MST vs. XMAG

Last updated Apr 1, 2026

Compare and contrast key facts about Defiance Leveraged Long Income MSTR ETF (MST) and Defiance Large Cap ex-Mag 7 ETF (XMAG).

MST and XMAG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MST is an actively managed fund by Defiance. It was launched on May 1, 2025. XMAG is a passively managed fund by Defiance that tracks the performance of the BITA US 500 ex Magnificent 7 Index. It was launched on Oct 21, 2024.

Performance

MST vs. XMAG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Leveraged Long Income MSTR ETF (MST) and Defiance Large Cap ex-Mag 7 ETF (XMAG). The values are adjusted to include any dividend payments, if applicable.

MST vs. XMAG - Yearly Performance Comparison

	2026 (YTD)	2025
MST Defiance Leveraged Long Income MSTR ETF	-39.41%	-87.72%
XMAG Defiance Large Cap ex-Mag 7 ETF	-1.56%	14.60%

Returns By Period

In the year-to-date period, MST achieves a -39.41% return, which is significantly lower than XMAG's -1.56% return.

MST

• 1D: 4.61%
• 1M: -10.28%
• YTD: -39.41%
• 6M: -86.54%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

XMAG

• 1D: 2.57%
• 1M: -4.91%
• YTD: -1.56%
• 6M: 0.82%
• 1Y: 13.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MST vs. XMAG - Expense Ratio Comparison

MST has a 1.31% expense ratio, which is higher than XMAG's 0.35% expense ratio.

MST

Defiance Leveraged Long Income MSTR ETF

XMAG

Defiance Large Cap ex-Mag 7 ETF

Return for Risk

MST vs. XMAG — Risk / Return Rank

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

XMAG

XMAG Risk / Return Rank: 54
XMAG Sharpe Ratio Rank: 48
XMAG Sortino Ratio Rank: 49
XMAG Omega Ratio Rank: 51
XMAG Calmar Ratio Rank: 55
XMAG Martin Ratio Rank: 67

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. XMAG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) and Defiance Large Cap ex-Mag 7 ETF (XMAG). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MST	XMAG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.77	0.53	-1.30

Correlation

The correlation between MST and XMAG is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MST vs. XMAG - Dividend Comparison

MST's dividend yield for the trailing twelve months is around 788.18%, more than XMAG's 0.52% yield.

	TTM	2025	2024
MST Defiance Leveraged Long Income MSTR ETF	788.18%	381.22%	0.00%
XMAG Defiance Large Cap ex-Mag 7 ETF	0.52%	0.51%	0.24%

Drawdowns

MST vs. XMAG - Drawdown Comparison

The maximum MST drawdown since its inception was -94.99%, which is greater than XMAG's maximum drawdown of -16.17%. Use the drawdown chart below to compare losses from any high point for MST and XMAG.

Drawdown Indicators

	MST	XMAG	Difference
Max Drawdown Largest peak-to-trough decline	-94.99%	-16.17%	-78.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.21%	—
Current Drawdown Current decline from peak	-93.54%	-4.91%	-88.63%
Average Drawdown Average peak-to-trough decline	-56.73%	-2.30%	-54.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.31%	—

Volatility

Volatility by Period

	MST	XMAG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.64%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.70%	—
Volatility (1Y) Calculated over the trailing 1-year period	122.97%	16.35%	+106.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	122.97%	15.48%	+107.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	122.97%	15.48%	+107.49%