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 -97.33% vs -44.57% for BTC-USD. Their 0.59 correlation means they have sometimes moved together and sometimes differently.
Performance
MSTX vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, MSTX achieves a -78.55% return, which is significantly lower than BTC-USD's -27.65% return.
MSTX
- 1D
- 2.74%
- 1M
- -15.97%
- 6M
- -72.56%
- YTD
- -78.55%
- 1Y
- -97.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -77.14%
BTC-USD
- 1D
- -0.30%
- 1M
- 0.35%
- 6M
- -19.52%
- YTD
- -27.65%
- 1Y
- -44.57%
- 3Y*
- 29.61%
- 5Y*
- 9.77%
- 10Y*
- 59.80%
- ALL TIME*
- 87.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
BTC-USD Bitcoin | $1541.04T | $1614.90T | $2068.30T |
| $55.75M | $61.98M | $78.79M |
MSTX vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSTX Defiance Daily Target 2X Long MSTR ETF | -78.55% | -89.06% | 134.05% |
BTC-USD Bitcoin | -27.65% | -6.27% | 59.06% |
Correlation
The correlation between MSTX and BTC-USD is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 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 | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 0.85 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.84 | -0.15 |
| Martin ratioReturn relative to average drawdown | -1.20 | -1.29 | +0.08 |
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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 | -98.15% | -53.08% | -45.07% |
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 | -99.34% | -49.24% | -50.10% |
Average DrawdownAverage peak-to-trough decline | -72.24% | -42.74% | -29.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 80.85% | 25.03% | +55.82% |
Volatility
MSTX vs. BTC-USD - Volatility Comparison
Defiance Daily Target 2X Long MSTR ETF (MSTX) has a higher volatility of 33.10% compared to Bitcoin (BTC-USD) at 8.46%. 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 | 33.10% | 8.46% | +24.64% |
Volatility (6M)Calculated over the trailing 6-month period | 120.28% | 33.65% | +86.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 149.19% | 35.87% | +113.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 167.01% | 43.64% | +123.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 167.01% | 56.22% | +110.79% |
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 (33.10%) compared to BTC-USD (8.46%). In terms of maximum drawdown, MSTX dropped -99.46% vs BTC-USD's -85.30%.
MSTX currently has the higher Sharpe Ratio (-0.65 vs -1.03), 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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