MSTU vs. MST

Last updated Apr 1, 2026

Compare and contrast key facts about T-Rex 2X Long MSTR Daily Target ETF (MSTU) and Defiance Leveraged Long Income MSTR ETF (MST).

MSTU and MST are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MSTU is an actively managed fund by T-Rex. It was launched on Sep 18, 2024. MST is an actively managed fund by Defiance. It was launched on May 1, 2025.

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.

MSTU vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
MSTU T-Rex 2X Long MSTR Daily Target ETF	-48.86%	-90.63%
MST Defiance Leveraged Long Income MSTR ETF	-39.41%	-87.72%

Returns By Period

In the year-to-date period, MSTU achieves a -48.86% return, which is significantly lower than MST's -39.41% return.

MSTU

• 1D: 5.59%
• 1M: -13.09%
• YTD: -48.86%
• 6M: -90.86%
• 1Y: -92.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MST

• 1D: 4.61%
• 1M: -10.28%
• YTD: -39.41%
• 6M: -86.54%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTU vs. MST - Expense Ratio Comparison

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

MST

Defiance Leveraged Long Income MSTR ETF

MSTU

T-Rex 2X Long MSTR Daily Target ETF

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: 1
MSTU Sharpe Ratio Rank: 3
MSTU Sortino Ratio Rank: 1
MSTU Omega Ratio Rank: 1
MSTU Calmar Ratio Rank: 0
MSTU Martin Ratio Rank: 2

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.

	MSTU	MST	Difference
Sharpe ratio Return per unit of total volatility	-0.63	—	—
Sortino ratio Return per unit of downside risk	-1.49	—	—
Omega ratio Gain probability vs. loss probability	0.83	—	—
Calmar ratio Return relative to maximum drawdown	-0.96	—	—
Martin ratio Return relative to average drawdown	-1.43	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MSTU	MST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.40	-0.77	+0.37

Correlation

The correlation between MSTU and MST is 0.99, 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

MSTU vs. MST - Dividend Comparison

MSTU has not paid dividends to shareholders, while MST's dividend yield for the trailing twelve months is around 788.18%.

	TTM	2025
MSTU T-Rex 2X Long MSTR Daily Target ETF	0.00%	0.00%
MST Defiance Leveraged Long Income MSTR ETF	788.18%	381.22%

Drawdowns

MSTU vs. MST - Drawdown Comparison

The maximum MSTU drawdown since its inception was -98.58%, roughly equal to the maximum MST drawdown of -94.99%. 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	-98.58%	-94.99%	-3.59%
Max Drawdown (1Y) Largest decline over 1 year	-96.58%	—	—
Current Drawdown Current decline from peak	-98.34%	-93.54%	-4.80%
Average Drawdown Average peak-to-trough decline	-69.01%	-56.73%	-12.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	64.73%	—	—

Volatility

Volatility by Period

	MSTU	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.12%	—	—
Volatility (6M) Calculated over the trailing 6-month period	110.15%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	145.82%	122.97%	+22.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	171.76%	122.97%	+48.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	171.76%	122.97%	+48.79%