MST vs. AIPO

Last updated Jun 4, 2026

MST (Defiance Leveraged Long Income MSTR ETF) and AIPO (Defiance AI & Power Infrastructure ETF) are both exchange-traded funds - MST is a Derivative Income fund actively managed by Defiance, while AIPO is a Technology Equities fund tracking the MarketVector™ US Listed AI and Power Infrastructure Index. MST is actively managed, while AIPO is passively managed. At a 0.45 correlation, their price movements are largely independent. MST charges 1.31%/yr vs 0.69%/yr for AIPO.

Performance

MST vs. AIPO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Leveraged Long Income MSTR ETF (MST) and Defiance AI & Power Infrastructure ETF (AIPO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MST achieves a -46.90% return, which is significantly lower than AIPO's 52.03% return.

MST

• 1D: -14.62%
• 1M: -51.85%
• YTD: -46.90%
• 6M: -62.90%
• 1Y: -92.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AIPO

• 1D: -1.12%
• 1M: 6.63%
• YTD: 52.03%
• 6M: 45.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MST vs. AIPO - Yearly Performance Comparison

	2026 (YTD)	2025
MST Defiance Leveraged Long Income MSTR ETF	-46.90%	-86.75%
AIPO Defiance AI & Power Infrastructure ETF	52.03%	8.68%

Correlation

The correlation between MST and AIPO is 0.45, 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 Jul 28, 2025	0.45

Return for Risk

MST vs. AIPO — Risk / Return Rank

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

MST

MST Risk / Return Rank: 1
MST Sharpe Ratio Rank: 3
MST Sortino Ratio Rank: 1
MST Omega Ratio Rank: 1
MST Calmar Ratio Rank: 1
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.

MST vs. AIPO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) and Defiance AI & Power Infrastructure ETF (AIPO). 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.

	MST	AIPO	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	—	—
Sortino ratio: Return per unit of downside risk	-2.01	—	—
Omega ratio: Gain probability vs. loss probability	0.78	—	—
Calmar ratio: Return relative to maximum drawdown	-0.98	—	—
Martin ratio: Return relative to average drawdown	-1.28	—	—
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

	MST	AIPO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.74	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.74	2.36	-3.10

Drawdowns

MST vs. AIPO - Drawdown Comparison

The maximum MST drawdown since its inception was -94.99%, which is greater than AIPO's maximum drawdown of -17.31%. Use the drawdown chart below to compare losses from any high point for MST and AIPO.

Drawdown Indicators

	MST	AIPO	Difference
Max Drawdown Largest peak-to-trough decline	-94.99%	-17.31%	-77.68%
Max Drawdown (1Y) Largest decline over 1 year	-94.99%	—	—
Current Drawdown Current decline from peak	-94.34%	-1.12%	-93.22%
Average Drawdown Average peak-to-trough decline	-62.22%	-4.38%	-57.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.32%	—	—

Volatility

Volatility by Period

	MST	AIPO	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.73%	—	—
Volatility (6M) Calculated over the trailing 6-month period	101.54%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	126.60%	34.09%	+92.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	123.87%	34.09%	+89.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	123.87%	34.09%	+89.78%

MST vs. AIPO - Expense Ratio Comparison

MST has a 1.31% expense ratio, which is higher than AIPO's 0.69% expense ratio.

Dividends

MST vs. AIPO - Dividend Comparison

MST's dividend yield for the trailing twelve months is around 891.75%, more than AIPO's 0.01% yield.

Position	TTM	2025
AIPO Defiance AI & Power Infrastructure ETF	0.01%	0.01%
MST Defiance Leveraged Long Income MSTR ETF	891.75%	381.22%

Frequently Asked Questions

Can I hold both MST and AIPO in my portfolio?

MST and AIPO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MST or AIPO?

On fees, AIPO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MST or AIPO?

AIPO is cheaper with a 0.69% expense ratio, compared with 1.31% for MST.

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

MST has the higher dividend yield at 891.75%, compared with 0.01% for AIPO.

What is the main difference between MST and AIPO?

MST is categorized as Derivative Income, while AIPO is Technology Equities. Their fees differ too: 1.31% for MST and 0.69% for AIPO.