MSTX vs. DBE

Last updated Aug 6, 2026

MSTX (Defiance Daily Target 2X Long MSTR ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - MSTX is a Leveraged Equities fund actively managed by Defiance, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. MSTX is actively managed, while DBE is passively managed. Over the past year, MSTX returned -97.24% vs 57.60% for DBE. Their -0.01 correlation means they have often moved in opposite directions in the past. MSTX charges 1.29%/yr vs 0.78%/yr for DBE.

Performance

MSTX vs. DBE - Performance Comparison

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

Returns By Period

In the year-to-date period, MSTX achieves a -76.99% return, which is significantly lower than DBE's 63.53% return.

MSTX

• 1D: 1.14%
• 1M: -10.05%
• 6M: -65.25%
• YTD: -76.99%
• 1Y: -97.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -76.22%

DBE

• 1D: -0.24%
• 1M: 9.43%
• 6M: 46.31%
• YTD: 63.53%
• 1Y: 57.60%
• 3Y*: 13.46%
• 5Y*: 16.54%
• 10Y*: 11.73%
• ALL TIME*: 2.05%

*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)
DBE Invesco DB Energy Fund	$1.42M	$1.12M	$1.57M
MSTX Defiance Daily Target 2X Long MSTR ETF	$52.51M	$57.55M	$76.89M

MSTX vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTX Defiance Daily Target 2X Long MSTR ETF	-76.99%	-89.06%	134.05%
DBE Invesco DB Energy Fund	63.53%	-2.17%	-1.10%

Correlation

The correlation between MSTX and DBE is -0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.09
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	-0.01

Return for Risk

MSTX vs. DBE — Risk / Return Rank

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

MSTX

MSTX Risk / Return Rank: 2
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

DBE

DBE Risk / Return Rank: 54
DBE Sharpe Ratio Rank: 55
DBE Sortino Ratio Rank: 52
DBE Omega Ratio Rank: 51
DBE Calmar Ratio Rank: 58
DBE Martin Ratio Rank: 54

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. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long MSTR ETF (MSTX) and Invesco DB Energy Fund (DBE). 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	DBE	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	1.53	-2.19
Sortino ratio: Return per unit of downside risk	-2.32	2.11	-4.42
Omega ratio: Gain probability vs. loss probability	0.76	1.26	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.99	2.34	-3.33
Martin ratio: Return relative to average drawdown	-1.19	7.22	-8.41

MSTX vs. DBE - Sharpe Ratio Comparison

The current MSTX Sharpe Ratio is -0.66, which is lower than the DBE Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of MSTX and DBE, 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

MSTX vs. DBE - Drawdown Comparison

The maximum MSTX drawdown since its inception was -99.46%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for MSTX and DBE.

Drawdown Indicators

	MSTX	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-99.46%	-86.69%	-12.77%
Max Drawdown (1Y) Largest decline over 1 year	-98.15%	-24.72%	-73.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	-99.29%	-37.92%	-61.37%
Average Drawdown Average peak-to-trough decline	-72.35%	-57.12%	-15.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	81.32%	8.00%	+73.32%

Volatility

MSTX vs. DBE - Volatility Comparison

Defiance Daily Target 2X Long MSTR ETF (MSTX) has a higher volatility of 33.08% compared to Invesco DB Energy Fund (DBE) at 15.65%. This indicates that MSTX's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTX	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.08%	15.65%	+17.43%
Volatility (6M) Calculated over the trailing 6-month period	119.44%	33.76%	+85.68%
Volatility (1Y) Calculated over the trailing 1-year period	148.52%	37.85%	+110.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	166.73%	30.19%	+136.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	166.73%	28.63%	+138.10%

MSTX vs. DBE - Expense Ratio Comparison

MSTX has a 1.29% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

MSTX vs. DBE - Dividend Comparison

MSTX has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.36%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.36%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTX and DBE in my portfolio?

MSTX and DBE have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTX or DBE?

MSTX has higher volatility (33.08%) compared to DBE (15.65%). In terms of maximum drawdown, MSTX dropped -99.46% vs DBE's -86.69%.

Which ETF is better, MSTX or DBE?

On 1-year performance, DBE leads with 57.60% vs -97.24% for MSTX. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 15.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTX or DBE?

Over the 1-year period, DBE has performed better with a 57.60% return vs -97.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTX or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 1.29% for MSTX.

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

DBE has the higher dividend yield at 2.36%, compared with 0.00% for MSTX.

What is the main difference between MSTX and DBE?

MSTX is categorized as Leveraged Equities, while DBE is Oil & Gas. They also come from different issuers: Defiance and Invesco. Their fees differ too: 1.29% for MSTX and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.53 vs -0.66), 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.