MST vs. MSTW

Last updated Aug 2, 2026

MST (Defiance Leveraged Long Income MSTR ETF) and MSTW (Roundhill MSTR WeeklyPay™ ETF) are both Derivative Income funds. Both are actively managed. Over the past year, MST returned -95.52% vs -83.12% for MSTW. Their 0.99 correlation means they have historically moved very closely together. MST charges 1.31%/yr vs 0.99%/yr for MSTW.

Performance

MST vs. MSTW - Performance Comparison

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

Returns By Period

In the year-to-date period, MST achieves a -72.61% return, which is significantly lower than MSTW's -49.11% return.

MST

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

MSTW

• 1D: -5.03%
• 1M: -9.33%
• 6M: -47.69%
• YTD: -49.11%
• 1Y: -83.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -84.93%

*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
MSTW Roundhill MSTR WeeklyPay™ ETF	$1.36M	$1.35M	$3.08M

MST vs. MSTW - Yearly Performance Comparison

	2026 (YTD)	2025
MST Defiance Leveraged Long Income MSTR ETF	-72.61%	-87.17%
MSTW Roundhill MSTR WeeklyPay™ ETF	-49.11%	-71.40%

Correlation

The correlation between MST and MSTW 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 Jul 24, 2025	0.99

The correlation between MST and MSTW has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

MST vs. MSTW — 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

MSTW

MSTW Risk / Return Rank: 1
MSTW Sharpe Ratio Rank: 2
MSTW Sortino Ratio Rank: 0
MSTW Omega Ratio Rank: 0
MSTW Calmar Ratio Rank: 0
MSTW Martin Ratio Rank: 1

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. MSTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) and Roundhill MSTR WeeklyPay™ ETF (MSTW). 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	MSTW	Difference
Sharpe ratio: Return per unit of total volatility	-0.71	-0.93	+0.22
Sortino ratio: Return per unit of downside risk	-2.41	-2.27	-0.13
Omega ratio: Gain probability vs. loss probability	0.75	0.77	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.98	-0.01
Martin ratio: Return relative to average drawdown	-1.24	-1.35	+0.10

MST vs. MSTW - Sharpe Ratio Comparison

The current MST Sharpe Ratio is -0.71, which is comparable to the MSTW Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of MST and MSTW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MST vs. MSTW - Drawdown Comparison

The maximum MST drawdown since its inception was -97.68%, which is greater than MSTW's maximum drawdown of -87.29%. Use the drawdown chart below to compare losses from any high point for MST and MSTW.

Drawdown Indicators

	MST	MSTW	Difference
Max Drawdown Largest peak-to-trough decline	-97.68%	-87.29%	-10.39%
Max Drawdown (1Y) Largest decline over 1 year	-96.92%	-86.75%	-10.17%
Current Drawdown Current decline from peak	-97.08%	-85.46%	-11.62%
Average Drawdown Average peak-to-trough decline	-66.39%	-58.78%	-7.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.12%	63.15%	+14.97%

Volatility

MST vs. MSTW - Volatility Comparison

Defiance Leveraged Long Income MSTR ETF (MST) has a higher volatility of 30.28% compared to Roundhill MSTR WeeklyPay™ ETF (MSTW) at 21.78%. This indicates that MST's price experiences larger fluctuations and is considered to be riskier than MSTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MST	MSTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.28%	21.78%	+8.50%
Volatility (6M) Calculated over the trailing 6-month period	108.38%	73.44%	+34.94%
Volatility (1Y) Calculated over the trailing 1-year period	135.47%	91.22%	+44.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	126.83%	90.37%	+36.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	126.83%	90.37%	+36.46%

MST vs. MSTW - Expense Ratio Comparison

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

Dividends

MST vs. MSTW - Dividend Comparison

MST's dividend yield for the trailing twelve months is around 1,038.42%, more than MSTW's 422.50% yield.

Position	TTM	2025
MST Defiance Leveraged Long Income MSTR ETF	1,038.42%	381.22%
MSTW Roundhill MSTR WeeklyPay™ ETF	422.50%	106.94%

Frequently Asked Questions

Can I hold both MST and MSTW in my portfolio?

With a correlation of 0.99, MST and MSTW 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 is riskier, MST or MSTW?

MST has higher volatility (30.28%) compared to MSTW (21.78%). In terms of maximum drawdown, MST dropped -97.68% vs MSTW's -87.29%.

Which ETF is better, MST or MSTW?

On 1-year performance, MSTW leads with -83.12% vs -95.52% for MST. On fees, MSTW is cheaper at 0.99% per year. On volatility, MSTW has been the lower-risk option at 21.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MST or MSTW?

Over the 1-year period, MSTW has performed better with a -83.12% return vs -95.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MST or MSTW?

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

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

MST has the higher dividend yield at 1038.42%, compared with 422.50% for MSTW.

What is the main difference between MST and MSTW?

They also come from different issuers: Defiance and Roundhill. Their fees differ too: 1.31% for MST and 0.99% for MSTW.

Which has better risk-adjusted returns?

MST currently has the higher Sharpe Ratio (-0.71 vs -0.93), 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.