MST vs. TSMY

Last updated Jun 4, 2026

MST (Defiance Leveraged Long Income MSTR ETF) and TSMY (YieldMax TSM Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, MST returned -92.85% vs 92.13% for TSMY. At a 0.29 correlation, their price movements are largely independent. MST charges 1.31%/yr vs 0.99%/yr for TSMY.

Performance

MST vs. TSMY - Performance Comparison

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

Returns By Period

In the year-to-date period, MST achieves a -46.90% return, which is significantly lower than TSMY's 37.04% return.

MST

• 1D: -14.62%
• 1M: -51.85%
• YTD: -46.90%
• 6M: -62.90%
• 1Y: -92.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMY

• 1D: -1.37%
• 1M: 7.48%
• YTD: 37.04%
• 6M: 39.21%
• 1Y: 92.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MST vs. TSMY - Yearly Performance Comparison

	2026 (YTD)	2025
MST Defiance Leveraged Long Income MSTR ETF	-46.90%	-87.72%
TSMY YieldMax TSM Option Income Strategy ETF	37.04%	55.34%

Correlation

The correlation between MST and TSMY is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since May 5, 2025	0.29

Return for Risk

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

TSMY

TSMY Risk / Return Rank: 88
TSMY Sharpe Ratio Rank: 90
TSMY Sortino Ratio Rank: 85
TSMY Omega Ratio Rank: 82
TSMY Calmar Ratio Rank: 91
TSMY Martin Ratio Rank: 91

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. TSMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) and YieldMax TSM Option Income Strategy ETF (TSMY). 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.

	MST	TSMY	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	3.21	-3.95
Sortino ratio: Return per unit of downside risk	-2.01	3.86	-5.87
Omega ratio: Gain probability vs. loss probability	0.78	1.50	-0.72
Calmar ratio: Return relative to maximum drawdown	-0.98	5.98	-6.95
Martin ratio: Return relative to average drawdown	-1.28	22.18	-23.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MST vs. TSMY - Sharpe Ratio Comparison

The current MST Sharpe Ratio is -0.74, which is lower than the TSMY Sharpe Ratio of 3.21. The chart below compares the historical Sharpe Ratios of MST and TSMY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MST	TSMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.74	3.21	-3.95
Sharpe Ratio (All Time) Calculated using the full available price history	-0.74	1.56	-2.30

Drawdowns

MST vs. TSMY - Drawdown Comparison

The maximum MST drawdown since its inception was -94.99%, which is greater than TSMY's maximum drawdown of -31.15%. Use the drawdown chart below to compare losses from any high point for MST and TSMY.

Drawdown Indicators

	MST	TSMY	Difference
Max Drawdown Largest peak-to-trough decline	-94.99%	-31.15%	-63.84%
Max Drawdown (1Y) Largest decline over 1 year	-94.99%	-15.50%	-79.49%
Current Drawdown Current decline from peak	-94.34%	-1.37%	-92.97%
Average Drawdown Average peak-to-trough decline	-62.22%	-5.51%	-56.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.32%	4.17%	+68.15%

Volatility

MST vs. TSMY - Volatility Comparison

Defiance Leveraged Long Income MSTR ETF (MST) has a higher volatility of 35.73% compared to YieldMax TSM Option Income Strategy ETF (TSMY) at 9.52%. This indicates that MST's price experiences larger fluctuations and is considered to be riskier than TSMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MST	TSMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.73%	9.52%	+26.21%
Volatility (6M) Calculated over the trailing 6-month period	101.54%	22.68%	+78.86%
Volatility (1Y) Calculated over the trailing 1-year period	126.60%	28.87%	+97.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	123.87%	33.22%	+90.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	123.87%	33.22%	+90.65%

MST vs. TSMY - Expense Ratio Comparison

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

Dividends

MST vs. TSMY - Dividend Comparison

MST's dividend yield for the trailing twelve months is around 891.75%, more than TSMY's 52.19% yield.

Position	TTM	2025	2024
MST Defiance Leveraged Long Income MSTR ETF	891.75%	381.22%	0.00%
TSMY YieldMax TSM Option Income Strategy ETF	52.19%	56.76%	13.71%

Frequently Asked Questions

Can I hold both MST and TSMY in my portfolio?

MST and TSMY have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MST or TSMY?

MST has higher volatility (35.73%) compared to TSMY (9.52%). In terms of maximum drawdown, MST dropped -94.99% vs TSMY's -31.15%.

Which ETF is better, MST or TSMY?

On 1-year performance, TSMY leads with 92.13% vs -92.85% for MST. On fees, TSMY is cheaper at 0.99% per year. On volatility, TSMY has been the lower-risk option at 9.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MST or TSMY?

Over the 1-year period, TSMY has performed better with a 92.13% return vs -92.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MST or TSMY?

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

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

MST has the higher dividend yield at 891.75%, compared with 52.19% for TSMY.

What is the main difference between MST and TSMY?

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

Which has better risk-adjusted returns?

TSMY currently has the higher Sharpe Ratio (3.21 vs -0.74), 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.