IONQ ETF	-76.00%	-80.36%
MST Defiance Leveraged Long Income MSTR ETF	-72.88%	-85.38%

Correlation

The correlation between IONZ and MST is -0.50, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.50
Correlation (All Time) Calculated using the full available price history since Jun 24, 2025	-0.49

Return for Risk

IONZ vs. MST — Risk / Return Rank

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

IONZ

IONZ Risk / Return Rank: 4
IONZ Sharpe Ratio Rank: 5
IONZ Sortino Ratio Rank: 5
IONZ Omega Ratio Rank: 5
IONZ Calmar Ratio Rank: 1
IONZ Martin Ratio Rank: 3

MST

MST Risk / Return Rank: 1
MST Sharpe Ratio Rank: 3
MST Sortino Ratio Rank: 0
MST Omega Ratio Rank: 0
MST Calmar Ratio Rank: 0
MST 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.

IONZ vs. MST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short IONQ ETF (IONZ) and Defiance Leveraged Long Income MSTR ETF (MST). 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.

	IONZ	MST	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	-0.72	+0.22
Sortino ratio: Return per unit of downside risk	-0.64	-2.66	+2.02
Omega ratio: Gain probability vs. loss probability	0.92	0.72	+0.20
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.99	+0.04
Martin ratio: Return relative to average drawdown	-1.20	-1.23	+0.03

IONZ vs. MST - Sharpe Ratio Comparison

The current IONZ Sharpe Ratio is -0.51, which is higher than the MST Sharpe Ratio of -0.72. The chart below compares the historical Sharpe Ratios of IONZ and MST, 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

IONZ vs. MST - Drawdown Comparison

The maximum IONZ drawdown since its inception was -98.66%, roughly equal to the maximum MST drawdown of -97.68%. Use the drawdown chart below to compare losses from any high point for IONZ and MST.

Drawdown Indicators

	IONZ	MST	Difference
Max Drawdown Largest peak-to-trough decline	-98.66%	-97.68%	-0.98%
Max Drawdown (1Y) Largest decline over 1 year	-98.41%	-97.64%	-0.77%
Current Drawdown Current decline from peak	-96.05%	-97.11%	+1.06%
Average Drawdown Average peak-to-trough decline	-75.45%	-65.28%	-10.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.56%	79.33%	-0.77%

Volatility

IONZ vs. MST - Volatility Comparison

The current volatility for Defiance Daily Target 2X Short IONQ ETF (IONZ) is 40.37%, while Defiance Leveraged Long Income MSTR ETF (MST) has a volatility of 47.52%. This indicates that IONZ experiences smaller price fluctuations and is considered to be less risky than MST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IONZ	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.37%	47.52%	-7.15%
Volatility (6M) Calculated over the trailing 6-month period	155.08%	109.77%	+45.31%
Volatility (1Y) Calculated over the trailing 1-year period	186.72%	134.41%	+52.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	185.79%	127.52%	+58.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	185.79%	127.52%	+58.27%

IONZ vs. MST - Expense Ratio Comparison

IONZ has a 1.29% expense ratio, which is lower than MST's 1.31% expense ratio.

Dividends

IONZ vs. MST - Dividend Comparison

IONZ has not paid dividends to shareholders, while MST's dividend yield for the trailing twelve months is around 1,176.23%.

Position	TTM	2025
IONZ Defiance Daily Target 2X Short IONQ ETF	0.00%	0.00%
MST Defiance Leveraged Long Income MSTR ETF	1,176.23%	381.22%

Frequently Asked Questions

Can I hold both IONZ and MST in my portfolio?

IONZ and MST have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IONZ or MST?

MST has higher volatility (47.52%) compared to IONZ (40.37%). In terms of maximum drawdown, IONZ dropped -98.66% vs MST's -97.68%.

Which ETF is better, IONZ or MST?

On 1-year performance, IONZ leads with -94.12% vs -97.11% for MST. On fees, IONZ is cheaper at 1.29% per year. On volatility, IONZ has been the lower-risk option at 40.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IONZ or MST?

Over the 1-year period, IONZ has performed better with a -94.12% return vs -97.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IONZ or MST?

IONZ is cheaper with a 1.29% expense ratio, compared with 1.31% for MST.

Which ETF pays a higher dividend yield, IONZ or MST?

MST has the higher dividend yield at 1176.23%, compared with 0.00% for IONZ.

What is the main difference between IONZ and MST?

IONZ is categorized as Inverse Equities, while MST is Derivative Income. Their fees differ too: 1.29% for IONZ and 1.31% for MST.

Which has better risk-adjusted returns?

IONZ currently has the higher Sharpe Ratio (-0.51 vs -0.72), 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.