MSTP vs. IREG

Last updated Jun 4, 2026

MSTP (GraniteShares 2x Long MSTR Daily ETF) and IREG (Leverage Shares 2X Long IREN Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.48 correlation, their price movements are largely independent. MSTP charges 1.50%/yr vs 0.75%/yr for IREG.

Performance

MSTP vs. IREG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MSTR Daily ETF (MSTP) and Leverage Shares 2X Long IREN Daily ETF (IREG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTP achieves a -52.13% return, which is significantly lower than IREG's 76.42% return.

MSTP

• 1D: -13.74%
• 1M: -54.90%
• YTD: -52.13%
• 6M: -70.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IREG

• 1D: -3.13%
• 1M: 56.03%
• YTD: 76.42%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTP vs. IREG - Yearly Performance Comparison

	2026 (YTD)	2025
MSTP GraniteShares 2x Long MSTR Daily ETF	-52.13%	-19.17%
IREG Leverage Shares 2X Long IREN Daily ETF	76.42%	3.65%

Correlation

The correlation between MSTP and IREG is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 17, 2025	0.48

Return for Risk

MSTP vs. IREG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MSTR Daily ETF (MSTP) and Leverage Shares 2X Long IREN Daily ETF (IREG). 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	IREG	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	1.33	-2.00

Drawdowns

MSTP vs. IREG - Drawdown Comparison

The maximum MSTP drawdown since its inception was -96.25%, which is greater than IREG's maximum drawdown of -80.08%. Use the drawdown chart below to compare losses from any high point for MSTP and IREG.

Drawdown Indicators

	MSTP	IREG	Difference
Max Drawdown Largest peak-to-trough decline	-96.25%	-80.08%	-16.17%
Current Drawdown Current decline from peak	-95.92%	-29.69%	-66.23%
Average Drawdown Average peak-to-trough decline	-68.56%	-44.09%	-24.47%

Volatility

Volatility by Period

	MSTP	IREG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	141.47%	208.00%	-66.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	141.47%	208.00%	-66.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	141.47%	208.00%	-66.53%

MSTP vs. IREG - Expense Ratio Comparison

MSTP has a 1.50% expense ratio, which is higher than IREG's 0.75% expense ratio.

Dividends

MSTP vs. IREG - Dividend Comparison

Neither MSTP nor IREG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MSTP and IREG in my portfolio?

MSTP and IREG have a correlation of 0.48, 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 IREG?

On fees, IREG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSTP or IREG?

IREG is cheaper with a 0.75% expense ratio, compared with 1.50% for MSTP.

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

MSTP and IREG have nearly identical dividend yields, around 0.00%.

What is the main difference between MSTP and IREG?

They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.50% for MSTP and 0.75% for IREG.