MST vs. MSTY

Last updated Jul 14, 2026

MST (Defiance Leveraged Long Income MSTR ETF) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, MST returned -97.01% vs -73.76% for MSTY. With a 0.99 correlation, they move nearly in lockstep. MST charges 1.31%/yr vs 0.99%/yr for MSTY.

Performance

MST vs. MSTY - Performance Comparison

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

Returns By Period

In the year-to-date period, MST achieves a -74.03% return, which is significantly lower than MSTY's -35.55% return.

MST

• 1D: -4.63%
• 1M: -47.34%
• 6M: -76.65%
• YTD: -74.03%
• 1Y: -97.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTY

• 1D: -2.03%
• 1M: -23.27%
• 6M: -39.01%
• YTD: -35.55%
• 1Y: -73.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MST vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025
MST Defiance Leveraged Long Income MSTR ETF	-74.03%	-87.60%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-35.55%	-54.02%

Correlation

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

Return for Risk

MST vs. MSTY — 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: 0
MST Calmar Ratio Rank: 0
MST Martin Ratio Rank: 3

MSTY

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

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. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	-0.72	-1.15	+0.42
Sortino ratio: Return per unit of downside risk	-2.63	-2.35	-0.28
Omega ratio: Gain probability vs. loss probability	0.73	0.75	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.95	-0.04
Martin ratio: Return relative to average drawdown	-1.23	-1.41	+0.18

MST vs. MSTY - Sharpe Ratio Comparison

The current MST Sharpe Ratio is -0.72, which is higher than the MSTY Sharpe Ratio of -1.15. The chart below compares the historical Sharpe Ratios of MST and MSTY, 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. MSTY - Drawdown Comparison

The maximum MST drawdown since its inception was -97.68%, which is greater than MSTY's maximum drawdown of -77.40%. Use the drawdown chart below to compare losses from any high point for MST and MSTY.

Drawdown Indicators

	MST	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-97.68%	-77.40%	-20.28%
Max Drawdown (1Y) Largest decline over 1 year	-97.68%	-77.40%	-20.28%
Current Drawdown Current decline from peak	-97.23%	-74.66%	-22.57%
Average Drawdown Average peak-to-trough decline	-64.96%	-28.01%	-36.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.62%	52.19%	+26.43%

Volatility

MST vs. MSTY - Volatility Comparison

Defiance Leveraged Long Income MSTR ETF (MST) has a higher volatility of 49.06% compared to YieldMax™ MSTR Option Income Strategy ETF (MSTY) at 23.76%. This indicates that MST's price experiences larger fluctuations and is considered to be riskier than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MST	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	49.06%	23.76%	+25.30%
Volatility (6M) Calculated over the trailing 6-month period	110.36%	53.06%	+57.30%
Volatility (1Y) Calculated over the trailing 1-year period	134.35%	64.61%	+69.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.68%	72.32%	+55.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.68%	72.32%	+55.36%

MST vs. MSTY - Expense Ratio Comparison

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

Dividends

MST vs. MSTY - Dividend Comparison

MST's dividend yield for the trailing twelve months is around 1,341.56%, more than MSTY's 289.43% yield.

Position	TTM	2025	2024
MST Defiance Leveraged Long Income MSTR ETF	1,341.56%	381.22%	0.00%
MSTY YieldMax™ MSTR Option Income Strategy ETF	289.43%	294.61%	104.56%

Frequently Asked Questions

Can I hold both MST and MSTY in my portfolio?

With a correlation of 1.00, MST and MSTY 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 MSTY?

MST has higher volatility (49.06%) compared to MSTY (23.76%). In terms of maximum drawdown, MST dropped -97.68% vs MSTY's -77.40%.

Which ETF is better, MST or MSTY?

On 1-year performance, MSTY leads with -73.76% vs -97.01% for MST. On fees, MSTY is cheaper at 0.99% per year. On volatility, MSTY has been the lower-risk option at 23.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MST or MSTY?

Over the 1-year period, MSTY has performed better with a -73.76% return vs -97.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MST or MSTY?

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

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

MST has the higher dividend yield at 1341.56%, compared with 289.43% for MSTY.

What is the main difference between MST and MSTY?

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

Which has better risk-adjusted returns?

MST currently has the higher Sharpe Ratio (-0.72 vs -1.15), 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.