IONZ vs. MSTX

Last updated Jul 17, 2026

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 actively managed by Defiance, while MSTX is a Leveraged Equities fund actively managed by Defiance. Both are actively managed. Over the past year, IONZ returned -94.12% vs -98.30% for MSTX. At a correlation of -0.49, they often move in opposite directions. Both charge a 1.29% expense ratio.

Performance

IONZ vs. MSTX - 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 Daily Target 2X Long MSTR ETF (MSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with IONZ having a -76.00% return and MSTX slightly lower at -78.16%.

IONZ

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

MSTX

• 1D: -7.17%
• 1M: -46.60%
• 6M: -82.11%
• YTD: -78.16%
• 1Y: -98.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IONZ vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025
IONZ Defiance Daily Target 2X Short IONQ ETF	-76.00%	-80.36%
MSTX Defiance Daily Target 2X Long MSTR ETF	-78.16%	-88.55%

Correlation

The correlation between IONZ and MSTX 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

The correlation between IONZ and MSTX has been stable across timeframes, ranging from -0.50 to -0.49 - a consistent structural relationship.

Return for Risk

IONZ vs. MSTX — 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

MSTX

MSTX Risk / Return Rank: 1
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.

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.

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	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	-0.66	+0.16
Sortino ratio: Return per unit of downside risk	-0.64	-2.73	+2.09
Omega ratio: Gain probability vs. loss probability	0.92	0.72	+0.20
Calmar ratio: Return relative to maximum drawdown	-0.96	-1.00	+0.04
Martin ratio: Return relative to average drawdown	-1.20	-1.20	0.00

IONZ vs. MSTX - Sharpe Ratio Comparison

The current IONZ Sharpe Ratio is -0.51, which is comparable to the MSTX Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of IONZ 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

IONZ vs. MSTX - Drawdown Comparison

The maximum IONZ drawdown since its inception was -98.66%, roughly equal to the maximum MSTX drawdown of -99.46%. Use the drawdown chart below to compare losses from any high point for IONZ and MSTX.

Drawdown Indicators

	IONZ	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-98.66%	-99.46%	+0.80%
Max Drawdown (1Y) Largest decline over 1 year	-98.41%	-98.60%	+0.19%
Current Drawdown Current decline from peak	-96.05%	-99.33%	+3.28%
Average Drawdown Average peak-to-trough decline	-75.45%	-71.56%	-3.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.56%	82.20%	-3.64%

Volatility

IONZ vs. MSTX - Volatility Comparison

The current volatility for Defiance Daily Target 2X Short IONQ ETF (IONZ) is 40.37%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 51.75%. This indicates that IONZ 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

	IONZ	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.37%	51.75%	-11.38%
Volatility (6M) Calculated over the trailing 6-month period	155.08%	121.25%	+33.83%
Volatility (1Y) Calculated over the trailing 1-year period	186.72%	148.20%	+38.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	185.79%	167.92%	+17.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	185.79%	167.92%	+17.87%

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

Can I hold both IONZ and MSTX in my portfolio?

IONZ and MSTX 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 MSTX?

MSTX has higher volatility (51.75%) compared to IONZ (40.37%). In terms of maximum drawdown, IONZ dropped -98.66% vs MSTX's -99.46%.

Which ETF is better, IONZ or MSTX?

On 1-year performance, IONZ leads with -94.12% vs -98.30% for MSTX. Both ETFs have the same 1.29% expense ratio. 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 MSTX?

Over the 1-year period, IONZ has performed better with a -94.12% return vs -98.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IONZ or MSTX?

IONZ and MSTX have the same expense ratio: 1.29% per year.

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

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

What is the main difference between IONZ and MSTX?

IONZ is categorized as Inverse Equities, while MSTX is Leveraged Equities.

Which has better risk-adjusted returns?

IONZ currently has the higher Sharpe Ratio (-0.51 vs -0.66), 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.