MSTP vs. DFNM

Last updated Jun 5, 2026

MSTP (GraniteShares 2x Long MSTR Daily ETF) and DFNM (Dimensional National Municipal Bond ETF) are both exchange-traded funds - MSTP is a Leveraged Equities fund actively managed by GraniteShares, while DFNM is a Municipal Bonds fund actively managed by Dimensional. Both are actively managed. At a correlation of -0.03, they often move in opposite directions. MSTP charges 1.50%/yr vs 0.17%/yr for DFNM.

Performance

MSTP vs. DFNM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MSTR Daily ETF (MSTP) and Dimensional National Municipal Bond ETF (DFNM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTP achieves a -50.53% return, which is significantly lower than DFNM's 1.33% return.

MSTP

• 1D: 3.34%
• 1M: -55.03%
• YTD: -50.53%
• 6M: -68.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFNM

• 1D: 0.04%
• 1M: 0.44%
• YTD: 1.33%
• 6M: 1.69%
• 1Y: 5.22%
• 3Y*: 3.40%
• 5Y*: —
• 10Y*: —

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

MSTP vs. DFNM - Yearly Performance Comparison

	2026 (YTD)	2025
MSTP GraniteShares 2x Long MSTR Daily ETF	-50.53%	-88.99%
DFNM Dimensional National Municipal Bond ETF	1.33%	3.83%

Correlation

The correlation between MSTP and DFNM is -0.03, 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 (All Time) Calculated using the full available price history since Jun 11, 2025	-0.03

Return for Risk

MSTP vs. DFNM — Risk / Return Rank

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

DFNM

DFNM Risk / Return Rank: 79
DFNM Sharpe Ratio Rank: 89
DFNM Sortino Ratio Rank: 92
DFNM Omega Ratio Rank: 94
DFNM Calmar Ratio Rank: 59
DFNM Martin Ratio Rank: 59

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.

MSTP vs. DFNM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MSTR Daily ETF (MSTP) and Dimensional National Municipal Bond ETF (DFNM). 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

	MSTP	DFNM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	0.58	-1.25

Drawdowns

MSTP vs. DFNM - Drawdown Comparison

The maximum MSTP drawdown since its inception was -96.25%, which is greater than DFNM's maximum drawdown of -6.99%. Use the drawdown chart below to compare losses from any high point for MSTP and DFNM.

Drawdown Indicators

	MSTP	DFNM	Difference
Max Drawdown Largest peak-to-trough decline	-96.25%	-6.99%	-89.26%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.84%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-2.82%	—
Current Drawdown Current decline from peak	-95.78%	-0.32%	-95.46%
Average Drawdown Average peak-to-trough decline	-68.67%	-1.96%	-66.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.51%	—

Volatility

Volatility by Period

	MSTP	DFNM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.59%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.28%	—
Volatility (1Y) Calculated over the trailing 1-year period	141.25%	1.75%	+139.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	141.25%	2.54%	+138.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	141.25%	2.54%	+138.71%

MSTP vs. DFNM - Expense Ratio Comparison

MSTP has a 1.50% expense ratio, which is higher than DFNM's 0.17% expense ratio.

Dividends

MSTP vs. DFNM - Dividend Comparison

MSTP has not paid dividends to shareholders, while DFNM's dividend yield for the trailing twelve months is around 2.89%.

Position	TTM	2025	2024	2023	2022	2021
DFNM Dimensional National Municipal Bond ETF	2.89%	2.94%	2.74%	2.39%	1.16%	0.05%
MSTP GraniteShares 2x Long MSTR Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTP and DFNM in my portfolio?

MSTP and DFNM have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSTP or DFNM?

On fees, DFNM is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSTP or DFNM?

DFNM is cheaper with a 0.17% expense ratio, compared with 1.50% for MSTP.

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

DFNM has the higher dividend yield at 2.89%, compared with 0.00% for MSTP.

What is the main difference between MSTP and DFNM?

MSTP is categorized as Leveraged Equities, while DFNM is Municipal Bonds. They also come from different issuers: GraniteShares and Dimensional. Their fees differ too: 1.50% for MSTP and 0.17% for DFNM.