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 -95.39% vs -44.57% for BTC-USD. Their 0.61 correlation means they have sometimes moved together and sometimes differently.
Performance
MST vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, MST achieves a -71.85% return, which is significantly lower than BTC-USD's -27.65% return.
MST
- 1D
- 2.77%
- 1M
- -7.51%
- 6M
- -65.49%
- YTD
- -71.85%
- 1Y
- -95.39%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -93.11%
BTC-USD
- 1D
- -0.30%
- 1M
- 0.35%
- 6M
- -19.52%
- YTD
- -27.65%
- 1Y
- -44.57%
- 3Y*
- 29.61%
- 5Y*
- 9.77%
- 10Y*
- 59.80%
- ALL TIME*
- 87.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
BTC-USD Bitcoin | $1541.04T | $1614.90T | $2068.30T |
| $621.27K | $597.13K | $1.39M |
MST vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MST Defiance Leveraged Long Income MSTR ETF | -71.85% | -87.60% |
BTC-USD Bitcoin | -27.65% | -9.35% |
Correlation
The correlation between MST and BTC-USD is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.65 |
Correlation (All Time) Calculated using the full available price history since May 2, 2025 | 0.61 |
The correlation between MST and BTC-USD has been stable across timeframes, ranging from 0.61 to 0.65 - 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 | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.85 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.84 | -0.15 |
| Martin ratioReturn relative to average drawdown | -1.23 | -1.29 | +0.06 |
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Drawdowns
MST vs. BTC-USD - Drawdown Comparison
The maximum MST drawdown since its inception was -97.68%, 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 | -97.68% | -85.30% | -12.38% |
Max Drawdown (1Y)Largest decline over 1 year | -96.92% | -53.08% | -43.84% |
Max Drawdown (3Y)Largest decline over 3 years | — | -53.08% | — |
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 | -97.00% | -49.24% | -47.76% |
Average DrawdownAverage peak-to-trough decline | -66.49% | -42.74% | -23.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 77.59% | 25.03% | +52.56% |
Volatility
MST vs. BTC-USD - Volatility Comparison
Defiance Leveraged Long Income MSTR ETF (MST) has a higher volatility of 27.38% compared to Bitcoin (BTC-USD) at 8.46%. 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 | 27.38% | 8.46% | +18.92% |
Volatility (6M)Calculated over the trailing 6-month period | 108.00% | 33.65% | +74.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 134.67% | 35.87% | +98.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 126.67% | 43.64% | +83.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 126.67% | 56.22% | +70.45% |
Frequently Asked Questions
MST and BTC-USD have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MST has higher volatility (27.38%) compared to BTC-USD (8.46%). In terms of maximum drawdown, MST dropped -97.68% vs BTC-USD's -85.30%.
MST currently has the higher Sharpe Ratio (-0.71 vs -1.03), 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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