IONZ vs. MSTX
IONZ (Defiance Daily Target 2X Short IONQ ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both exchange-traded funds - IONZ is a Inverse Equities fund managed by Defiance, while MSTX is a Leveraged Equities fund actively managed by Defiance. At a correlation of -0.48, they often move in opposite directions. Both charge a 1.29% expense ratio.
Performance
IONZ vs. MSTX - Performance Comparison
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Returns By Period
In the year-to-date period, IONZ achieves a -87.96% return, which is significantly lower than MSTX's -59.64% return.
IONZ
- 1D
- 26.98%
- 1M
- -40.91%
- YTD
- -87.96%
- 6M
- -86.30%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTX
- 1D
- -14.14%
- 1M
- -61.71%
- YTD
- -59.64%
- 6M
- -72.15%
- 1Y
- -95.53%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IONZ vs. MSTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IONZ Defiance Daily Target 2X Short IONQ ETF | -87.96% | -81.41% |
MSTX Defiance Daily Target 2X Long MSTR ETF | -59.64% | -89.13% |
Correlation
The correlation between IONZ and MSTX is -0.48, 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 (All Time) Calculated using the full available price history since Jun 25, 2025 | -0.48 |
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Return for Risk
IONZ vs. MSTX — Risk / Return Rank
IONZ
MSTX
IONZ vs. MSTX - 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 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| IONZ | MSTX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -0.68 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.52 | -0.43 | -0.10 |
Drawdowns
IONZ vs. MSTX - Drawdown Comparison
The maximum IONZ drawdown since its inception was -98.66%, roughly equal to the maximum MSTX drawdown of -98.76%. Use the drawdown chart below to compare losses from any high point for IONZ and MSTX.
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Drawdown Indicators
| IONZ | MSTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.66% | -98.76% | +0.10% |
Max Drawdown (1Y)Largest decline over 1 year | — | -96.86% | — |
Current DrawdownCurrent decline from peak | -98.02% | -98.76% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -73.24% | -70.07% | -3.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 75.75% | — |
Volatility
IONZ vs. MSTX - Volatility Comparison
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Volatility by Period
| IONZ | MSTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 41.25% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 112.67% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 187.62% | 140.49% | +47.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 187.62% | 167.45% | +20.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 187.62% | 167.45% | +20.17% |
IONZ vs. MSTX - Expense Ratio Comparison
Both IONZ and MSTX have an expense ratio of 1.29%.
Dividends
IONZ vs. MSTX - Dividend Comparison
Neither IONZ nor MSTX has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IONZ Defiance Daily Target 2X Short IONQ ETF | 0.00% | 0.00% | 0.00% |
MSTX Defiance Daily Target 2X Long MSTR ETF | 0.00% | 0.00% | 41.01% |
Frequently Asked Questions
IONZ and MSTX have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 1.29% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IONZ and MSTX have the same expense ratio: 1.29% per year.
IONZ and MSTX have nearly identical dividend yields, around 0.00%.
IONZ is categorized as Inverse Equities, while MSTX is Leveraged Equities.
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