MST vs. USOY

Last updated Jun 4, 2026

MST (Defiance Leveraged Long Income MSTR ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both Derivative Income funds from Defiance. Both are actively managed. Over the past year, MST returned -92.85% vs 57.29% for USOY. At a correlation of -0.05, they often move in opposite directions. MST charges 1.31%/yr vs 1.22%/yr for USOY.

Performance

MST vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Leveraged Long Income MSTR ETF (MST) and Defiance Oil Enhanced Options Income ETF (USOY). 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 USOY's 62.18% return.

MST

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

USOY

• 1D: 1.45%
• 1M: -3.43%
• YTD: 62.18%
• 6M: 59.35%
• 1Y: 57.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MST vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
MST Defiance Leveraged Long Income MSTR ETF	-46.90%	-87.72%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	3.40%

Correlation

The correlation between MST and USOY is -0.07, 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	-0.07
Correlation (All Time) Calculated using the full available price history since May 5, 2025	-0.05

Return for Risk

MST vs. USOY — 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

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
USOY Martin Ratio Rank: 46

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. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) and Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	1.89	-2.63
Sortino ratio: Return per unit of downside risk	-2.01	2.30	-4.31
Omega ratio: Gain probability vs. loss probability	0.78	1.35	-0.57
Calmar ratio: Return relative to maximum drawdown	-0.98	4.03	-5.01
Martin ratio: Return relative to average drawdown	-1.28	7.74	-9.02
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. USOY - Sharpe Ratio Comparison

The current MST Sharpe Ratio is -0.74, which is lower than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of MST and USOY, 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	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.74	1.89	-2.63
Sharpe Ratio (All Time) Calculated using the full available price history	-0.74	0.99	-1.74

Drawdowns

MST vs. USOY - Drawdown Comparison

The maximum MST drawdown since its inception was -94.99%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for MST and USOY.

Drawdown Indicators

	MST	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-94.99%	-17.46%	-77.53%
Max Drawdown (1Y) Largest decline over 1 year	-94.99%	-14.29%	-80.70%
Current Drawdown Current decline from peak	-94.34%	-5.11%	-89.23%
Average Drawdown Average peak-to-trough decline	-62.22%	-6.47%	-55.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.32%	7.42%	+64.90%

Volatility

MST vs. USOY - Volatility Comparison

Defiance Leveraged Long Income MSTR ETF (MST) has a higher volatility of 35.73% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 11.62%. This indicates that MST's price experiences larger fluctuations and is considered to be riskier than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MST	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.73%	11.62%	+24.11%
Volatility (6M) Calculated over the trailing 6-month period	101.54%	27.18%	+74.36%
Volatility (1Y) Calculated over the trailing 1-year period	126.60%	30.44%	+96.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	123.87%	26.13%	+97.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	123.87%	26.13%	+97.74%

MST vs. USOY - Expense Ratio Comparison

MST has a 1.31% expense ratio, which is higher than USOY's 1.22% expense ratio.

Dividends

MST vs. USOY - Dividend Comparison

MST's dividend yield for the trailing twelve months is around 891.75%, more than USOY's 54.16% yield.

Position	TTM	2025	2024
MST Defiance Leveraged Long Income MSTR ETF	891.75%	381.22%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both MST and USOY in my portfolio?

MST and USOY have a correlation of -0.07, 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 USOY?

MST has higher volatility (35.73%) compared to USOY (11.62%). In terms of maximum drawdown, MST dropped -94.99% vs USOY's -17.46%.

Which ETF is better, MST or USOY?

On 1-year performance, USOY leads with 57.29% vs -92.85% for MST. On fees, USOY is cheaper at 1.22% per year. On volatility, USOY has been the lower-risk option at 11.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MST or USOY?

Over the 1-year period, USOY has performed better with a 57.29% 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 USOY?

USOY is cheaper with a 1.22% expense ratio, compared with 1.31% for MST.

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

MST has the higher dividend yield at 891.75%, compared with 54.16% for USOY.

What is the main difference between MST and USOY?

Their fees differ too: 1.31% for MST and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.89 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.