MST vs. BITO

Last updated Jun 4, 2026

MST (Defiance Leveraged Long Income MSTR ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - MST is a Derivative Income fund actively managed by Defiance, while BITO is a Cryptocurrency fund actively managed by ProShares. Both are actively managed. Over the past year, MST returned -92.85% vs -41.01% for BITO. Their correlation of 0.84 suggests significant overlap in exposure. MST charges 1.31%/yr vs 0.95%/yr for BITO.

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.

Returns By Period

In the year-to-date period, MST achieves a -46.90% return, which is significantly lower than BITO's -26.37% return.

MST

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

BITO

• 1D: -2.94%
• 1M: -18.61%
• YTD: -26.37%
• 6M: -30.81%
• 1Y: -41.01%
• 3Y*: 25.27%
• 5Y*: —
• 10Y*: —

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

MST vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025
MST Defiance Leveraged Long Income MSTR ETF	-46.90%	-87.72%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-12.63%

Correlation

The correlation between MST and BITO is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 5, 2025	0.84

The correlation between MST and BITO has been stable across timeframes, ranging from 0.84 to 0.85 - a consistent structural relationship.

Return for Risk

MST vs. BITO — 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

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 2
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 2

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.

	MST	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	-0.95	+0.21
Sortino ratio: Return per unit of downside risk	-2.01	-1.35	-0.67
Omega ratio: Gain probability vs. loss probability	0.78	0.85	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.98	-0.82	-0.16
Martin ratio: Return relative to average drawdown	-1.28	-1.41	+0.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MST vs. BITO - Sharpe Ratio Comparison

The current MST Sharpe Ratio is -0.74, which is comparable to the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of MST and BITO, 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

	MST	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.74	-0.95	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	-0.74	-0.09	-0.65

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	-94.99%	-50.05%	-44.94%
Max Drawdown (3Y) Largest decline over 3 years	—	-50.05%	—
Current Drawdown Current decline from peak	-94.34%	-49.22%	-45.12%
Average Drawdown Average peak-to-trough decline	-62.22%	-36.73%	-25.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.32%	29.09%	+43.23%

Volatility

MST vs. BITO - Volatility Comparison

Defiance Leveraged Long Income MSTR ETF (MST) has a higher volatility of 35.73% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.43%. This indicates that MST's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MST	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.73%	9.43%	+26.30%
Volatility (6M) Calculated over the trailing 6-month period	101.54%	34.26%	+67.28%
Volatility (1Y) Calculated over the trailing 1-year period	126.60%	43.57%	+83.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	123.87%	55.11%	+68.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	123.87%	55.11%	+68.76%

MST vs. BITO - Expense Ratio Comparison

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

Dividends

MST vs. BITO - Dividend Comparison

MST's dividend yield for the trailing twelve months is around 891.75%, more than BITO's 67.63% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	67.63%	78.29%	61.59%	15.14%
MST Defiance Leveraged Long Income MSTR ETF	891.75%	381.22%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MST and BITO in my portfolio?

MST and BITO have a correlation of 0.85, 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 BITO?

MST has higher volatility (35.73%) compared to BITO (9.43%). In terms of maximum drawdown, MST dropped -94.99% vs BITO's -77.86%.

Which ETF is better, MST or BITO?

On 1-year performance, BITO leads with -41.01% vs -92.85% for MST. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 9.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MST or BITO?

Over the 1-year period, BITO has performed better with a -41.01% return vs -92.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MST or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 1.31% for MST.

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

MST has the higher dividend yield at 891.75%, compared with 67.63% for BITO.

What is the main difference between MST and BITO?

MST is categorized as Derivative Income, while BITO is Cryptocurrency. They also come from different issuers: Defiance and ProShares. Their fees differ too: 1.31% for MST and 0.95% for BITO.

Which has better risk-adjusted returns?

MST currently has the higher Sharpe Ratio (-0.74 vs -0.94), 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.