MSTR vs. MSTX

Last updated Apr 2, 2026

Compare and contrast key facts about MicroStrategy Incorporated (MSTR) and Defiance Daily Target 2X Long MSTR ETF (MSTX).

MSTX is an actively managed fund by Defiance. It was launched on Aug 14, 2024.

Performance

MSTR vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroStrategy Incorporated (MSTR) and Defiance Daily Target 2X Long MSTR ETF (MSTX). The values are adjusted to include any dividend payments, if applicable.

MSTR vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTR MicroStrategy Incorporated	-19.20%	-47.53%	119.53%
MSTX Defiance Daily Target 2X Long MSTR ETF	-51.04%	-89.06%	137.37%

Returns By Period

In the year-to-date period, MSTR achieves a -19.20% return, which is significantly higher than MSTX's -51.04% return.

MSTR

• 1D: -1.62%
• 1M: -10.80%
• YTD: -19.20%
• 6M: -63.72%
• 1Y: -59.88%
• 3Y*: 61.35%
• 5Y*: 11.78%
• 10Y*: 20.98%

MSTX

• 1D: -3.58%
• 1M: -24.90%
• YTD: -51.04%
• 6M: -91.98%
• 1Y: -93.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

Return for Risk

MSTR vs. MSTX — Risk / Return Rank

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

MSTR

MSTR Risk / Return Rank: 11
MSTR Sharpe Ratio Rank: 8
MSTR Sortino Ratio Rank: 7
MSTR Omega Ratio Rank: 10
MSTR Calmar Ratio Rank: 14
MSTR Martin Ratio Rank: 15

MSTX

MSTX Risk / Return Rank: 1
MSTX Sharpe Ratio Rank: 3
MSTX Sortino Ratio Rank: 1
MSTX Omega Ratio Rank: 1
MSTX Calmar Ratio Rank: 0
MSTX Martin Ratio Rank: 1

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.

MSTR vs. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroStrategy Incorporated (MSTR) and Defiance Daily Target 2X Long MSTR ETF (MSTX). 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.

	MSTR	MSTX	Difference
Sharpe ratio Return per unit of total volatility	-0.81	-0.64	-0.18
Sortino ratio Return per unit of downside risk	-1.27	-1.64	+0.36
Omega ratio Gain probability vs. loss probability	0.86	0.82	+0.04
Calmar ratio Return relative to maximum drawdown	-0.75	-0.96	+0.21
Martin ratio Return relative to average drawdown	-1.30	-1.42	+0.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTR vs. MSTX - Sharpe Ratio Comparison

The current MSTR Sharpe Ratio is -0.81, which is comparable to the MSTX Sharpe Ratio of -0.64. The chart below compares the historical Sharpe Ratios of MSTR and MSTX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MSTR	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.81	-0.64	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	-0.43	+0.55

Correlation

The correlation between MSTR and MSTX is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MSTR vs. MSTX - Dividend Comparison

Neither MSTR nor MSTX has paid dividends to shareholders.

	TTM	2025	2024
MSTR MicroStrategy Incorporated	0.00%	0.00%	0.00%
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%

Drawdowns

MSTR vs. MSTX - Drawdown Comparison

The maximum MSTR drawdown since its inception was -99.86%, roughly equal to the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for MSTR and MSTX.

Drawdown Indicators

	MSTR	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-99.86%	-98.66%	-1.20%
Max Drawdown (1Y) Largest decline over 1 year	-76.53%	-96.62%	+20.09%
Max Drawdown (5Y) Largest decline over 5 years	-84.11%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.27%	—	—
Current Drawdown Current decline from peak	-74.09%	-98.49%	+24.40%
Average Drawdown Average peak-to-trough decline	-86.60%	-67.02%	-19.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.22%	65.14%	-20.92%

Volatility

MSTR vs. MSTX - Volatility Comparison

The current volatility for MicroStrategy Incorporated (MSTR) is 18.44%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 36.77%. This indicates that MSTR experiences smaller price fluctuations and is considered to be less risky than MSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTR	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.44%	36.77%	-18.33%
Volatility (6M) Calculated over the trailing 6-month period	55.57%	111.14%	-55.57%
Volatility (1Y) Calculated over the trailing 1-year period	74.11%	147.35%	-73.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	91.29%	169.54%	-78.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.15%	169.54%	-96.39%