MSTU vs. MST

Last updated Jul 11, 2026

MSTU (T-Rex 2X Long MSTR Daily Target ETF) and MST (Defiance Leveraged Long Income MSTR ETF) are both exchange-traded funds - MSTU is a Leveraged Equities fund actively managed by T-Rex, while MST is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, MSTU returned -97.97% vs -96.74% for MST. With a 0.99 correlation, they move nearly in lockstep. MSTU charges 1.05%/yr vs 1.31%/yr for MST.

Performance

MSTU vs. MST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Long MSTR Daily Target ETF (MSTU) and Defiance Leveraged Long Income MSTR ETF (MST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTU achieves a -77.44% return, which is significantly lower than MST's -72.77% return.

MSTU

• 1D: 1.35%
• 1M: -39.12%
• 6M: -78.64%
• YTD: -77.44%
• 1Y: -97.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MST

• 1D: 1.38%
• 1M: -37.74%
• 6M: -74.22%
• YTD: -72.77%
• 1Y: -96.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTU vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
MSTU T-Rex 2X Long MSTR Daily Target ETF	-77.44%	-90.02%
MST Defiance Leveraged Long Income MSTR ETF	-72.77%	-87.60%

Correlation

The correlation between MSTU and MST is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.99

The correlation between MSTU and MST has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

MSTU vs. MST — Risk / Return Rank

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

MSTU

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

MST

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

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.

MSTU vs. MST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Long MSTR Daily Target ETF (MSTU) and Defiance Leveraged Long Income MSTR ETF (MST). 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.

	MSTU	MST	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	-0.72	+0.05
Sortino ratio: Return per unit of downside risk	-2.62	-2.55	-0.07
Omega ratio: Gain probability vs. loss probability	0.73	0.73	0.00
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.99	0.00
Martin ratio: Return relative to average drawdown	-1.20	-1.23	+0.03

MSTU vs. MST - Sharpe Ratio Comparison

The current MSTU Sharpe Ratio is -0.67, which is comparable to the MST Sharpe Ratio of -0.72. The chart below compares the historical Sharpe Ratios of MSTU and MST, 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

MSTU vs. MST - Drawdown Comparison

The maximum MSTU drawdown since its inception was -99.43%, roughly equal to the maximum MST drawdown of -97.68%. Use the drawdown chart below to compare losses from any high point for MSTU and MST.

Drawdown Indicators

	MSTU	MST	Difference
Max Drawdown Largest peak-to-trough decline	-99.43%	-97.68%	-1.75%
Max Drawdown (1Y) Largest decline over 1 year	-98.62%	-97.68%	-0.94%
Current Drawdown Current decline from peak	-99.27%	-97.10%	-2.17%
Average Drawdown Average peak-to-trough decline	-73.27%	-64.85%	-8.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	81.18%	78.38%	+2.80%

Volatility

MSTU vs. MST - Volatility Comparison

T-Rex 2X Long MSTR Daily Target ETF (MSTU) has a higher volatility of 53.11% compared to Defiance Leveraged Long Income MSTR ETF (MST) at 49.00%. This indicates that MSTU's price experiences larger fluctuations and is considered to be riskier than MST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTU	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	53.11%	49.00%	+4.11%
Volatility (6M) Calculated over the trailing 6-month period	121.11%	110.46%	+10.65%
Volatility (1Y) Calculated over the trailing 1-year period	146.57%	134.18%	+12.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	169.77%	127.85%	+41.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	169.77%	127.85%	+41.92%

MSTU vs. MST - Expense Ratio Comparison

MSTU has a 1.05% expense ratio, which is lower than MST's 1.31% expense ratio.

Dividends

MSTU vs. MST - Dividend Comparison

MSTU has not paid dividends to shareholders, while MST's dividend yield for the trailing twelve months is around 1,279.46%.

Position	TTM	2025
MST Defiance Leveraged Long Income MSTR ETF	1,279.46%	381.22%
MSTU T-Rex 2X Long MSTR Daily Target ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTU and MST in my portfolio?

With a correlation of 0.99, MSTU and MST move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MSTU or MST?

MSTU has higher volatility (53.11%) compared to MST (49.00%). In terms of maximum drawdown, MSTU dropped -99.43% vs MST's -97.68%.

Which ETF is better, MSTU or MST?

On 1-year performance, MST leads with -96.74% vs -97.97% for MSTU. On fees, MSTU is cheaper at 1.05% per year. On volatility, MST has been the lower-risk option at 49.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTU or MST?

Over the 1-year period, MST has performed better with a -96.74% return vs -97.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTU or MST?

MSTU is cheaper with a 1.05% expense ratio, compared with 1.31% for MST.

Which ETF pays a higher dividend yield, MSTU or MST?

MST has the higher dividend yield at 1279.46%, compared with 0.00% for MSTU.

What is the main difference between MSTU and MST?

MSTU is categorized as Leveraged Equities, while MST is Derivative Income. They also come from different issuers: T-Rex and Defiance. Their fees differ too: 1.05% for MSTU and 1.31% for MST.

Which has better risk-adjusted returns?

MSTU currently has the higher Sharpe Ratio (-0.67 vs -0.72), 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.