MST vs. MSTR
MST (Defiance Leveraged Long Income MSTR ETF) is Derivative Income fund actively managed by Defiance, while MSTR (Strategy Inc) is a stock. Over the past year, MST returned -95.52% vs -74.56% for MSTR. Their 0.99 correlation means they have historically moved very closely together.
Performance
MST vs. MSTR - 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 MSTR's -38.61% return.
MST
- 1D
- -5.83%
- 1M
- -10.00%
- 6M
- -70.53%
- YTD
- -72.61%
- 1Y
- -95.52%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -93.38%
MSTR
- 1D
- -4.56%
- 1M
- -7.43%
- 6M
- -37.69%
- YTD
- -38.61%
- 1Y
- -74.56%
- 3Y*
- 28.96%
- 5Y*
- 8.30%
- 10Y*
- 18.75%
- ALL TIME*
- 9.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $610.12K | $656.19K | $1.42M | |
MSTR Strategy Inc | $1.53B | $1.65B | $2.43B |
MST vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MST Defiance Leveraged Long Income MSTR ETF | -72.61% | -87.60% |
MSTR Strategy Inc | -38.61% | -60.18% |
Correlation
The correlation between MST and MSTR is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (All Time) Calculated using the full available price history since May 2, 2025 | 0.99 |
The correlation between MST and MSTR has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
MST vs. MSTR — Risk / Return Rank
MST
MSTR
MST vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) and Strategy Inc (MSTR). 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 | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.78 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.97 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.24 | -1.38 | +0.14 |
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Drawdowns
MST vs. MSTR - Drawdown Comparison
The maximum MST drawdown since its inception was -97.68%, roughly equal to the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for MST and MSTR.
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Drawdown Indicators
| MST | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.68% | -99.86% | +2.18% |
Max Drawdown (1Y)Largest decline over 1 year | -96.92% | -79.53% | -17.39% |
Max Drawdown (3Y)Largest decline over 3 years | — | -82.63% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -84.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.27% | — |
Current DrawdownCurrent decline from peak | -97.08% | -80.31% | -16.77% |
Average DrawdownAverage peak-to-trough decline | -66.39% | -86.42% | +20.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 78.12% | 55.64% | +22.48% |
Volatility
MST vs. MSTR - Volatility Comparison
Defiance Leveraged Long Income MSTR ETF (MST) has a higher volatility of 30.28% compared to Strategy Inc (MSTR) at 18.58%. This indicates that MST's price experiences larger fluctuations and is considered to be riskier than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MST | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.28% | 18.58% | +11.70% |
Volatility (6M)Calculated over the trailing 6-month period | 108.38% | 60.57% | +47.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 135.47% | 75.24% | +60.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 126.83% | 89.94% | +36.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 126.83% | 74.33% | +52.50% |
Dividends
MST vs. MSTR - Dividend Comparison
MST's dividend yield for the trailing twelve months is around 1,038.42%, while MSTR has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
MST Defiance Leveraged Long Income MSTR ETF | 1,038.42% | 381.22% |
MSTR Strategy Inc | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.99, MST and MSTR 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.
MST has higher volatility (30.28%) compared to MSTR (18.58%). In terms of maximum drawdown, MST dropped -97.68% vs MSTR's -99.86%.
MST currently has the higher Sharpe Ratio (-0.71 vs -1.02), 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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