IWMY vs. MST

Last updated Jun 25, 2026

IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) and MST (Defiance Leveraged Long Income MSTR ETF) are both exchange-traded funds - IWMY is a Options Trading fund tracking the Russell 2000 Index, while MST is a Derivative Income fund actively managed by Defiance. IWMY is passively managed, while MST is actively managed. Over the past year, IWMY returned 21.49% vs -96.03% for MST. At a 0.47 correlation, their price movements are largely independent. IWMY charges 0.99%/yr vs 1.31%/yr for MST.

Performance

IWMY vs. MST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) and Defiance Leveraged Long Income MSTR ETF (MST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWMY achieves a 15.11% return, which is significantly higher than MST's -71.55% return.

IWMY

• 1D: 0.15%
• 1M: 3.51%
• YTD: 15.11%
• 6M: 12.53%
• 1Y: 21.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MST

• 1D: -19.23%
• 1M: -65.98%
• YTD: -71.55%
• 6M: -73.51%
• 1Y: -96.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWMY vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	15.11%	15.93%
MST Defiance Leveraged Long Income MSTR ETF	-71.55%	-87.60%

Correlation

The correlation between IWMY and MST is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.47

Return for Risk

IWMY vs. MST — Risk / Return Rank

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

IWMY

IWMY Risk / Return Rank: 40
IWMY Sharpe Ratio Rank: 41
IWMY Sortino Ratio Rank: 38
IWMY Omega Ratio Rank: 38
IWMY Calmar Ratio Rank: 41
IWMY Martin Ratio Rank: 41

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.

IWMY vs. MST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) 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.

	IWMY	MST	Difference
Sharpe ratio: Return per unit of total volatility	1.32	-0.73	+2.05
Sortino ratio: Return per unit of downside risk	1.82	-2.44	+4.25
Omega ratio: Gain probability vs. loss probability	1.23	0.74	+0.49
Calmar ratio: Return relative to maximum drawdown	1.87	-0.99	+2.86
Martin ratio: Return relative to average drawdown	6.09	-1.27	+7.36

IWMY vs. MST - Sharpe Ratio Comparison

The current IWMY Sharpe Ratio is 1.32, which is higher than the MST Sharpe Ratio of -0.73. The chart below compares the historical Sharpe Ratios of IWMY 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

IWMY vs. MST - Drawdown Comparison

The maximum IWMY drawdown since its inception was -18.72%, smaller than the maximum MST drawdown of -96.97%. Use the drawdown chart below to compare losses from any high point for IWMY and MST.

Drawdown Indicators

	IWMY	MST	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-96.97%	+78.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.57%	-96.97%	+85.40%
Current Drawdown Current decline from peak	-0.65%	-96.97%	+96.32%
Average Drawdown Average peak-to-trough decline	-2.94%	-63.61%	+60.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	75.71%	-72.17%

Volatility

IWMY vs. MST - Volatility Comparison

The current volatility for Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) is 6.15%, while Defiance Leveraged Long Income MSTR ETF (MST) has a volatility of 43.90%. This indicates that IWMY 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

	IWMY	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	43.90%	-37.75%
Volatility (6M) Calculated over the trailing 6-month period	13.54%	105.16%	-91.62%
Volatility (1Y) Calculated over the trailing 1-year period	16.36%	131.02%	-114.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	125.33%	-109.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.93%	125.33%	-109.40%

IWMY vs. MST - Expense Ratio Comparison

IWMY has a 0.99% expense ratio, which is lower than MST's 1.31% expense ratio.

Dividends

IWMY vs. MST - Dividend Comparison

IWMY's dividend yield for the trailing twelve months is around 43.68%, less than MST's 1,434.91% yield.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	43.68%	63.33%	107.92%	11.34%
MST Defiance Leveraged Long Income MSTR ETF	1,434.91%	381.22%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWMY and MST in my portfolio?

IWMY and MST 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.

Which is riskier, IWMY or MST?

MST has higher volatility (43.90%) compared to IWMY (6.15%). In terms of maximum drawdown, IWMY dropped -18.72% vs MST's -96.97%.

Which ETF is better, IWMY or MST?

On 1-year performance, IWMY leads with 21.49% vs -96.03% for MST. On fees, IWMY is cheaper at 0.99% per year. On volatility, IWMY has been the lower-risk option at 6.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMY or MST?

Over the 1-year period, IWMY has performed better with a 21.49% return vs -96.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMY or MST?

IWMY is cheaper with a 0.99% expense ratio, compared with 1.31% for MST.

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

MST has the higher dividend yield at 1434.91%, compared with 43.68% for IWMY.

What is the main difference between IWMY and MST?

IWMY is categorized as Options Trading, while MST is Derivative Income. Their fees differ too: 0.99% for IWMY and 1.31% for MST.

Which has better risk-adjusted returns?

IWMY currently has the higher Sharpe Ratio (1.32 vs -0.73), 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.