MSTX vs. ETHU

Last updated Jul 14, 2026

MSTX (Defiance Daily Target 2X Long MSTR ETF) and ETHU (Volatility Shares 2x Ether ETF) are both exchange-traded funds - MSTX is a Leveraged Equities fund actively managed by Defiance, while ETHU is a Leveraged Cryptocurrency fund actively managed by Volatility Shares. Both are actively managed. Over the past year, MSTX returned -98.20% vs -81.77% for ETHU. A 0.68 correlation means they provide meaningful diversification when combined. MSTX charges 1.29%/yr vs 2.67%/yr for ETHU.

Performance

MSTX vs. ETHU - Performance Comparison

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

Returns By Period

In the year-to-date period, MSTX achieves a -78.86% return, which is significantly lower than ETHU's -73.70% return.

MSTX

• 1D: -5.35%
• 1M: -49.69%
• 6M: -81.03%
• YTD: -78.86%
• 1Y: -98.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHU

• 1D: -1.99%
• 1M: 10.10%
• 6M: -75.63%
• YTD: -73.70%
• 1Y: -81.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MSTX vs. ETHU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTX Defiance Daily Target 2X Long MSTR ETF	-78.86%	-89.06%	134.05%
ETHU Volatility Shares 2x Ether ETF	-73.70%	-64.38%	21.36%

Correlation

The correlation between MSTX and ETHU is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.68

The correlation between MSTX and ETHU has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.

Return for Risk

MSTX vs. ETHU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

ETHU

ETHU Risk / Return Rank: 4
ETHU Sharpe Ratio Rank: 4
ETHU Sortino Ratio Rank: 4
ETHU Omega Ratio Rank: 4
ETHU Calmar Ratio Rank: 2
ETHU Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MSTX vs. ETHU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long MSTR ETF (MSTX) and Volatility Shares 2x Ether ETF (ETHU). 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	ETHU	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	-0.60	-0.07
Sortino ratio: Return per unit of downside risk	-2.68	-0.78	-1.90
Omega ratio: Gain probability vs. loss probability	0.73	0.91	-0.19
Calmar ratio: Return relative to maximum drawdown	-1.00	-0.87	-0.12
Martin ratio: Return relative to average drawdown	-1.20	-1.19	-0.02

MSTX vs. ETHU - Sharpe Ratio Comparison

The current MSTX Sharpe Ratio is -0.66, which is comparable to the ETHU Sharpe Ratio of -0.60. The chart below compares the historical Sharpe Ratios of MSTX and ETHU, 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. ETHU - Drawdown Comparison

The maximum MSTX drawdown since its inception was -99.46%, roughly equal to the maximum ETHU drawdown of -96.46%. Use the drawdown chart below to compare losses from any high point for MSTX and ETHU.

Drawdown Indicators

	MSTX	ETHU	Difference
Max Drawdown Largest peak-to-trough decline	-99.46%	-96.46%	-3.00%
Max Drawdown (1Y) Largest decline over 1 year	-98.63%	-93.99%	-4.64%
Current Drawdown Current decline from peak	-99.35%	-95.45%	-3.90%
Average Drawdown Average peak-to-trough decline	-71.39%	-70.57%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	81.50%	68.83%	+12.67%

Volatility

MSTX vs. ETHU - Volatility Comparison

Defiance Daily Target 2X Long MSTR ETF (MSTX) has a higher volatility of 53.48% compared to Volatility Shares 2x Ether ETF (ETHU) at 31.78%. This indicates that MSTX's price experiences larger fluctuations and is considered to be riskier than ETHU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTX	ETHU	Difference
Volatility (1M) Calculated over the trailing 1-month period	53.48%	31.78%	+21.70%
Volatility (6M) Calculated over the trailing 6-month period	121.92%	95.90%	+26.02%
Volatility (1Y) Calculated over the trailing 1-year period	148.11%	137.26%	+10.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	168.15%	142.35%	+25.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	168.15%	142.35%	+25.80%

MSTX vs. ETHU - Expense Ratio Comparison

MSTX has a 1.29% expense ratio, which is lower than ETHU's 2.67% expense ratio.

Dividends

MSTX vs. ETHU - Dividend Comparison

MSTX has not paid dividends to shareholders, while ETHU's dividend yield for the trailing twelve months is around 5.37%.

Position	TTM	2025	2024
ETHU Volatility Shares 2x Ether ETF	5.37%	2.31%	0.41%
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%

Frequently Asked Questions

Can I hold both MSTX and ETHU in my portfolio?

MSTX and ETHU have a correlation of 0.77, 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 ETHU?

MSTX has higher volatility (53.48%) compared to ETHU (31.78%). In terms of maximum drawdown, MSTX dropped -99.46% vs ETHU's -96.46%.

Which ETF is better, MSTX or ETHU?

On 1-year performance, ETHU leads with -81.77% vs -98.20% for MSTX. On fees, MSTX is cheaper at 1.29% per year. On volatility, ETHU has been the lower-risk option at 31.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTX or ETHU?

Over the 1-year period, ETHU has performed better with a -81.77% return vs -98.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTX or ETHU?

MSTX is cheaper with a 1.29% expense ratio, compared with 2.67% for ETHU.

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

ETHU has the higher dividend yield at 5.37%, compared with 0.00% for MSTX.

What is the main difference between MSTX and ETHU?

MSTX is categorized as Leveraged Equities, while ETHU is Leveraged Cryptocurrency. They also come from different issuers: Defiance and Volatility Shares. Their fees differ too: 1.29% for MSTX and 2.67% for ETHU.

Which has better risk-adjusted returns?

ETHU currently has the higher Sharpe Ratio (-0.60 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.