MPL vs. MSTX

Last updated Jun 7, 2026

MPL (Defiance Daily Target 2X Long MP ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both Leveraged Equities funds from Defiance. Both are actively managed. At a correlation of -0.05, they often move in opposite directions. MPL charges 1.31%/yr vs 1.29%/yr for MSTX.

Performance

MPL vs. MSTX - Performance Comparison

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

Returns By Period

MPL

• 1D: -19.06%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: -14.14%
• 1M: -58.39%
• YTD: -59.64%
• 6M: -72.15%
• 1Y: -95.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MPL vs. MSTX - Yearly Performance Comparison

	2026 (YTD)
MPL Defiance Daily Target 2X Long MP ETF	-24.56%
MSTX Defiance Daily Target 2X Long MSTR ETF	-45.70%

Correlation

The correlation between MPL and MSTX is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 27, 2026	-0.05

Return for Risk

MPL vs. MSTX — Risk / Return Rank

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

MSTX

MSTX Risk / Return Rank: 2
MSTX Sharpe Ratio Rank: 4
MSTX Sortino Ratio Rank: 1
MSTX Omega Ratio Rank: 1
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.

MPL vs. MSTX - Risk-Adjusted Trends Comparison

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

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

Sharpe Ratios by Period

	MPL	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	-0.43	-0.16

Drawdowns

MPL vs. MSTX - Drawdown Comparison

The maximum MPL drawdown since its inception was -34.06%, smaller than the maximum MSTX drawdown of -98.76%. Use the drawdown chart below to compare losses from any high point for MPL and MSTX.

Drawdown Indicators

	MPL	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-34.06%	-98.76%	+64.70%
Max Drawdown (1Y) Largest decline over 1 year	—	-96.86%	—
Current Drawdown Current decline from peak	-34.06%	-98.76%	+64.70%
Average Drawdown Average peak-to-trough decline	-9.74%	-70.07%	+60.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	75.75%	—

Volatility

Volatility by Period

	MPL	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	41.25%	—
Volatility (6M) Calculated over the trailing 6-month period	—	112.67%	—
Volatility (1Y) Calculated over the trailing 1-year period	182.07%	140.49%	+41.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	182.07%	167.45%	+14.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	182.07%	167.45%	+14.62%

MPL vs. MSTX - Expense Ratio Comparison

MPL has a 1.31% expense ratio, which is higher than MSTX's 1.29% expense ratio.

Dividends

MPL vs. MSTX - Dividend Comparison

Neither MPL nor MSTX has paid dividends to shareholders.

Position	TTM	2025	2024
MPL Defiance Daily Target 2X Long MP 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 MPL and MSTX in my portfolio?

MPL and MSTX have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MPL or MSTX?

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.

Which ETF is cheaper, MPL or MSTX?

MSTX is cheaper with a 1.29% expense ratio, compared with 1.31% for MPL.

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

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

What is the main difference between MPL and MSTX?

Their fees differ too: 1.31% for MPL and 1.29% for MSTX.