MST vs. MSII

Last updated Aug 2, 2026

MST (Defiance Leveraged Long Income MSTR ETF) and MSII (REX MSTR Growth & Income ETF) are both exchange-traded funds - MST is a Derivative Income fund actively managed by Defiance, while MSII is a Leveraged Equities fund actively managed by REX. Both are actively managed. Their correlation of 0.90 means they have usually moved in the same direction. MST charges 1.31%/yr vs 0.99%/yr for MSII.

Performance

MST vs. MSII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Leveraged Long Income MSTR ETF (MST) and REX MSTR Growth & Income ETF (MSII). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MST

• 1D: -5.83%
• 1M: -10.00%
• 6M: -70.53%
• YTD: -72.61%
• 1Y: -95.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -93.38%

MSII

• 1D: —
• 1M: —
• 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)
MST Defiance Leveraged Long Income MSTR ETF	$610.12K	$656.19K	$1.42M

MST vs. MSII - Yearly Performance Comparison

	2026 (YTD)	2025
MST Defiance Leveraged Long Income MSTR ETF	-72.61%	-86.54%
MSII REX MSTR Growth & Income ETF	-28.10%	-61.03%

Correlation

The correlation between MST and MSII is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	0.90

The correlation between MST and MSII has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

MST vs. MSII — 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: 0
MST Martin Ratio Rank: 3

MSII

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. MSII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) and REX MSTR Growth & Income ETF (MSII). 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	MSII	Difference
Sharpe ratio: Return per unit of total volatility	-0.71	—	—
Sortino ratio: Return per unit of downside risk	-2.41	—	—
Omega ratio: Gain probability vs. loss probability	0.75	—	—
Calmar ratio: Return relative to maximum drawdown	-0.99	—	—
Martin ratio: Return relative to average drawdown	-1.24	—	—

Drawdowns

Drawdown Indicators

	MST	MSII	Difference
Max Drawdown Largest peak-to-trough decline	-97.68%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-96.92%	—	—
Current Drawdown Current decline from peak	-97.08%	—	—
Average Drawdown Average peak-to-trough decline	-66.39%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	78.12%	—	—

Volatility

Volatility by Period

	MST	MSII	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.28%	—	—
Volatility (6M) Calculated over the trailing 6-month period	108.38%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	135.47%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	126.83%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	126.83%	—	—

MST vs. MSII - Expense Ratio Comparison

MST has a 1.31% expense ratio, which is higher than MSII's 0.99% expense ratio.

Dividends

MST vs. MSII - Dividend Comparison

MST's dividend yield for the trailing twelve months is around 1,038.42%, while MSII has not paid dividends to shareholders.

Position	TTM	2025
MSII REX MSTR Growth & Income ETF	60.40%	48.93%
MST Defiance Leveraged Long Income MSTR ETF	1,038.42%	381.22%

Frequently Asked Questions

Can I hold both MST and MSII in my portfolio?

MST and MSII have a correlation of 0.89, 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 MSII?

On fees, MSII is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MST or MSII?

MSII is cheaper with a 0.99% expense ratio, compared with 1.31% for MST.

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

MST has the higher dividend yield at 1038.42%, compared with 60.40% for MSII.

What is the main difference between MST and MSII?

MST is categorized as Derivative Income, while MSII is Leveraged Equities. They also come from different issuers: Defiance and REX. Their fees differ too: 1.31% for MST and 0.99% for MSII.