MSTP vs. CLIP

Last updated Aug 4, 2026

MSTP (GraniteShares 2x Long MSTR Daily ETF) and CLIP (Global X 1-3 Month T-Bill ETF) are both exchange-traded funds - MSTP is a Leveraged Equities fund actively managed by GraniteShares, while CLIP is a Ultrashort Bond fund tracking the Solactive 1-3 month US T-Bill Index - USD. MSTP is actively managed, while CLIP is passively managed. Over the past year, MSTP returned -96.89% vs 3.88% for CLIP. Their 0.01 correlation means their historical movements had little consistent relationship. MSTP charges 1.50%/yr vs 0.07%/yr for CLIP.

Performance

MSTP vs. CLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MSTR Daily ETF (MSTP) and Global X 1-3 Month T-Bill ETF (CLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTP achieves a -76.87% return, which is significantly lower than CLIP's 2.13% return.

MSTP

• 1D: 2.80%
• 1M: -14.92%
• 6M: -71.19%
• YTD: -76.87%
• 1Y: -96.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -95.95%

CLIP

• 1D: 0.01%
• 1M: 0.30%
• 6M: 1.82%
• YTD: 2.13%
• 1Y: 3.88%
• 3Y*: 4.61%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CLIP Global X 1-3 Month T-Bill ETF	$18.70M	$21.15M	$34.20M
MSTP GraniteShares 2x Long MSTR Daily ETF	$732.01K	$891.77K	$1.11M

MSTP vs. CLIP - Yearly Performance Comparison

	2026 (YTD)	2025
MSTP GraniteShares 2x Long MSTR Daily ETF	-76.87%	-89.07%
CLIP Global X 1-3 Month T-Bill ETF	2.13%	2.37%

Correlation

The correlation between MSTP and CLIP is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.01
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	0.01

Return for Risk

MSTP vs. CLIP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSTP

MSTP Risk / Return Rank: 2
MSTP Sharpe Ratio Rank: 4
MSTP Sortino Ratio Rank: 0
MSTP Omega Ratio Rank: 1
MSTP Calmar Ratio Rank: 0
MSTP Martin Ratio Rank: 3

CLIP

CLIP Risk / Return Rank: 100
CLIP Sharpe Ratio Rank: 100
CLIP Sortino Ratio Rank: 100
CLIP Omega Ratio Rank: 100
CLIP Calmar Ratio Rank: 100
CLIP Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSTP vs. CLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MSTR Daily ETF (MSTP) and Global X 1-3 Month T-Bill ETF (CLIP). 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.

	MSTP	CLIP	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	18.20	-18.85
Sortino ratio: Return per unit of downside risk	-2.21	105.93	-108.14
Omega ratio: Gain probability vs. loss probability	0.77	35.65	-34.87
Calmar ratio: Return relative to maximum drawdown	-0.99	195.18	-196.17
Martin ratio: Return relative to average drawdown	-1.21	1,651.55	-1,652.76

MSTP vs. CLIP - Sharpe Ratio Comparison

The current MSTP Sharpe Ratio is -0.65, which is lower than the CLIP Sharpe Ratio of 18.20. The chart below compares the historical Sharpe Ratios of MSTP and CLIP, 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

MSTP vs. CLIP - Drawdown Comparison

The maximum MSTP drawdown since its inception was -98.40%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for MSTP and CLIP.

Drawdown Indicators

	MSTP	CLIP	Difference
Max Drawdown Largest peak-to-trough decline	-98.40%	-0.08%	-98.32%
Max Drawdown (1Y) Largest decline over 1 year	-97.87%	-0.02%	-97.85%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.08%	—
Current Drawdown Current decline from peak	-98.03%	0.00%	-98.03%
Average Drawdown Average peak-to-trough decline	-72.47%	0.00%	-72.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	79.99%	0.00%	+79.99%

Volatility

MSTP vs. CLIP - Volatility Comparison

GraniteShares 2x Long MSTR Daily ETF (MSTP) has a higher volatility of 32.76% compared to Global X 1-3 Month T-Bill ETF (CLIP) at 0.06%. This indicates that MSTP's price experiences larger fluctuations and is considered to be riskier than CLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTP	CLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.76%	0.06%	+32.70%
Volatility (6M) Calculated over the trailing 6-month period	120.67%	0.15%	+120.52%
Volatility (1Y) Calculated over the trailing 1-year period	149.50%	0.21%	+149.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	144.26%	0.43%	+143.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	144.26%	0.43%	+143.83%

MSTP vs. CLIP - Expense Ratio Comparison

MSTP has a 1.50% expense ratio, which is higher than CLIP's 0.07% expense ratio.

Dividends

MSTP vs. CLIP - Dividend Comparison

MSTP has not paid dividends to shareholders, while CLIP's dividend yield for the trailing twelve months is around 3.81%.

Position	TTM	2025	2024	2023
CLIP Global X 1-3 Month T-Bill ETF	3.81%	4.14%	5.11%	2.75%
MSTP GraniteShares 2x Long MSTR Daily ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTP and CLIP in my portfolio?

MSTP and CLIP have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTP or CLIP?

MSTP has higher volatility (32.76%) compared to CLIP (0.06%). In terms of maximum drawdown, MSTP dropped -98.40% vs CLIP's -0.08%.

Which ETF is better, MSTP or CLIP?

On 1-year performance, CLIP leads with 3.88% vs -96.89% for MSTP. On fees, CLIP is cheaper at 0.07% per year. On volatility, CLIP has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTP or CLIP?

Over the 1-year period, CLIP has performed better with a 3.88% return vs -96.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTP or CLIP?

CLIP is cheaper with a 0.07% expense ratio, compared with 1.50% for MSTP.

Which ETF pays a higher dividend yield, MSTP or CLIP?

CLIP has the higher dividend yield at 3.81%, compared with 0.00% for MSTP.

What is the main difference between MSTP and CLIP?

MSTP is categorized as Leveraged Equities, while CLIP is Ultrashort Bond. They also come from different issuers: GraniteShares and Global X. Their fees differ too: 1.50% for MSTP and 0.07% for CLIP.

Which has better risk-adjusted returns?

CLIP currently has the higher Sharpe Ratio (18.20 vs -0.65), 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.