MSTX vs. IBIT

Last updated Jun 24, 2026

MSTX (Defiance Daily Target 2X Long MSTR ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - MSTX is a Leveraged Equities fund actively managed by Defiance, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. MSTX is actively managed, while IBIT is passively managed. Over the past year, MSTX returned -96.70% vs -39.82% for IBIT. A 0.79 correlation means they provide meaningful diversification when combined. MSTX charges 1.29%/yr vs 0.25%/yr for IBIT.

Performance

MSTX vs. IBIT - Performance Comparison

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

Returns By Period

In the year-to-date period, MSTX achieves a -71.19% return, which is significantly lower than IBIT's -28.88% return.

MSTX

• 1D: -10.71%
• 1M: -61.25%
• YTD: -71.19%
• 6M: -73.53%
• 1Y: -96.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBIT

• 1D: -3.26%
• 1M: -17.81%
• YTD: -28.88%
• 6M: -28.88%
• 1Y: -39.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTX vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTX Defiance Daily Target 2X Long MSTR ETF	-71.19%	-89.06%	134.05%
IBIT iShares Bitcoin Trust ETF	-28.88%	-6.41%	58.08%

Correlation

The correlation between MSTX and IBIT is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.79

The correlation between MSTX and IBIT has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

Return for Risk

MSTX vs. IBIT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 1
MSTX Calmar Ratio Rank: 1
MSTX Martin Ratio Rank: 3

IBIT

IBIT Risk / Return Rank: 2
IBIT Sharpe Ratio Rank: 2
IBIT Sortino Ratio Rank: 2
IBIT Omega Ratio Rank: 2
IBIT Calmar Ratio Rank: 2
IBIT Martin Ratio Rank: 2

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. IBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long MSTR ETF (MSTX) and iShares Bitcoin Trust ETF (IBIT). 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	IBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	-0.90	+0.23
Sortino ratio: Return per unit of downside risk	-2.26	-1.25	-1.01
Omega ratio: Gain probability vs. loss probability	0.76	0.86	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.77	-0.22
Martin ratio: Return relative to average drawdown	-1.23	-1.30	+0.07

MSTX vs. IBIT - Sharpe Ratio Comparison

The current MSTX Sharpe Ratio is -0.67, which is comparable to the IBIT Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of MSTX and IBIT, 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. IBIT - Drawdown Comparison

The maximum MSTX drawdown since its inception was -99.11%, which is greater than IBIT's maximum drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for MSTX and IBIT.

Drawdown Indicators

	MSTX	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-99.11%	-52.11%	-47.00%
Max Drawdown (1Y) Largest decline over 1 year	-97.76%	-52.11%	-45.65%
Current Drawdown Current decline from peak	-99.11%	-50.47%	-48.64%
Average Drawdown Average peak-to-trough decline	-70.60%	-16.85%	-53.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.39%	30.58%	+47.81%

Volatility

MSTX vs. IBIT - Volatility Comparison

Defiance Daily Target 2X Long MSTR ETF (MSTX) has a higher volatility of 44.91% compared to iShares Bitcoin Trust ETF (IBIT) at 13.18%. This indicates that MSTX's price experiences larger fluctuations and is considered to be riskier than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTX	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	44.91%	13.18%	+31.73%
Volatility (6M) Calculated over the trailing 6-month period	114.95%	34.64%	+80.31%
Volatility (1Y) Calculated over the trailing 1-year period	143.60%	44.31%	+99.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	167.05%	50.22%	+116.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	167.05%	50.22%	+116.83%

MSTX vs. IBIT - Expense Ratio Comparison

MSTX has a 1.29% expense ratio, which is higher than IBIT's 0.25% expense ratio.

Dividends

MSTX vs. IBIT - Dividend Comparison

Neither MSTX nor IBIT has paid dividends to shareholders.

Position	TTM	2025	2024
IBIT iShares Bitcoin Trust ETF	0.00%	0.00%	0.00%
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%

Frequently Asked Questions

Can I hold both MSTX and IBIT in my portfolio?

MSTX and IBIT have a correlation of 0.86, 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 IBIT?

MSTX has higher volatility (44.91%) compared to IBIT (13.18%). In terms of maximum drawdown, MSTX dropped -99.11% vs IBIT's -52.11%.

Which ETF is better, MSTX or IBIT?

On 1-year performance, IBIT leads with -39.82% vs -96.70% for MSTX. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 13.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTX or IBIT?

Over the 1-year period, IBIT has performed better with a -39.82% return vs -96.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTX or IBIT?

IBIT is cheaper with a 0.25% expense ratio, compared with 1.29% for MSTX.

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

MSTX and IBIT have nearly identical dividend yields, around 0.00%.

What is the main difference between MSTX and IBIT?

MSTX is categorized as Leveraged Equities, while IBIT is Cryptocurrency. They also come from different issuers: Defiance and iShares. Their fees differ too: 1.29% for MSTX and 0.25% for IBIT.

Which has better risk-adjusted returns?

MSTX currently has the higher Sharpe Ratio (-0.67 vs -0.90), 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.