MST vs. MSTX

Last updated Jun 21, 2026

MST (Defiance Leveraged Long Income MSTR ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both exchange-traded funds - MST is a Derivative Income fund actively managed by Defiance, while MSTX is a Leveraged Equities fund actively managed by Defiance. Both are actively managed. Over the past year, MST returned -94.08% vs -96.17% for MSTX. With a 0.99 correlation, they move nearly in lockstep. MST charges 1.31%/yr vs 1.29%/yr for MSTX.

Performance

MST vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Leveraged Long Income MSTR ETF (MST) and Defiance Daily Target 2X Long MSTR ETF (MSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MST achieves a -59.06% return, which is significantly higher than MSTX's -66.03% return.

MST

• 1D: -7.02%
• 1M: -54.05%
• YTD: -59.06%
• 6M: -64.02%
• 1Y: -94.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: -7.56%
• 1M: -57.23%
• YTD: -66.03%
• 6M: -71.32%
• 1Y: -96.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MST vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025
MST Defiance Leveraged Long Income MSTR ETF	-59.06%	-87.60%
MSTX Defiance Daily Target 2X Long MSTR ETF	-66.03%	-90.21%

Correlation

The correlation between MST and MSTX 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 MSTX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

MST vs. MSTX — 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: 0
MST Omega Ratio Rank: 1
MST Calmar Ratio Rank: 0
MST Martin Ratio Rank: 3

MSTX

MSTX Risk / Return Rank: 2
MSTX Sharpe Ratio Rank: 4
MSTX Sortino Ratio Rank: 0
MSTX Omega Ratio Rank: 1
MSTX Calmar Ratio Rank: 0
MSTX 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. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) and Defiance Daily Target 2X Long MSTR ETF (MSTX). 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	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	-0.67	-0.06
Sortino ratio: Return per unit of downside risk	-2.10	-2.14	+0.04
Omega ratio: Gain probability vs. loss probability	0.77	0.78	0.00
Calmar ratio: Return relative to maximum drawdown	-0.98	-0.99	0.00
Martin ratio: Return relative to average drawdown	-1.25	-1.23	-0.02

MST vs. MSTX - Sharpe Ratio Comparison

The current MST Sharpe Ratio is -0.73, which is comparable to the MSTX Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of MST and MSTX, 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. MSTX - Drawdown Comparison

The maximum MST drawdown since its inception was -95.63%, roughly equal to the maximum MSTX drawdown of -98.95%. Use the drawdown chart below to compare losses from any high point for MST and MSTX.

Drawdown Indicators

	MST	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-95.63%	-98.95%	+3.32%
Max Drawdown (1Y) Largest decline over 1 year	-95.63%	-97.35%	+1.72%
Current Drawdown Current decline from peak	-95.63%	-98.95%	+3.32%
Average Drawdown Average peak-to-trough decline	-63.27%	-70.48%	+7.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	74.98%	77.91%	-2.93%

Volatility

MST vs. MSTX - Volatility Comparison

The current volatility for Defiance Leveraged Long Income MSTR ETF (MST) is 40.57%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 44.87%. This indicates that MST experiences smaller price fluctuations and is considered to be less risky than MSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MST	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.57%	44.87%	-4.30%
Volatility (6M) Calculated over the trailing 6-month period	103.31%	114.67%	-11.36%
Volatility (1Y) Calculated over the trailing 1-year period	129.40%	143.23%	-13.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	124.46%	167.19%	-42.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	124.46%	167.19%	-42.73%

MST vs. MSTX - Expense Ratio Comparison

MST has a 1.31% expense ratio, which is higher than MSTX's 1.29% expense ratio.

Dividends

MST vs. MSTX - Dividend Comparison

MST's dividend yield for the trailing twelve months is around 997.24%, while MSTX has not paid dividends to shareholders.

Position	TTM	2025	2024
MST Defiance Leveraged Long Income MSTR ETF	997.24%	381.22%	0.00%
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%

Frequently Asked Questions

Can I hold both MST and MSTX in my portfolio?

With a correlation of 1.00, MST and MSTX 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 MSTX?

MSTX has higher volatility (44.87%) compared to MST (40.57%). In terms of maximum drawdown, MST dropped -95.63% vs MSTX's -98.95%.

Which ETF is better, MST or MSTX?

On 1-year performance, MST leads with -94.08% vs -96.17% for MSTX. On fees, MSTX is cheaper at 1.29% per year. On volatility, MST has been the lower-risk option at 40.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MST or MSTX?

Over the 1-year period, MST has performed better with a -94.08% return vs -96.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MST or MSTX?

MSTX is cheaper with a 1.29% expense ratio, compared with 1.31% for MST.

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

MST has the higher dividend yield at 997.24%, compared with 0.00% for MSTX.

What is the main difference between MST and MSTX?

MST is categorized as Derivative Income, while MSTX is Leveraged Equities. Their fees differ too: 1.31% for MST and 1.29% for MSTX.

Which has better risk-adjusted returns?

MSTX currently has the higher Sharpe Ratio (-0.67 vs -0.73), 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.