LNOK vs. MST

Last updated Jul 4, 2026

LNOK (Defiance Daily Target 2X Long NOK ETF) and MST (Defiance Leveraged Long Income MSTR ETF) are both exchange-traded funds - LNOK is a Leveraged Equities fund actively managed by Defiance, while MST is a Derivative Income fund actively managed by Defiance. Both are actively managed. At a 0.23 correlation, their price movements are largely independent. Both charge a 1.31% expense ratio.

Performance

LNOK vs. MST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long NOK ETF (LNOK) and Defiance Leveraged Long Income MSTR ETF (MST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

LNOK

• 1D: -13.95%
• 1M: -52.49%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MST

• 1D: 13.67%
• 1M: -42.69%
• 6M: -71.38%
• YTD: -69.57%
• 1Y: -96.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LNOK vs. MST - Yearly Performance Comparison

	2026 (YTD)
LNOK Defiance Daily Target 2X Long NOK ETF	163.98%
MST Defiance Leveraged Long Income MSTR ETF	-71.53%

Correlation

The correlation between LNOK and MST is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 21, 2026	0.23

Return for Risk

LNOK vs. MST — Risk / Return Rank

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

LNOK

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

LNOK vs. MST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long NOK ETF (LNOK) 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.

	LNOK	MST	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.72	—
Sortino ratio: Return per unit of downside risk	—	-2.37	—
Omega ratio: Gain probability vs. loss probability	—	0.75	—
Calmar ratio: Return relative to maximum drawdown	—	-0.98	—
Martin ratio: Return relative to average drawdown	—	-1.24	—

Drawdowns

LNOK vs. MST - Drawdown Comparison

The maximum LNOK drawdown since its inception was -52.64%, smaller than the maximum MST drawdown of -97.68%. Use the drawdown chart below to compare losses from any high point for LNOK and MST.

Drawdown Indicators

	LNOK	MST	Difference
Max Drawdown Largest peak-to-trough decline	-52.64%	-97.68%	+45.04%
Max Drawdown (1Y) Largest decline over 1 year	—	-97.68%	—
Current Drawdown Current decline from peak	-52.64%	-96.75%	+44.11%
Average Drawdown Average peak-to-trough decline	-10.57%	-64.30%	+53.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	77.18%	—

Volatility

Volatility by Period

	LNOK	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	54.73%	—
Volatility (6M) Calculated over the trailing 6-month period	—	111.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	132.16%	135.01%	-2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	132.16%	128.70%	+3.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	132.16%	128.70%	+3.46%

LNOK vs. MST - Expense Ratio Comparison

Both LNOK and MST have an expense ratio of 1.31%.

Dividends

LNOK vs. MST - Dividend Comparison

LNOK has not paid dividends to shareholders, while MST's dividend yield for the trailing twelve months is around 1,217.72%.

Position	TTM	2025
LNOK Defiance Daily Target 2X Long NOK ETF	0.00%	0.00%
MST Defiance Leveraged Long Income MSTR ETF	1,217.72%	381.22%

Frequently Asked Questions

Can I hold both LNOK and MST in my portfolio?

LNOK and MST have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LNOK or MST?

Both ETFs have the same 1.31% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LNOK or MST?

LNOK and MST have the same expense ratio: 1.31% per year.

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

MST has the higher dividend yield at 1217.72%, compared with 0.00% for LNOK.

What is the main difference between LNOK and MST?

LNOK is categorized as Leveraged Equities, while MST is Derivative Income.