MSTX vs. ILS

Last updated Aug 6, 2026

MSTX (Defiance Daily Target 2X Long MSTR ETF) and ILS (Brookmont Catastrophic Bond ETF) are both exchange-traded funds - MSTX is a Leveraged Equities fund actively managed by Defiance, while ILS is a Nontraditional Bonds fund actively managed by Brookmont. Both are actively managed. Over the past year, MSTX returned -97.24% vs 7.69% for ILS. Their -0.15 correlation means they have often moved in opposite directions in the past. MSTX charges 1.29%/yr vs 1.58%/yr for ILS.

Performance

MSTX vs. ILS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long MSTR ETF (MSTX) and Brookmont Catastrophic Bond ETF (ILS). 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 ILS's 3.63% return.

MSTX

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

ILS

• 1D: 0.08%
• 1M: 1.09%
• 6M: 3.29%
• YTD: 3.63%
• 1Y: 7.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.38%

*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)
ILS Brookmont Catastrophic Bond ETF	$469.06K	$481.42K	$625.35K
MSTX Defiance Daily Target 2X Long MSTR ETF	$52.51M	$57.55M	$76.89M

MSTX vs. ILS - Yearly Performance Comparison

	2026 (YTD)	2025
MSTX Defiance Daily Target 2X Long MSTR ETF	-76.99%	-85.08%
ILS Brookmont Catastrophic Bond ETF	3.63%	3.54%

Correlation

The correlation between MSTX and ILS is -0.12, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.12
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	-0.15

Return for Risk

MSTX vs. ILS — 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

ILS

ILS Risk / Return Rank: 97
ILS Sharpe Ratio Rank: 96
ILS Sortino Ratio Rank: 97
ILS Omega Ratio Rank: 97
ILS Calmar Ratio Rank: 98
ILS Martin Ratio Rank: 98

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. ILS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long MSTR ETF (MSTX) and Brookmont Catastrophic Bond ETF (ILS). 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	ILS	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	3.14	-3.79
Sortino ratio: Return per unit of downside risk	-2.32	5.22	-7.54
Omega ratio: Gain probability vs. loss probability	0.76	1.73	-0.97
Calmar ratio: Return relative to maximum drawdown	-0.99	13.95	-14.95
Martin ratio: Return relative to average drawdown	-1.19	52.37	-53.56

MSTX vs. ILS - Sharpe Ratio Comparison

The current MSTX Sharpe Ratio is -0.66, which is lower than the ILS Sharpe Ratio of 3.14. The chart below compares the historical Sharpe Ratios of MSTX and ILS, 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. ILS - Drawdown Comparison

The maximum MSTX drawdown since its inception was -99.46%, which is greater than ILS's maximum drawdown of -2.46%. Use the drawdown chart below to compare losses from any high point for MSTX and ILS.

Drawdown Indicators

	MSTX	ILS	Difference
Max Drawdown Largest peak-to-trough decline	-99.46%	-2.46%	-97.00%
Max Drawdown (1Y) Largest decline over 1 year	-98.15%	-0.55%	-97.60%
Current Drawdown Current decline from peak	-99.29%	0.00%	-99.29%
Average Drawdown Average peak-to-trough decline	-72.35%	-0.50%	-71.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	81.32%	0.15%	+81.17%

Volatility

MSTX vs. ILS - Volatility Comparison

Defiance Daily Target 2X Long MSTR ETF (MSTX) has a higher volatility of 33.08% compared to Brookmont Catastrophic Bond ETF (ILS) at 0.41%. This indicates that MSTX's price experiences larger fluctuations and is considered to be riskier than ILS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTX	ILS	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.08%	0.41%	+32.67%
Volatility (6M) Calculated over the trailing 6-month period	119.44%	1.44%	+118.00%
Volatility (1Y) Calculated over the trailing 1-year period	148.52%	2.46%	+146.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	166.73%	3.63%	+163.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	166.73%	3.63%	+163.10%

MSTX vs. ILS - Expense Ratio Comparison

MSTX has a 1.29% expense ratio, which is lower than ILS's 1.58% expense ratio.

Dividends

MSTX vs. ILS - Dividend Comparison

MSTX has not paid dividends to shareholders, while ILS's dividend yield for the trailing twelve months is around 8.13%.

Position	TTM	2025	2024
ILS Brookmont Catastrophic Bond ETF	8.13%	6.06%	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 ILS in my portfolio?

MSTX and ILS have a correlation of -0.12, 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 ILS?

MSTX has higher volatility (33.08%) compared to ILS (0.41%). In terms of maximum drawdown, MSTX dropped -99.46% vs ILS's -2.46%.

Which ETF is better, MSTX or ILS?

On 1-year performance, ILS leads with 7.69% vs -97.24% for MSTX. On fees, MSTX is cheaper at 1.29% per year. On volatility, ILS has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTX or ILS?

Over the 1-year period, ILS has performed better with a 7.69% 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 ILS?

MSTX is cheaper with a 1.29% expense ratio, compared with 1.58% for ILS.

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

ILS has the higher dividend yield at 8.13%, compared with 0.00% for MSTX.

What is the main difference between MSTX and ILS?

MSTX is categorized as Leveraged Equities, while ILS is Nontraditional Bonds. They also come from different issuers: Defiance and Brookmont. Their fees differ too: 1.29% for MSTX and 1.58% for ILS.

Which has better risk-adjusted returns?

ILS currently has the higher Sharpe Ratio (3.14 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.