MST vs. JELM

Last updated Aug 6, 2026

MST (Defiance Leveraged Long Income MSTR ETF) and JELM (Janus Henderson Equity Linked Moderate Income ETF) are both Derivative Income funds. Both are actively managed. Their 0.02 correlation means their historical movements had little consistent relationship. MST charges 1.31%/yr vs 0.59%/yr for JELM.

Performance

MST vs. JELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Leveraged Long Income MSTR ETF (MST) and Janus Henderson Equity Linked Moderate Income ETF (JELM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MST

• 1D: 0.63%
• 1M: -2.43%
• 6M: -57.11%
• YTD: -70.19%
• 1Y: -95.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -92.71%

JELM

• 1D: -0.10%
• 1M: 1.05%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JELM Janus Henderson Equity Linked Moderate Income ETF	$214.60K	$418.55K	$965.66K
MST Defiance Leveraged Long Income MSTR ETF	$574.66K	$599.46K	$1.34M

MST vs. JELM - Yearly Performance Comparison

	2026 (YTD)
MST Defiance Leveraged Long Income MSTR ETF	-68.01%
JELM Janus Henderson Equity Linked Moderate Income ETF	2.24%

Correlation

The correlation between MST and JELM is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 22, 2026	0.02

Return for Risk

MST vs. JELM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MST

MST Risk / Return Rank: 1
MST Sharpe Ratio Rank: 3
MST Sortino Ratio Rank: 0
MST Omega Ratio Rank: 0
MST Calmar Ratio Rank: 1
MST Martin Ratio Rank: 3

JELM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MST vs. JELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) and Janus Henderson Equity Linked Moderate Income ETF (JELM). 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	JELM	Difference
Sharpe ratio: Return per unit of total volatility	-0.71	—	—
Sortino ratio: Return per unit of downside risk	-2.23	—	—
Omega ratio: Gain probability vs. loss probability	0.77	—	—
Calmar ratio: Return relative to maximum drawdown	-0.98	—	—
Martin ratio: Return relative to average drawdown	-1.22	—	—

Drawdowns

MST vs. JELM - Drawdown Comparison

The maximum MST drawdown since its inception was -97.68%, which is greater than JELM's maximum drawdown of -0.69%. Use the drawdown chart below to compare losses from any high point for MST and JELM.

Drawdown Indicators

	MST	JELM	Difference
Max Drawdown Largest peak-to-trough decline	-97.68%	-0.69%	-96.99%
Max Drawdown (1Y) Largest decline over 1 year	-96.92%	—	—
Current Drawdown Current decline from peak	-96.82%	-0.35%	-96.47%
Average Drawdown Average peak-to-trough decline	-66.68%	-0.21%	-66.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.05%	—	—

Volatility

Volatility by Period

	MST	JELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	107.16%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	134.07%	3.67%	+130.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	126.38%	3.67%	+122.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	126.38%	3.67%	+122.71%

MST vs. JELM - Expense Ratio Comparison

MST has a 1.31% expense ratio, which is higher than JELM's 0.59% expense ratio.

Dividends

MST vs. JELM - Dividend Comparison

MST's dividend yield for the trailing twelve months is around 963.56%, more than JELM's 1.21% yield.

Position	TTM	2025
JELM Janus Henderson Equity Linked Moderate Income ETF	1.21%	0.00%
MST Defiance Leveraged Long Income MSTR ETF	963.56%	381.22%

Frequently Asked Questions

Can I hold both MST and JELM in my portfolio?

MST and JELM have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MST or JELM?

On fees, JELM is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MST or JELM?

JELM is cheaper with a 0.59% expense ratio, compared with 1.31% for MST.

Which ETF pays a higher dividend yield, MST or JELM?

MST has the higher dividend yield at 963.56%, compared with 1.21% for JELM.

What is the main difference between MST and JELM?

They also come from different issuers: Defiance and Janus Henderson. Their fees differ too: 1.31% for MST and 0.59% for JELM.