MST vs. BTC-USD
MST (Defiance Leveraged Long Income MSTR ETF) is Derivative Income fund actively managed by Defiance, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past year, MST returned -94.85% vs -40.30% for BTC-USD. A 0.60 correlation means they provide meaningful diversification when combined.
Performance
MST vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, MST achieves a -64.78% return, which is significantly lower than BTC-USD's -28.07% return.
MST
- 1D
- -9.27%
- 1M
- -57.88%
- YTD
- -64.78%
- 6M
- -66.93%
- 1Y
- -94.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- -1.58%
- 1M
- -18.24%
- YTD
- -28.07%
- 6M
- -28.01%
- 1Y
- -40.30%
- 3Y*
- 27.25%
- 5Y*
- 12.68%
- 10Y*
- 57.41%
MST vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MST Defiance Leveraged Long Income MSTR ETF | -64.78% | -87.60% |
BTC-USD Bitcoin | -28.07% | -9.35% |
Correlation
The correlation between MST and BTC-USD is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since May 2, 2025 | 0.60 |
The correlation between MST and BTC-USD has been stable across timeframes, ranging from 0.60 to 0.64 - a consistent structural relationship.
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Return for Risk
MST vs. BTC-USD — Risk / Return Rank
MST
BTC-USD
MST vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 0.86 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.79 | -0.20 |
| Martin ratioReturn relative to average drawdown | -1.26 | -1.32 | +0.07 |
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Drawdowns
MST vs. BTC-USD - Drawdown Comparison
The maximum MST drawdown since its inception was -96.24%, which is greater than BTC-USD's maximum drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for MST and BTC-USD.
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Drawdown Indicators
| MST | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.24% | -85.30% | -10.94% |
Max Drawdown (1Y)Largest decline over 1 year | -96.24% | -51.21% | -45.03% |
Max Drawdown (3Y)Largest decline over 3 years | — | -51.21% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -76.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -96.24% | -49.54% | -46.70% |
Average DrawdownAverage peak-to-trough decline | -63.50% | -42.40% | -21.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 75.46% | 31.29% | +44.17% |
Volatility
MST vs. BTC-USD - Volatility Comparison
Defiance Leveraged Long Income MSTR ETF (MST) has a higher volatility of 40.51% compared to Bitcoin (BTC-USD) at 12.23%. This indicates that MST's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MST | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 40.51% | 12.23% | +28.28% |
Volatility (6M)Calculated over the trailing 6-month period | 103.49% | 34.57% | +68.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 129.73% | 35.70% | +94.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 124.35% | 44.26% | +80.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 124.35% | 56.41% | +67.94% |
Frequently Asked Questions
MST and BTC-USD have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MST has higher volatility (40.51%) compared to BTC-USD (12.23%). In terms of maximum drawdown, MST dropped -96.24% vs BTC-USD's -85.30%.
MST currently has the higher Sharpe Ratio (-0.73 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.
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