MST vs. AIPO

Last updated Aug 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 Artificial Intelligence fund tracking the MarketVector™ US Listed AI and Power Infrastructure Index. MST is actively managed, while AIPO is passively managed. Over the past year, MST returned -95.39% vs 46.89% for AIPO. Their 0.42 correlation means their historical movements had little consistent relationship. 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 -71.85% return, which is significantly lower than AIPO's 33.86% return.

MST

• 1D: 2.77%
• 1M: -7.51%
• 6M: -65.49%
• YTD: -71.85%
• 1Y: -95.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -93.11%

AIPO

• 1D: 3.42%
• 1M: -4.58%
• 6M: 20.17%
• YTD: 33.86%
• 1Y: 46.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 45.22%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AIPO Defiance AI & Power Infrastructure ETF	$42.27M	$38.04M	$47.00M
MST Defiance Leveraged Long Income MSTR ETF	$621.27K	$597.13K	$1.39M

MST vs. AIPO - Yearly Performance Comparison

	2026 (YTD)	2025
MST Defiance Leveraged Long Income MSTR ETF	-71.85%	-87.29%
AIPO Defiance AI & Power Infrastructure ETF	33.86%	9.46%

Correlation

The correlation between MST and AIPO is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (All Time) Calculated using the full available price history since Jul 25, 2025	0.42

Return for Risk

MST vs. AIPO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MST

MST Risk / Return Rank: 2
MST Sharpe Ratio Rank: 3
MST Sortino Ratio Rank: 0
MST Omega Ratio Rank: 1
MST Calmar Ratio Rank: 0
MST Martin Ratio Rank: 3

AIPO

AIPO Risk / Return Rank: 50
AIPO Sharpe Ratio Rank: 50
AIPO Sortino Ratio Rank: 47
AIPO Omega Ratio Rank: 47
AIPO Calmar Ratio Rank: 53
AIPO Martin Ratio Rank: 54

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

	MST	AIPO	Difference
Sharpe ratio: Return per unit of total volatility	-0.71	1.26	-1.97
Sortino ratio: Return per unit of downside risk	-2.24	1.74	-3.98
Omega ratio: Gain probability vs. loss probability	0.77	1.22	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.98	1.93	-2.92
Martin ratio: Return relative to average drawdown	-1.23	6.41	-7.64

MST vs. AIPO - Sharpe Ratio Comparison

The current MST Sharpe Ratio is -0.71, which is lower than the AIPO Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of MST and AIPO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MST vs. AIPO - Drawdown Comparison

The maximum MST drawdown since its inception was -97.68%, which is greater than AIPO's maximum drawdown of -24.36%. 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	-97.68%	-24.36%	-73.32%
Max Drawdown (1Y) Largest decline over 1 year	-96.92%	-24.36%	-72.56%
Current Drawdown Current decline from peak	-97.00%	-14.84%	-82.16%
Average Drawdown Average peak-to-trough decline	-66.49%	-5.31%	-61.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	77.59%	7.33%	+70.26%

Volatility

MST vs. AIPO - Volatility Comparison

Defiance Leveraged Long Income MSTR ETF (MST) has a higher volatility of 27.38% compared to Defiance AI & Power Infrastructure ETF (AIPO) at 14.74%. This indicates that MST's price experiences larger fluctuations and is considered to be riskier than AIPO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MST	AIPO	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.38%	14.74%	+12.64%
Volatility (6M) Calculated over the trailing 6-month period	108.00%	29.87%	+78.13%
Volatility (1Y) Calculated over the trailing 1-year period	134.67%	37.61%	+97.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	126.67%	37.27%	+89.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	126.67%	37.27%	+89.40%

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 1,010.47%, 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	1,010.47%	381.22%

Frequently Asked Questions

Can I hold both MST and AIPO in my portfolio?

MST and AIPO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MST or AIPO?

MST has higher volatility (27.38%) compared to AIPO (14.74%). In terms of maximum drawdown, MST dropped -97.68% vs AIPO's -24.36%.

Which ETF is better, MST or AIPO?

On 1-year performance, AIPO leads with 46.89% vs -95.39% for MST. On fees, AIPO is cheaper at 0.69% per year. On volatility, AIPO has been the lower-risk option at 14.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MST or AIPO?

Over the 1-year period, AIPO has performed better with a 46.89% return vs -95.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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 1010.47%, compared with 0.01% for AIPO.

What is the main difference between MST and AIPO?

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

Which has better risk-adjusted returns?

AIPO currently has the higher Sharpe Ratio (1.26 vs -0.71), 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.