MST vs. IBIT
MST (Defiance Leveraged Long Income MSTR ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - MST is a Derivative Income fund actively managed by Defiance, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. MST is actively managed, while IBIT is passively managed. Over the past year, MST returned -96.86% vs -46.09% for IBIT. Their correlation of 0.83 suggests significant overlap in exposure. MST charges 1.31%/yr vs 0.25%/yr for IBIT.
Performance
MST vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, MST achieves a -72.77% return, which is significantly lower than IBIT's -27.03% return.
MST
- 1D
- 1.38%
- 1M
- -44.78%
- 6M
- -74.22%
- YTD
- -72.77%
- 1Y
- -96.86%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBIT
- 1D
- 1.17%
- 1M
- 0.53%
- 6M
- -29.18%
- YTD
- -27.03%
- 1Y
- -46.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MST vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MST Defiance Leveraged Long Income MSTR ETF | -72.77% | -87.60% |
IBIT iShares Bitcoin Trust ETF | -27.03% | -9.65% |
Correlation
The correlation between MST and IBIT is 0.84, 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 | 0.84 |
Correlation (All Time) Calculated using the full available price history since May 2, 2025 | 0.83 |
The correlation between MST and IBIT has been stable across timeframes, ranging from 0.83 to 0.84 - a consistent structural relationship.
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Return for Risk
MST vs. IBIT — Risk / Return Rank
MST
IBIT
MST vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 0.84 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.82 | -0.17 |
| Martin ratioReturn relative to average drawdown | -1.23 | -1.35 | +0.11 |
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Drawdowns
MST vs. IBIT - Drawdown Comparison
The maximum MST drawdown since its inception was -97.68%, which is greater than IBIT's maximum drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for MST and IBIT.
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Drawdown Indicators
| MST | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.68% | -53.30% | -44.38% |
Max Drawdown (1Y)Largest decline over 1 year | -97.68% | -53.30% | -44.38% |
Current DrawdownCurrent decline from peak | -97.10% | -49.18% | -47.92% |
Average DrawdownAverage peak-to-trough decline | -64.85% | -17.51% | -47.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 78.38% | 32.56% | +45.82% |
Volatility
MST vs. IBIT - Volatility Comparison
Defiance Leveraged Long Income MSTR ETF (MST) has a higher volatility of 49.00% compared to iShares Bitcoin Trust ETF (IBIT) at 11.12%. This indicates that MST's price experiences larger fluctuations and is considered to be riskier than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MST | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 49.00% | 11.12% | +37.88% |
Volatility (6M)Calculated over the trailing 6-month period | 110.46% | 34.70% | +75.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 134.18% | 44.47% | +89.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 127.85% | 49.98% | +77.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 127.85% | 49.98% | +77.87% |
MST vs. IBIT - Expense Ratio Comparison
MST has a 1.31% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
MST vs. IBIT - Dividend Comparison
MST's dividend yield for the trailing twelve months is around 1,279.46%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% |
MST Defiance Leveraged Long Income MSTR ETF | 1,279.46% | 381.22% |
Frequently Asked Questions
MST and IBIT have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MST has higher volatility (49.00%) compared to IBIT (11.12%). In terms of maximum drawdown, MST dropped -97.68% vs IBIT's -53.30%.
On 1-year performance, IBIT leads with -46.09% vs -96.86% for MST. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 11.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBIT has performed better with a -46.09% return vs -96.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 1.31% for MST.
MST has the higher dividend yield at 1279.46%, compared with 0.00% for IBIT.
MST is categorized as Derivative Income, while IBIT is Cryptocurrency. They also come from different issuers: Defiance and iShares. Their fees differ too: 1.31% for MST and 0.25% for IBIT.
MST currently has the higher Sharpe Ratio (-0.72 vs -0.99), 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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