IWMY vs. MST

Last updated Apr 1, 2026

Compare and contrast key facts about Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) and Defiance Leveraged Long Income MSTR ETF (MST).

IWMY and MST are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IWMY is a passively managed fund by Defiance that tracks the performance of the Russell 2000 Index. It was launched on Oct 30, 2023. MST is an actively managed fund by Defiance. It was launched on May 1, 2025.

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.

IWMY vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	-1.55%	13.44%
MST Defiance Leveraged Long Income MSTR ETF	-39.41%	-87.72%

Returns By Period

In the year-to-date period, IWMY achieves a -1.55% return, which is significantly higher than MST's -39.41% return.

IWMY

• 1D: 3.43%
• 1M: -5.25%
• YTD: -1.55%
• 6M: -5.22%
• 1Y: 11.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MST

• 1D: 4.61%
• 1M: -10.28%
• YTD: -39.41%
• 6M: -86.54%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWMY vs. MST - Expense Ratio Comparison

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

MST

Defiance Leveraged Long Income MSTR ETF

IWMY

Defiance R2000 Enhanced Options & 0DTE Income ETF

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: 35
IWMY Sharpe Ratio Rank: 37
IWMY Sortino Ratio Rank: 33
IWMY Omega Ratio Rank: 33
IWMY Calmar Ratio Rank: 38
IWMY Martin Ratio Rank: 33

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.

	IWMY	MST	Difference
Sharpe ratio Return per unit of total volatility	0.65	—	—
Sortino ratio Return per unit of downside risk	0.91	—	—
Omega ratio Gain probability vs. loss probability	1.13	—	—
Calmar ratio Return relative to maximum drawdown	0.92	—	—
Martin ratio Return relative to average drawdown	2.87	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	IWMY	MST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	-0.77	+1.41

Correlation

The correlation between IWMY and MST is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

IWMY vs. MST - Dividend Comparison

IWMY's dividend yield for the trailing twelve months is around 57.87%, less than MST's 788.18% yield.

	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	57.87%	63.33%	107.92%	11.34%
MST Defiance Leveraged Long Income MSTR ETF	788.18%	381.22%	0.00%	0.00%

Drawdowns

IWMY vs. MST - Drawdown Comparison

The maximum IWMY drawdown since its inception was -18.72%, smaller than the maximum MST drawdown of -94.99%. 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%	-94.99%	+76.27%
Max Drawdown (1Y) Largest decline over 1 year	-12.55%	—	—
Current Drawdown Current decline from peak	-8.54%	-93.54%	+85.00%
Average Drawdown Average peak-to-trough decline	-3.07%	-56.73%	+53.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	—	—

Volatility

Volatility by Period

	IWMY	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.36%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.32%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.73%	122.97%	-105.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.63%	122.97%	-107.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.63%	122.97%	-107.34%