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 -96.90% vs -45.95% for BTC-USD. A 0.62 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 -71.36% return, which is significantly lower than BTC-USD's -25.95% return.
MST
- 1D
- 10.28%
- 1M
- -41.93%
- 6M
- -76.95%
- YTD
- -71.36%
- 1Y
- -96.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- 4.06%
- 1M
- -1.40%
- 6M
- -32.07%
- YTD
- -25.95%
- 1Y
- -45.95%
- 3Y*
- 28.83%
- 5Y*
- 15.25%
- 10Y*
- 58.05%
MST vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MST Defiance Leveraged Long Income MSTR ETF | -71.36% | -87.60% |
BTC-USD Bitcoin | -25.95% | -9.35% |
Correlation
The correlation between MST and BTC-USD is 0.65, 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 | 0.65 |
Correlation (All Time) Calculated using the full available price history since May 2, 2025 | 0.62 |
The correlation between MST and BTC-USD has been stable across timeframes, ranging from 0.62 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 | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 0.84 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.87 | -0.13 |
| Martin ratioReturn relative to average drawdown | -1.23 | -1.40 | +0.18 |
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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 | -97.68% | -53.08% | -44.60% |
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 | -96.94% | -48.05% | -48.89% |
Average DrawdownAverage peak-to-trough decline | -65.07% | -42.56% | -22.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 78.85% | 29.09% | +49.76% |
Volatility
MST vs. BTC-USD - Volatility Comparison
Defiance Leveraged Long Income MSTR ETF (MST) has a higher volatility of 49.64% compared to Bitcoin (BTC-USD) at 9.63%. 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 | 49.64% | 9.63% | +40.01% |
Volatility (6M)Calculated over the trailing 6-month period | 110.54% | 34.91% | +75.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 134.56% | 35.72% | +98.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 127.87% | 43.97% | +83.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 127.87% | 56.33% | +71.54% |
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 (49.64%) compared to BTC-USD (9.63%). In terms of maximum drawdown, MST dropped -97.68% vs BTC-USD's -85.30%.
MST currently has the higher Sharpe Ratio (-0.72 vs -1.07), 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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