MST vs. MSII

Last updated Jun 4, 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. With a 0.99 correlation, they move nearly in lockstep. 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

In the year-to-date period, MST achieves a -46.90% return, which is significantly lower than MSII's -21.10% return.

MST

• 1D: -14.62%
• 1M: -51.85%
• YTD: -46.90%
• 6M: -62.90%
• 1Y: -92.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSII

• 1D: -8.30%
• 1M: -32.66%
• YTD: -21.10%
• 6M: -34.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MST vs. MSII - Yearly Performance Comparison

	2026 (YTD)	2025
MST Defiance Leveraged Long Income MSTR ETF	-46.90%	-86.11%
MSII REX MSTR Growth & Income ETF	-21.10%	-60.25%

Correlation

The correlation between MST and MSII is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.99

Return for Risk

MST vs. MSII — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MST

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	MST	MSII	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	—	—
Sortino ratio: Return per unit of downside risk	-2.01	—	—
Omega ratio: Gain probability vs. loss probability	0.78	—	—
Calmar ratio: Return relative to maximum drawdown	-0.98	—	—
Martin ratio: Return relative to average drawdown	-1.28	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MST	MSII	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.74	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.74	-0.97	+0.23

Drawdowns

MST vs. MSII - Drawdown Comparison

The maximum MST drawdown since its inception was -94.99%, which is greater than MSII's maximum drawdown of -78.73%. Use the drawdown chart below to compare losses from any high point for MST and MSII.

Drawdown Indicators

	MST	MSII	Difference
Max Drawdown Largest peak-to-trough decline	-94.99%	-78.73%	-16.26%
Max Drawdown (1Y) Largest decline over 1 year	-94.99%	—	—
Current Drawdown Current decline from peak	-94.34%	-74.38%	-19.96%
Average Drawdown Average peak-to-trough decline	-62.22%	-46.16%	-16.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.32%	—	—

Volatility

Volatility by Period

	MST	MSII	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.73%	—	—
Volatility (6M) Calculated over the trailing 6-month period	101.54%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	126.60%	71.20%	+55.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	123.87%	71.20%	+52.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	123.87%	71.20%	+52.67%

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 891.75%, more than MSII's 90.41% yield.

Position	TTM	2025
MSII REX MSTR Growth & Income ETF	90.41%	48.93%
MST Defiance Leveraged Long Income MSTR ETF	891.75%	381.22%

Frequently Asked Questions

Can I hold both MST and MSII in my portfolio?

With a correlation of 0.99, MST and MSII move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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 891.75%, compared with 90.41% 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.