MSTX vs. BRKL

Last updated Aug 2, 2026

MSTX (Defiance Daily Target 2X Long MSTR ETF) and BRKL (Corgi BRKB 2x Daily ETF) are both Leveraged Equities funds. Both are actively managed. Their -0.24 correlation means they have often moved in opposite directions in the past. MSTX charges 1.29%/yr vs 0.45%/yr for BRKL.

Performance

MSTX vs. BRKL - Performance Comparison

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

Returns By Period

MSTX

• 1D: -8.53%
• 1M: -18.21%
• 6M: -76.83%
• YTD: -79.12%
• 1Y: -97.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -77.59%

BRKL

• 1D: 0.85%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
BRKL Corgi BRKB 2x Daily ETF	$853.16	$14.75K	$14.75K
MSTX Defiance Daily Target 2X Long MSTR ETF	$57.41M	$66.45M	$80.88M

MSTX vs. BRKL - Yearly Performance Comparison

	2026 (YTD)
MSTX Defiance Daily Target 2X Long MSTR ETF	-18.38%
BRKL Corgi BRKB 2x Daily ETF	1.48%

Correlation

The correlation between MSTX and BRKL is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 7, 2026	-0.24

Return for Risk

MSTX vs. BRKL — Risk / Return Rank

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

MSTX

MSTX Risk / Return Rank: 1
MSTX Sharpe Ratio Rank: 4
MSTX Sortino Ratio Rank: 0
MSTX Omega Ratio Rank: 0
MSTX Calmar Ratio Rank: 0
MSTX Martin Ratio Rank: 3

BRKL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

MSTX vs. BRKL - Risk-Adjusted Trends Comparison

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

	MSTX	BRKL	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	—	—
Sortino ratio: Return per unit of downside risk	-2.49	—	—
Omega ratio: Gain probability vs. loss probability	0.75	—	—
Calmar ratio: Return relative to maximum drawdown	-1.00	—	—
Martin ratio: Return relative to average drawdown	-1.21	—	—

Drawdowns

MSTX vs. BRKL - Drawdown Comparison

The maximum MSTX drawdown since its inception was -99.46%, which is greater than BRKL's maximum drawdown of -7.03%. Use the drawdown chart below to compare losses from any high point for MSTX and BRKL.

Drawdown Indicators

	MSTX	BRKL	Difference
Max Drawdown Largest peak-to-trough decline	-99.46%	-7.03%	-92.43%
Max Drawdown (1Y) Largest decline over 1 year	-98.15%	—	—
Current Drawdown Current decline from peak	-99.36%	-0.13%	-99.23%
Average Drawdown Average peak-to-trough decline	-72.18%	-4.14%	-68.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	81.05%	—	—

Volatility

Volatility by Period

	MSTX	BRKL	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.23%	—	—
Volatility (6M) Calculated over the trailing 6-month period	120.60%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	149.90%	30.99%	+118.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	167.17%	30.99%	+136.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	167.17%	30.99%	+136.18%

MSTX vs. BRKL - Expense Ratio Comparison

MSTX has a 1.29% expense ratio, which is higher than BRKL's 0.45% expense ratio.

Dividends

MSTX vs. BRKL - Dividend Comparison

Neither MSTX nor BRKL has paid dividends to shareholders.

Position	TTM	2025	2024
BRKL Corgi BRKB 2x Daily 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 MSTX and BRKL in my portfolio?

MSTX and BRKL have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSTX or BRKL?

On fees, BRKL is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSTX or BRKL?

BRKL is cheaper with a 0.45% expense ratio, compared with 1.29% for MSTX.

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

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

What is the main difference between MSTX and BRKL?

They also come from different issuers: Defiance and Corgi. Their fees differ too: 1.29% for MSTX and 0.45% for BRKL.