MST vs. BITO

Last updated Apr 1, 2026

Compare and contrast key facts about Defiance Leveraged Long Income MSTR ETF (MST) and ProShares Bitcoin Strategy ETF (BITO).

MST and BITO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MST is an actively managed fund by Defiance. It was launched on May 1, 2025. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.

Performance

MST vs. BITO - Performance Comparison

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

MST vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025
MST Defiance Leveraged Long Income MSTR ETF	-39.41%	-87.72%
BITO ProShares Bitcoin Strategy ETF	-23.25%	-12.63%

Returns By Period

In the year-to-date period, MST achieves a -39.41% return, which is significantly lower than BITO's -23.25% return.

MST

• 1D: 4.61%
• 1M: -10.28%
• YTD: -39.41%
• 6M: -86.54%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: 1.75%
• 1M: 2.92%
• YTD: -23.25%
• 6M: -41.96%
• 1Y: -21.48%
• 3Y*: 24.62%
• 5Y*: —
• 10Y*: —

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

MST vs. BITO - Expense Ratio Comparison

MST has a 1.31% expense ratio, which is higher than BITO's 0.95% expense ratio.

MST

Defiance Leveraged Long Income MSTR ETF

BITO

ProShares Bitcoin Strategy ETF

Return for Risk

MST vs. BITO — Risk / Return Rank

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

BITO

BITO Risk / Return Rank: 5
BITO Sharpe Ratio Rank: 4
BITO Sortino Ratio Rank: 5
BITO Omega Ratio Rank: 5
BITO Calmar Ratio Rank: 5
BITO Martin Ratio Rank: 5

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. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) and ProShares Bitcoin Strategy ETF (BITO). 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

	MST	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.77	-0.08	-0.69

Correlation

The correlation between MST and BITO is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MST vs. BITO - Dividend Comparison

MST's dividend yield for the trailing twelve months is around 788.18%, more than BITO's 84.71% yield.

	TTM	2025	2024	2023
MST Defiance Leveraged Long Income MSTR ETF	788.18%	381.22%	0.00%	0.00%
BITO ProShares Bitcoin Strategy ETF	84.71%	78.29%	61.59%	15.14%

Drawdowns

MST vs. BITO - Drawdown Comparison

The maximum MST drawdown since its inception was -94.99%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for MST and BITO.

Drawdown Indicators

	MST	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-94.99%	-77.86%	-17.13%
Max Drawdown (1Y) Largest decline over 1 year	—	-50.05%	—
Current Drawdown Current decline from peak	-93.54%	-47.07%	-46.47%
Average Drawdown Average peak-to-trough decline	-56.73%	-36.56%	-20.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	23.55%	—

Volatility

Volatility by Period

	MST	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.69%	—
Volatility (1Y) Calculated over the trailing 1-year period	122.97%	45.35%	+77.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	122.97%	55.79%	+67.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	122.97%	55.79%	+67.18%