MSTU vs. MSTX

Last updated Jun 21, 2026

MSTU (T-Rex 2X Long MSTR Daily Target ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, MSTU returned -96.10% vs -96.17% for MSTX. With a 1.00 correlation, they move nearly in lockstep. MSTU charges 1.05%/yr vs 1.29%/yr for MSTX.

Performance

MSTU vs. MSTX - 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 Daily Target 2X Long MSTR ETF (MSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MSTU having a -65.58% return and MSTX slightly lower at -66.03%.

MSTU

• 1D: -7.44%
• 1M: -57.15%
• YTD: -65.58%
• 6M: -71.11%
• 1Y: -96.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: -7.56%
• 1M: -57.23%
• YTD: -66.03%
• 6M: -71.32%
• 1Y: -96.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTU vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTU T-Rex 2X Long MSTR Daily Target ETF	-65.58%	-89.07%	205.47%
MSTX Defiance Daily Target 2X Long MSTR ETF	-66.03%	-89.06%	152.91%

Correlation

The correlation between MSTU and MSTX is 1.00 - 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	1.00
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	1.00

The correlation between MSTU and MSTX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

MSTU vs. MSTX — 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: 1
MSTU Calmar Ratio Rank: 0
MSTU Martin Ratio Rank: 3

MSTX

MSTX Risk / Return Rank: 2
MSTX Sharpe Ratio Rank: 4
MSTX Sortino Ratio Rank: 0
MSTX Omega Ratio Rank: 1
MSTX Calmar Ratio Rank: 0
MSTX 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. MSTX - 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 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.

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	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	-0.67	-0.01
Sortino ratio: Return per unit of downside risk	-2.17	-2.14	-0.02
Omega ratio: Gain probability vs. loss probability	0.77	0.78	0.00
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.99	0.00
Martin ratio: Return relative to average drawdown	-1.23	-1.23	0.00

MSTU vs. MSTX - Sharpe Ratio Comparison

The current MSTU Sharpe Ratio is -0.68, which is comparable to the MSTX Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of MSTU and MSTX, 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. MSTX - Drawdown Comparison

The maximum MSTU drawdown since its inception was -98.89%, roughly equal to the maximum MSTX drawdown of -98.95%. Use the drawdown chart below to compare losses from any high point for MSTU and MSTX.

Drawdown Indicators

	MSTU	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-98.89%	-98.95%	+0.06%
Max Drawdown (1Y) Largest decline over 1 year	-97.32%	-97.35%	+0.03%
Current Drawdown Current decline from peak	-98.89%	-98.95%	+0.06%
Average Drawdown Average peak-to-trough decline	-72.45%	-70.48%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	77.82%	77.91%	-0.09%

Volatility

MSTU vs. MSTX - Volatility Comparison

T-Rex 2X Long MSTR Daily Target ETF (MSTU) and Defiance Daily Target 2X Long MSTR ETF (MSTX) have volatilities of 44.20% and 44.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTU	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	44.20%	44.87%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	113.76%	114.67%	-0.91%
Volatility (1Y) Calculated over the trailing 1-year period	141.64%	143.23%	-1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	168.68%	167.19%	+1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	168.68%	167.19%	+1.49%

MSTU vs. MSTX - Expense Ratio Comparison

MSTU has a 1.05% expense ratio, which is lower than MSTX's 1.29% expense ratio.

Dividends

MSTU vs. MSTX - Dividend Comparison

Neither MSTU nor MSTX has paid dividends to shareholders.

Position	TTM	2025	2024
MSTU T-Rex 2X Long MSTR Daily Target ETF	0.00%	0.00%	0.00%
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%

Frequently Asked Questions

Can I hold both MSTU and MSTX in my portfolio?

With a correlation of 1.00, MSTU and MSTX 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 MSTX?

MSTX has higher volatility (44.87%) compared to MSTU (44.20%). In terms of maximum drawdown, MSTU dropped -98.89% vs MSTX's -98.95%.

Which ETF is better, MSTU or MSTX?

On 1-year performance, MSTU leads with -96.10% vs -96.17% for MSTX. On fees, MSTU is cheaper at 1.05% per year. On volatility, MSTU has been the lower-risk option at 44.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTU or MSTX?

Over the 1-year period, MSTU has performed better with a -96.10% return vs -96.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTU or MSTX?

MSTU is cheaper with a 1.05% expense ratio, compared with 1.29% for MSTX.

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

MSTU and MSTX have nearly identical dividend yields, around 0.00%.

What is the main difference between MSTU and MSTX?

They also come from different issuers: T-Rex and Defiance. Their fees differ too: 1.05% for MSTU and 1.29% for MSTX.

Which has better risk-adjusted returns?

MSTX currently has the higher Sharpe Ratio (-0.67 vs -0.68), 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.