IRE vs. MSTX
IRE (Defiance Daily Target 2X Long IREN ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both Leveraged Equities funds from Defiance. Both are actively managed. Their 0.49 correlation means their historical movements had little consistent relationship. IRE charges 1.31%/yr vs 1.29%/yr for MSTX.
Performance
IRE vs. MSTX - Performance Comparison
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Returns By Period
In the year-to-date period, IRE achieves a -63.30% return, which is significantly higher than MSTX's -79.12% return.
IRE
- 1D
- -7.43%
- 1M
- -26.85%
- 6M
- -79.34%
- YTD
- -63.30%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
MSTX
- 1D
- -8.53%
- 1M
- -18.21%
- 6M
- -76.83%
- YTD
- -79.12%
- 1Y
- -97.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -77.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $104.51M | $97.02M | $161.63M | |
| $57.41M | $66.45M | $80.88M |
IRE vs. MSTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IRE Defiance Daily Target 2X Long IREN ETF | -63.30% | -67.36% |
MSTX Defiance Daily Target 2X Long MSTR ETF | -79.12% | -77.77% |
Correlation
The correlation between IRE and MSTX is 0.49, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 21, 2025 | 0.49 |
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Return for Risk
IRE vs. MSTX — Risk / Return Rank
IRE
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MSTX
IRE vs. MSTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long IREN ETF (IRE) 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.
| IRE | MSTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.75 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -1.00 | — |
| Martin ratioReturn relative to average drawdown | — | -1.21 | — |
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Drawdowns
IRE vs. MSTX - Drawdown Comparison
The maximum IRE drawdown since its inception was -95.22%, roughly equal to the maximum MSTX drawdown of -99.46%. Use the drawdown chart below to compare losses from any high point for IRE and MSTX.
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Drawdown Indicators
| IRE | MSTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.22% | -99.46% | +4.24% |
Max Drawdown (1Y)Largest decline over 1 year | — | -98.15% | — |
Current DrawdownCurrent decline from peak | -92.93% | -99.36% | +6.43% |
Average DrawdownAverage peak-to-trough decline | -72.92% | -72.18% | -0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 81.05% | — |
Volatility
IRE vs. MSTX - Volatility Comparison
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Volatility by Period
| IRE | MSTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 36.23% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 120.60% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 226.19% | 149.90% | +76.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 226.19% | 167.17% | +59.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 226.19% | 167.17% | +59.02% |
IRE vs. MSTX - Expense Ratio Comparison
IRE has a 1.31% expense ratio, which is higher than MSTX's 1.29% expense ratio.
Dividends
IRE vs. MSTX - Dividend Comparison
Neither IRE nor MSTX has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IRE Defiance Daily Target 2X Long IREN ETF | 0.00% | 0.00% | 0.00% |
MSTX Defiance Daily Target 2X Long MSTR ETF | 0.00% | 0.00% | 41.01% |
Frequently Asked Questions
IRE and MSTX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MSTX is cheaper at 1.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MSTX is cheaper with a 1.29% expense ratio, compared with 1.31% for IRE.
IRE and MSTX have nearly identical dividend yields, around 0.00%.
Their fees differ too: 1.31% for IRE and 1.29% for MSTX.
Find the right allocation for IRE and MSTX
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