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 -96.70% vs -40.30% for BTC-USD. A 0.58 correlation means they provide meaningful diversification when combined.
Performance
MSTX vs. BTC-USD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MSTX achieves a -71.19% return, which is significantly lower than BTC-USD's -28.07% return.
MSTX
- 1D
- -10.71%
- 1M
- -61.25%
- YTD
- -71.19%
- 6M
- -73.53%
- 1Y
- -96.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- -1.58%
- 1M
- -18.24%
- YTD
- -28.07%
- 6M
- -28.01%
- 1Y
- -40.30%
- 3Y*
- 27.25%
- 5Y*
- 12.68%
- 10Y*
- 57.41%
MSTX vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSTX Defiance Daily Target 2X Long MSTR ETF | -71.19% | -89.06% | 134.05% |
BTC-USD Bitcoin | -28.07% | -6.27% | 59.06% |
Correlation
The correlation between MSTX and BTC-USD is 0.64, 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 | 0.64 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024 | 0.58 |
The correlation between MSTX and BTC-USD has been stable across timeframes, ranging from 0.58 to 0.64 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 0.86 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.79 | -0.20 |
| Martin ratioReturn relative to average drawdown | -1.23 | -1.32 | +0.09 |
Loading charts...
Drawdowns
MSTX vs. BTC-USD - Drawdown Comparison
The maximum MSTX drawdown since its inception was -99.11%, 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.
Loading charts...
Drawdown Indicators
| MSTX | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.11% | -85.30% | -13.81% |
Max Drawdown (1Y)Largest decline over 1 year | -97.76% | -51.21% | -46.55% |
Max Drawdown (3Y)Largest decline over 3 years | — | -51.21% | — |
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 | -99.11% | -49.54% | -49.57% |
Average DrawdownAverage peak-to-trough decline | -70.60% | -42.40% | -28.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 78.39% | 31.29% | +47.10% |
Volatility
MSTX vs. BTC-USD - Volatility Comparison
Defiance Daily Target 2X Long MSTR ETF (MSTX) has a higher volatility of 44.91% compared to Bitcoin (BTC-USD) at 12.23%. 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.
Loading charts...
Volatility by Period
| MSTX | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 44.91% | 12.23% | +32.68% |
Volatility (6M)Calculated over the trailing 6-month period | 114.95% | 34.57% | +80.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 143.60% | 35.70% | +107.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 167.05% | 44.26% | +122.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 167.05% | 56.41% | +110.64% |
Frequently Asked Questions
MSTX and BTC-USD have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTX has higher volatility (44.91%) compared to BTC-USD (12.23%). In terms of maximum drawdown, MSTX dropped -99.11% vs BTC-USD's -85.30%.
MSTX currently has the higher Sharpe Ratio (-0.67 vs -0.94), 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.
Find the right allocation for MSTX and BTC-USD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer