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 -94.85% vs -71.72% for MSTR. With a 0.99 correlation, they move nearly in lockstep.
Performance
MST vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, MST achieves a -64.78% return, which is significantly lower than MSTR's -31.66% return.
MST
- 1D
- -9.27%
- 1M
- -57.88%
- YTD
- -64.78%
- 6M
- -66.93%
- 1Y
- -94.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTR
- 1D
- -5.13%
- 1M
- -35.06%
- YTD
- -31.66%
- 6M
- -34.23%
- 1Y
- -71.72%
- 3Y*
- 46.67%
- 5Y*
- 12.28%
- 10Y*
- 19.62%
MST vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MST Defiance Leveraged Long Income MSTR ETF | -64.78% | -87.60% |
MSTR Strategy Inc | -31.66% | -60.18% |
Correlation
The correlation between MST and MSTR is 1.00 - 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 (1Y) Calculated over the trailing 1-year period | 1.00 |
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 1.00 - 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 | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 0.80 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.93 | -0.06 |
| Martin ratioReturn relative to average drawdown | -1.26 | -1.32 | +0.07 |
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Drawdowns
MST vs. MSTR - Drawdown Comparison
The maximum MST drawdown since its inception was -96.24%, 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 | -96.24% | -99.86% | +3.62% |
Max Drawdown (1Y)Largest decline over 1 year | -96.24% | -77.22% | -19.02% |
Max Drawdown (3Y)Largest decline over 3 years | — | -78.08% | — |
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 | -96.24% | -78.08% | -18.16% |
Average DrawdownAverage peak-to-trough decline | -63.50% | -86.44% | +22.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 75.46% | 54.24% | +21.22% |
Volatility
MST vs. MSTR - Volatility Comparison
Defiance Leveraged Long Income MSTR ETF (MST) has a higher volatility of 40.51% compared to Strategy Inc (MSTR) at 22.01%. 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 | 40.51% | 22.01% | +18.50% |
Volatility (6M)Calculated over the trailing 6-month period | 103.49% | 57.60% | +45.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 129.73% | 72.03% | +57.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 124.35% | 90.57% | +33.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 124.35% | 73.91% | +50.44% |
Dividends
MST vs. MSTR - Dividend Comparison
MST's dividend yield for the trailing twelve months is around 1,159.04%, while MSTR has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
MST Defiance Leveraged Long Income MSTR ETF | 1,159.04% | 381.22% |
MSTR Strategy Inc | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, 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 (40.51%) compared to MSTR (22.01%). In terms of maximum drawdown, MST dropped -96.24% vs MSTR's -99.86%.
MST currently has the higher Sharpe Ratio (-0.73 vs -1.00), 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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