MSTX vs. BTC-USD
MSTX (Defiance Daily Target 2X Long MSTR ETF) is Leveraged Equities fund actively managed by Defiance, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past year, MSTX returned -98.20% vs -47.54% for BTC-USD. A 0.59 correlation means they provide meaningful diversification when combined.
Performance
MSTX vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, MSTX achieves a -78.86% return, which is significantly lower than BTC-USD's -28.58% return.
MSTX
- 1D
- -5.35%
- 1M
- -49.69%
- 6M
- -81.03%
- YTD
- -78.86%
- 1Y
- -98.20%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- -1.96%
- 1M
- -3.01%
- 6M
- -31.47%
- YTD
- -28.58%
- 1Y
- -47.54%
- 3Y*
- 27.25%
- 5Y*
- 13.75%
- 10Y*
- 57.45%
MSTX vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSTX Defiance Daily Target 2X Long MSTR ETF | -78.86% | -89.06% | 134.05% |
BTC-USD Bitcoin | -28.58% | -6.27% | 59.06% |
Correlation
The correlation between MSTX and BTC-USD is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024 | 0.59 |
The correlation between MSTX and BTC-USD has been stable across timeframes, ranging from 0.59 to 0.65 - a consistent structural relationship.
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Return for Risk
MSTX vs. BTC-USD — Risk / Return Rank
MSTX
BTC-USD
MSTX vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long MSTR ETF (MSTX) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 0.83 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.90 | -0.10 |
| Martin ratioReturn relative to average drawdown | -1.20 | -1.46 | +0.25 |
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Drawdowns
MSTX vs. BTC-USD - Drawdown Comparison
The maximum MSTX drawdown since its inception was -99.46%, which is greater than BTC-USD's maximum drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for MSTX and BTC-USD.
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Drawdown Indicators
| MSTX | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.46% | -85.30% | -14.16% |
Max Drawdown (1Y)Largest decline over 1 year | -98.63% | -53.08% | -45.55% |
Max Drawdown (3Y)Largest decline over 3 years | — | -53.08% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -76.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -99.35% | -49.89% | -49.46% |
Average DrawdownAverage peak-to-trough decline | -71.39% | -42.55% | -28.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 81.50% | 28.99% | +52.51% |
Volatility
MSTX vs. BTC-USD - Volatility Comparison
Defiance Daily Target 2X Long MSTR ETF (MSTX) has a higher volatility of 53.48% compared to Bitcoin (BTC-USD) at 8.86%. This indicates that MSTX's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSTX | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 53.48% | 8.86% | +44.62% |
Volatility (6M)Calculated over the trailing 6-month period | 121.92% | 34.96% | +86.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 148.11% | 35.56% | +112.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 168.15% | 43.94% | +124.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 168.15% | 56.32% | +111.83% |
Frequently Asked Questions
MSTX and BTC-USD have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTX has higher volatility (53.48%) compared to BTC-USD (8.86%). In terms of maximum drawdown, MSTX dropped -99.46% vs BTC-USD's -85.30%.
MSTX currently has the higher Sharpe Ratio (-0.66 vs -1.11), 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.
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