MST vs. USDX

Last updated Jun 5, 2026

MST (Defiance Leveraged Long Income MSTR ETF) and USDX (SGI Enhanced Core ETF) are both exchange-traded funds - MST is a Derivative Income fund actively managed by Defiance, while USDX is a Intermediate Core Bond fund actively managed by Summit Global Investments. Both are actively managed. Over the past year, MST returned -92.37% vs 5.97% for USDX. At a correlation of -0.06, they often move in opposite directions. MST charges 1.31%/yr vs 0.98%/yr for USDX.

Performance

MST vs. USDX - Performance Comparison

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

Returns By Period

In the year-to-date period, MST achieves a -45.07% return, which is significantly lower than USDX's 1.79% return.

MST

• 1D: 3.45%
• 1M: -51.66%
• YTD: -45.07%
• 6M: -60.83%
• 1Y: -92.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USDX

• 1D: -0.19%
• 1M: -0.06%
• YTD: 1.79%
• 6M: 2.25%
• 1Y: 5.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MST vs. USDX - Yearly Performance Comparison

	2026 (YTD)	2025
MST Defiance Leveraged Long Income MSTR ETF	-45.07%	-87.72%
USDX SGI Enhanced Core ETF	1.79%	4.71%

Correlation

The correlation between MST and USDX is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (All Time) Calculated using the full available price history since May 5, 2025	-0.06

Return for Risk

MST vs. USDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MST

MST Risk / Return Rank: 2
MST Sharpe Ratio Rank: 3
MST Sortino Ratio Rank: 1
MST Omega Ratio Rank: 1
MST Calmar Ratio Rank: 0
MST Martin Ratio Rank: 3

USDX

USDX Risk / Return Rank: 94
USDX Sharpe Ratio Rank: 90
USDX Sortino Ratio Rank: 94
USDX Omega Ratio Rank: 96
USDX Calmar Ratio Rank: 92
USDX Martin Ratio Rank: 97

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. USDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) and SGI Enhanced Core ETF (USDX). 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	USDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	3.11	-3.84
Sortino ratio: Return per unit of downside risk	-1.94	4.82	-6.76
Omega ratio: Gain probability vs. loss probability	0.79	1.77	-0.98
Calmar ratio: Return relative to maximum drawdown	-0.97	6.40	-7.37
Martin ratio: Return relative to average drawdown	-1.27	43.95	-45.22
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. USDX - Sharpe Ratio Comparison

The current MST Sharpe Ratio is -0.73, which is lower than the USDX Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of MST and USDX, 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	USDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.73	3.11	-3.84
Sharpe Ratio (All Time) Calculated using the full available price history	-0.74	3.96	-4.70

Drawdowns

MST vs. USDX - Drawdown Comparison

The maximum MST drawdown since its inception was -94.99%, which is greater than USDX's maximum drawdown of -0.94%. Use the drawdown chart below to compare losses from any high point for MST and USDX.

Drawdown Indicators

	MST	USDX	Difference
Max Drawdown Largest peak-to-trough decline	-94.99%	-0.94%	-94.05%
Max Drawdown (1Y) Largest decline over 1 year	-94.99%	-0.94%	-94.05%
Current Drawdown Current decline from peak	-94.14%	-0.64%	-93.50%
Average Drawdown Average peak-to-trough decline	-62.34%	-0.06%	-62.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.56%	0.14%	+72.42%

Volatility

MST vs. USDX - Volatility Comparison

Defiance Leveraged Long Income MSTR ETF (MST) has a higher volatility of 35.80% compared to SGI Enhanced Core ETF (USDX) at 0.98%. This indicates that MST's price experiences larger fluctuations and is considered to be riskier than USDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MST	USDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.80%	0.98%	+34.82%
Volatility (6M) Calculated over the trailing 6-month period	100.87%	1.73%	+99.14%
Volatility (1Y) Calculated over the trailing 1-year period	126.48%	1.93%	+124.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	123.71%	1.68%	+122.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	123.71%	1.68%	+122.03%

MST vs. USDX - Expense Ratio Comparison

MST has a 1.31% expense ratio, which is higher than USDX's 0.98% expense ratio.

Dividends

MST vs. USDX - Dividend Comparison

MST's dividend yield for the trailing twelve months is around 818.48%, more than USDX's 5.90% yield.

Position	TTM	2025	2024
MST Defiance Leveraged Long Income MSTR ETF	818.48%	381.22%	0.00%
USDX SGI Enhanced Core ETF	5.90%	5.88%	4.60%

Frequently Asked Questions

Can I hold both MST and USDX in my portfolio?

MST and USDX have a correlation of -0.04, 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 USDX?

MST has higher volatility (35.80%) compared to USDX (0.98%). In terms of maximum drawdown, MST dropped -94.99% vs USDX's -0.94%.

Which ETF is better, MST or USDX?

On 1-year performance, USDX leads with 5.97% vs -92.37% for MST. On fees, USDX is cheaper at 0.98% per year. On volatility, USDX has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MST or USDX?

Over the 1-year period, USDX has performed better with a 5.97% return vs -92.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MST or USDX?

USDX is cheaper with a 0.98% expense ratio, compared with 1.31% for MST.

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

MST has the higher dividend yield at 818.48%, compared with 5.90% for USDX.

What is the main difference between MST and USDX?

MST is categorized as Derivative Income, while USDX is Intermediate Core Bond. They also come from different issuers: Defiance and Summit Global Investments. Their fees differ too: 1.31% for MST and 0.98% for USDX.

Which has better risk-adjusted returns?

USDX currently has the higher Sharpe Ratio (3.11 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.