MSFL vs. MSTX

Last updated Jun 5, 2026

MSFL (GraniteShares 2x Long MSFT Daily ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, MSFL returned -25.09% vs -95.06% for MSTX. At a 0.30 correlation, their price movements are largely independent. MSFL charges 1.15%/yr vs 1.29%/yr for MSTX.

Performance

MSFL vs. MSTX - Performance Comparison

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

Returns By Period

In the year-to-date period, MSFL achieves a -27.39% return, which is significantly higher than MSTX's -52.99% return.

MSFL

• 1D: 0.41%
• 1M: 6.90%
• YTD: -27.39%
• 6M: -26.98%
• 1Y: -25.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: 4.32%
• 1M: -55.48%
• YTD: -52.99%
• 6M: -70.03%
• 1Y: -95.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSFL vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSFL GraniteShares 2x Long MSFT Daily ETF	-27.39%	16.99%	-4.32%
MSTX Defiance Daily Target 2X Long MSTR ETF	-52.99%	-89.06%	137.37%

Correlation

The correlation between MSFL and MSTX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Aug 16, 2024	0.30

Return for Risk

MSFL vs. MSTX — Risk / Return Rank

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

MSFL

MSFL Risk / Return Rank: 5
MSFL Sharpe Ratio Rank: 5
MSFL Sortino Ratio Rank: 5
MSFL Omega Ratio Rank: 5
MSFL Calmar Ratio Rank: 5
MSFL Martin Ratio Rank: 5

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.

MSFL vs. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MSFT Daily ETF (MSFL) 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.

	MSFL	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	-0.50	-0.68	+0.18
Sortino ratio: Return per unit of downside risk	-0.42	-2.01	+1.59
Omega ratio: Gain probability vs. loss probability	0.94	0.79	+0.16
Calmar ratio: Return relative to maximum drawdown	-0.42	-0.98	+0.56
Martin ratio: Return relative to average drawdown	-0.82	-1.26	+0.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSFL vs. MSTX - Sharpe Ratio Comparison

The current MSFL Sharpe Ratio is -0.50, which is comparable to the MSTX Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of MSFL and MSTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MSFL	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.50	-0.68	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	-0.22	-0.41	+0.19

Drawdowns

MSFL vs. MSTX - Drawdown Comparison

The maximum MSFL drawdown since its inception was -59.39%, smaller than the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for MSFL and MSTX.

Drawdown Indicators

	MSFL	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-59.39%	-98.66%	+39.27%
Max Drawdown (1Y) Largest decline over 1 year	-59.39%	-96.62%	+37.23%
Current Drawdown Current decline from peak	-43.42%	-98.55%	+55.13%
Average Drawdown Average peak-to-trough decline	-21.62%	-70.01%	+48.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.73%	75.50%	-44.77%

Volatility

MSFL vs. MSTX - Volatility Comparison

The current volatility for GraniteShares 2x Long MSFT Daily ETF (MSFL) is 19.76%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 39.88%. This indicates that MSFL experiences smaller price fluctuations and is considered to be less risky than MSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFL	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.76%	39.88%	-20.12%
Volatility (6M) Calculated over the trailing 6-month period	45.21%	112.08%	-66.87%
Volatility (1Y) Calculated over the trailing 1-year period	50.18%	139.91%	-89.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.55%	167.30%	-117.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.55%	167.30%	-117.75%

MSFL vs. MSTX - Expense Ratio Comparison

MSFL has a 1.15% expense ratio, which is lower than MSTX's 1.29% expense ratio.

Dividends

MSFL vs. MSTX - Dividend Comparison

Neither MSFL nor MSTX has paid dividends to shareholders.

Position	TTM	2025	2024
MSFL GraniteShares 2x Long MSFT Daily 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 MSFL and MSTX in my portfolio?

MSFL and MSTX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSFL or MSTX?

MSTX has higher volatility (39.88%) compared to MSFL (19.76%). In terms of maximum drawdown, MSFL dropped -59.39% vs MSTX's -98.66%.

Which ETF is better, MSFL or MSTX?

On 1-year performance, MSFL leads with -25.09% vs -95.06% for MSTX. On fees, MSFL is cheaper at 1.15% per year. On volatility, MSFL has been the lower-risk option at 19.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFL or MSTX?

Over the 1-year period, MSFL has performed better with a -25.09% return vs -95.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFL or MSTX?

MSFL is cheaper with a 1.15% expense ratio, compared with 1.29% for MSTX.

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

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

What is the main difference between MSFL and MSTX?

They also come from different issuers: GraniteShares and Defiance. Their fees differ too: 1.15% for MSFL and 1.29% for MSTX.

Which has better risk-adjusted returns?

MSFL currently has the higher Sharpe Ratio (-0.50 vs -0.68), 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.