MST vs. HYGW
MST (Defiance Leveraged Long Income MSTR ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds. MST is actively managed, while HYGW is passively managed. Over the past year, MST returned -95.52% vs 5.90% for HYGW. Their 0.37 correlation means their historical movements had little consistent relationship. MST charges 1.31%/yr vs 0.69%/yr for HYGW.
Performance
MST vs. HYGW - Performance Comparison
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Returns By Period
In the year-to-date period, MST achieves a -72.61% return, which is significantly lower than HYGW's 2.36% return.
MST
- 1D
- -5.83%
- 1M
- -10.00%
- 6M
- -70.53%
- YTD
- -72.61%
- 1Y
- -95.52%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -93.38%
HYGW
- 1D
- 0.14%
- 1M
- 0.03%
- 6M
- 1.81%
- YTD
- 2.36%
- 1Y
- 5.90%
- 3Y*
- 5.30%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $480.97K | $636.40K | $814.79K | |
| $610.12K | $656.19K | $1.42M |
MST vs. HYGW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MST Defiance Leveraged Long Income MSTR ETF | -72.61% | -87.60% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.36% | 5.50% |
Correlation
The correlation between MST and HYGW is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (All Time) Calculated using the full available price history since May 2, 2025 | 0.37 |
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Return for Risk
MST vs. HYGW — Risk / Return Rank
MST
HYGW
MST vs. HYGW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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 | HYGW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.74 | ||
| Sortino ratioReturn per unit of downside risk | -5.35 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.42 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 3.26 | -4.26 |
| Martin ratioReturn relative to average drawdown | -1.24 | 14.57 | -15.81 |
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Drawdowns
MST vs. HYGW - Drawdown Comparison
The maximum MST drawdown since its inception was -97.68%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for MST and HYGW.
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Drawdown Indicators
| MST | HYGW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.68% | -5.49% | -92.19% |
Max Drawdown (1Y)Largest decline over 1 year | -96.92% | -1.82% | -95.10% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.42% | — |
Current DrawdownCurrent decline from peak | -97.08% | -0.21% | -96.87% |
Average DrawdownAverage peak-to-trough decline | -66.39% | -0.59% | -65.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 78.12% | 0.41% | +77.71% |
Volatility
MST vs. HYGW - Volatility Comparison
Defiance Leveraged Long Income MSTR ETF (MST) has a higher volatility of 30.28% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.80%. This indicates that MST's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MST | HYGW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.28% | 0.80% | +29.48% |
Volatility (6M)Calculated over the trailing 6-month period | 108.38% | 2.32% | +106.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 135.47% | 2.92% | +132.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 126.83% | 4.62% | +122.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 126.83% | 4.62% | +122.21% |
MST vs. HYGW - Expense Ratio Comparison
MST has a 1.31% expense ratio, which is higher than HYGW's 0.69% expense ratio.
Dividends
MST vs. HYGW - Dividend Comparison
MST's dividend yield for the trailing twelve months is around 1,038.42%, more than HYGW's 10.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 10.71% | 12.53% | 12.30% | 15.98% | 8.71% |
MST Defiance Leveraged Long Income MSTR ETF | 1,038.42% | 381.22% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MST and HYGW have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MST has higher volatility (30.28%) compared to HYGW (0.80%). In terms of maximum drawdown, MST dropped -97.68% vs HYGW's -5.49%.
On 1-year performance, HYGW leads with 5.90% vs -95.52% for MST. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HYGW has performed better with a 5.90% return vs -95.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYGW is cheaper with a 0.69% expense ratio, compared with 1.31% for MST.
MST has the higher dividend yield at 1038.42%, compared with 10.71% for HYGW.
They also come from different issuers: Defiance and iShares. Their fees differ too: 1.31% for MST and 0.69% for HYGW.
HYGW currently has the higher Sharpe Ratio (2.03 vs -0.71), 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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