MST vs. VOO

Last updated Jun 23, 2026

MST (Defiance Leveraged Long Income MSTR ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - MST is a Derivative Income fund actively managed by Defiance, while VOO is a S&P 500 fund tracking the S&P 500 Index. MST is actively managed, while VOO is passively managed. Over the past year, MST returned -94.38% vs 26.77% for VOO. At a 0.48 correlation, their price movements are largely independent. MST charges 1.31%/yr vs 0.03%/yr for VOO.

Performance

MST vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Leveraged Long Income MSTR ETF (MST) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MST achieves a -61.17% return, which is significantly lower than VOO's 9.75% return.

MST

• 1D: -5.16%
• 1M: -53.58%
• YTD: -61.17%
• 6M: -65.98%
• 1Y: -94.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VOO

• 1D: -0.29%
• 1M: 0.08%
• YTD: 9.75%
• 6M: 9.30%
• 1Y: 26.77%
• 3Y*: 21.36%
• 5Y*: 13.58%
• 10Y*: 15.77%

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

MST vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025
MST Defiance Leveraged Long Income MSTR ETF	-61.17%	-87.60%
VOO Vanguard S&P 500 ETF	9.75%	23.24%

Correlation

The correlation between MST and VOO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.48

MST vs. VOO - Sectors Allocation Comparison

Sectors	MST	VOO
Basic Materials	-	1.7%
Communication Services	-	10.5%
Consumer Cyclical	-	9.8%
Consumer Defensive	-	4.5%
Energy	-	3.2%
Financial Services	-	10.9%
Healthcare	-	8.3%
Industrials	-	7.6%
Real Estate	-	1.8%
Utilities	-	2.5%
Technology	-7.8%	39.1%

Return for Risk

MST vs. VOO — 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

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 70
VOO Sortino Ratio Rank: 67
VOO Omega Ratio Rank: 69
VOO Calmar Ratio Rank: 63
VOO Martin Ratio Rank: 74

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	2.17	-2.90
Sortino ratio: Return per unit of downside risk	-2.16	2.93	-5.09
Omega ratio: Gain probability vs. loss probability	0.77	1.39	-0.62
Calmar ratio: Return relative to maximum drawdown	-0.99	3.02	-4.01
Martin ratio: Return relative to average drawdown	-1.25	13.58	-14.83

MST vs. VOO - Sharpe Ratio Comparison

The current MST Sharpe Ratio is -0.73, which is lower than the VOO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of MST and VOO, 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. VOO - Drawdown Comparison

The maximum MST drawdown since its inception was -95.86%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for MST and VOO.

Drawdown Indicators

	MST	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-95.86%	-33.99%	-61.87%
Max Drawdown (1Y) Largest decline over 1 year	-95.86%	-8.90%	-86.96%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-95.86%	-1.74%	-94.12%
Average Drawdown Average peak-to-trough decline	-63.38%	-3.68%	-59.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	75.22%	1.98%	+73.24%

Volatility

MST vs. VOO - Volatility Comparison

Defiance Leveraged Long Income MSTR ETF (MST) has a higher volatility of 40.26% compared to Vanguard S&P 500 ETF (VOO) at 4.60%. This indicates that MST's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MST	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.26%	4.60%	+35.66%
Volatility (6M) Calculated over the trailing 6-month period	103.13%	9.73%	+93.40%
Volatility (1Y) Calculated over the trailing 1-year period	129.71%	12.39%	+117.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	124.32%	16.90%	+107.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	124.32%	18.05%	+106.27%

MST vs. VOO - Expense Ratio Comparison

MST has a 1.31% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

MST vs. VOO - Dividend Comparison

MST's dividend yield for the trailing twelve months is around 1,051.54%, more than VOO's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MST Defiance Leveraged Long Income MSTR ETF	1,051.54%	381.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.04%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both MST and VOO in my portfolio?

MST and VOO have a correlation of 0.49, 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 VOO?

MST has higher volatility (40.26%) compared to VOO (4.60%). In terms of maximum drawdown, MST dropped -95.86% vs VOO's -33.99%.

Which ETF is better, MST or VOO?

On 1-year performance, VOO leads with 26.77% vs -94.38% for MST. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MST or VOO?

Over the 1-year period, VOO has performed better with a 26.77% return vs -94.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MST or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 1.31% for MST.

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

MST has the higher dividend yield at 1051.54%, compared with 1.04% for VOO.

What is the main difference between MST and VOO?

MST is categorized as Derivative Income, while VOO is S&P 500. They also come from different issuers: Defiance and Vanguard. Their fees differ too: 1.31% for MST and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.17 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.