MSTW vs. MST

Last updated Aug 2, 2026

MSTW (Roundhill MSTR WeeklyPay™ ETF) and MST (Defiance Leveraged Long Income MSTR ETF) are both Derivative Income funds. Both are actively managed. Over the past year, MSTW returned -83.12% vs -95.52% for MST. Their 0.99 correlation means they have historically moved very closely together. MSTW charges 0.99%/yr vs 1.31%/yr for MST.

Performance

MSTW vs. MST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill MSTR WeeklyPay™ ETF (MSTW) 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, MSTW achieves a -49.11% return, which is significantly higher than MST's -72.61% return.

MSTW

• 1D: -5.03%
• 1M: -9.33%
• 6M: -47.69%
• YTD: -49.11%
• 1Y: -83.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -84.93%

MST

• 1D: -5.83%
• 1M: -10.00%
• 6M: -70.53%
• YTD: -72.61%
• 1Y: -95.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -93.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MST Defiance Leveraged Long Income MSTR ETF	$610.12K	$656.19K	$1.42M
MSTW Roundhill MSTR WeeklyPay™ ETF	$1.36M	$1.35M	$3.08M

MSTW vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
MSTW Roundhill MSTR WeeklyPay™ ETF	-49.11%	-71.40%
MST Defiance Leveraged Long Income MSTR ETF	-72.61%	-87.17%

Correlation

The correlation between MSTW and MST is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.99
Correlation (All Time) Calculated using the full available price history since Jul 24, 2025	0.99

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

Return for Risk

MSTW vs. MST — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSTW

MSTW Risk / Return Rank: 1
MSTW Sharpe Ratio Rank: 2
MSTW Sortino Ratio Rank: 0
MSTW Omega Ratio Rank: 0
MSTW Calmar Ratio Rank: 0
MSTW Martin Ratio Rank: 1

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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSTW vs. MST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill MSTR WeeklyPay™ ETF (MSTW) 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.

	MSTW	MST	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	-0.71	-0.22
Sortino ratio: Return per unit of downside risk	-2.27	-2.41	+0.13
Omega ratio: Gain probability vs. loss probability	0.77	0.75	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.98	-0.99	+0.01
Martin ratio: Return relative to average drawdown	-1.35	-1.24	-0.10

MSTW vs. MST - Sharpe Ratio Comparison

The current MSTW Sharpe Ratio is -0.93, which is lower than the MST Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of MSTW 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

MSTW vs. MST - Drawdown Comparison

The maximum MSTW drawdown since its inception was -87.29%, smaller than the maximum MST drawdown of -97.68%. Use the drawdown chart below to compare losses from any high point for MSTW and MST.

Drawdown Indicators

	MSTW	MST	Difference
Max Drawdown Largest peak-to-trough decline	-87.29%	-97.68%	+10.39%
Max Drawdown (1Y) Largest decline over 1 year	-86.75%	-96.92%	+10.17%
Current Drawdown Current decline from peak	-85.46%	-97.08%	+11.62%
Average Drawdown Average peak-to-trough decline	-58.78%	-66.39%	+7.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	63.15%	78.12%	-14.97%

Volatility

MSTW vs. MST - Volatility Comparison

The current volatility for Roundhill MSTR WeeklyPay™ ETF (MSTW) is 21.78%, while Defiance Leveraged Long Income MSTR ETF (MST) has a volatility of 30.28%. This indicates that MSTW experiences smaller price fluctuations and is considered to be less risky than MST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTW	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.78%	30.28%	-8.50%
Volatility (6M) Calculated over the trailing 6-month period	73.44%	108.38%	-34.94%
Volatility (1Y) Calculated over the trailing 1-year period	91.22%	135.47%	-44.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.37%	126.83%	-36.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.37%	126.83%	-36.46%

MSTW vs. MST - Expense Ratio Comparison

MSTW has a 0.99% expense ratio, which is lower than MST's 1.31% expense ratio.

Dividends

MSTW vs. MST - Dividend Comparison

MSTW's dividend yield for the trailing twelve months is around 422.50%, less than MST's 1,038.42% yield.

Position	TTM	2025
MST Defiance Leveraged Long Income MSTR ETF	1,038.42%	381.22%
MSTW Roundhill MSTR WeeklyPay™ ETF	422.50%	106.94%

Frequently Asked Questions

Can I hold both MSTW and MST in my portfolio?

With a correlation of 0.99, MSTW 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, MSTW or MST?

MST has higher volatility (30.28%) compared to MSTW (21.78%). In terms of maximum drawdown, MSTW dropped -87.29% vs MST's -97.68%.

Which ETF is better, MSTW or MST?

On 1-year performance, MSTW leads with -83.12% vs -95.52% for MST. On fees, MSTW is cheaper at 0.99% per year. On volatility, MSTW has been the lower-risk option at 21.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTW or MST?

Over the 1-year period, MSTW has performed better with a -83.12% return vs -95.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTW or MST?

MSTW is cheaper with a 0.99% expense ratio, compared with 1.31% for MST.

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

MST has the higher dividend yield at 1038.42%, compared with 422.50% for MSTW.

What is the main difference between MSTW and MST?

They also come from different issuers: Roundhill and Defiance. Their fees differ too: 0.99% for MSTW and 1.31% for MST.

Which has better risk-adjusted returns?

MST currently has the higher Sharpe Ratio (-0.71 vs -0.93), 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.