MSTX vs. IWMY

Last updated Apr 1, 2026

Compare and contrast key facts about Defiance Daily Target 2X Long MSTR ETF (MSTX) and Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY).

MSTX and IWMY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MSTX is an actively managed fund by Defiance. It was launched on Aug 14, 2024. IWMY is a passively managed fund by Defiance that tracks the performance of the Russell 2000 Index. It was launched on Oct 30, 2023.

Performance

MSTX vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long MSTR ETF (MSTX) and Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY). The values are adjusted to include any dividend payments, if applicable.

MSTX vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTX Defiance Daily Target 2X Long MSTR ETF	-49.22%	-89.06%	137.37%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	-1.55%	10.18%	1.03%

Returns By Period

In the year-to-date period, MSTX achieves a -49.22% return, which is significantly lower than IWMY's -1.55% return.

MSTX

• 1D: 5.68%
• 1M: -13.11%
• YTD: -49.22%
• 6M: -90.86%
• 1Y: -92.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMY

• 1D: 3.43%
• 1M: -5.25%
• YTD: -1.55%
• 6M: -5.22%
• 1Y: 11.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTX vs. IWMY - Expense Ratio Comparison

MSTX has a 1.29% expense ratio, which is higher than IWMY's 0.99% expense ratio.

MSTX

Defiance Daily Target 2X Long MSTR ETF

IWMY

Defiance R2000 Enhanced Options & 0DTE Income ETF

Return for Risk

MSTX vs. IWMY — 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: 3
MSTX Sortino Ratio Rank: 1
MSTX Omega Ratio Rank: 1
MSTX Calmar Ratio Rank: 0
MSTX Martin Ratio Rank: 2

IWMY

IWMY Risk / Return Rank: 35
IWMY Sharpe Ratio Rank: 37
IWMY Sortino Ratio Rank: 33
IWMY Omega Ratio Rank: 33
IWMY Calmar Ratio Rank: 38
IWMY Martin Ratio Rank: 33

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. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long MSTR ETF (MSTX) and Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY). 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.

	MSTX	IWMY	Difference
Sharpe ratio Return per unit of total volatility	-0.63	0.65	-1.28
Sortino ratio Return per unit of downside risk	-1.48	0.91	-2.39
Omega ratio Gain probability vs. loss probability	0.84	1.13	-0.29
Calmar ratio Return relative to maximum drawdown	-0.96	0.92	-1.87
Martin ratio Return relative to average drawdown	-1.43	2.87	-4.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTX vs. IWMY - Sharpe Ratio Comparison

The current MSTX Sharpe Ratio is -0.63, which is lower than the IWMY Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of MSTX and IWMY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MSTX	IWMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	0.65	-1.28
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	0.64	-1.06

Correlation

The correlation between MSTX and IWMY is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MSTX vs. IWMY - Dividend Comparison

MSTX has not paid dividends to shareholders, while IWMY's dividend yield for the trailing twelve months is around 57.87%.

	TTM	2025	2024	2023
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%	0.00%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	57.87%	63.33%	107.92%	11.34%

Drawdowns

MSTX vs. IWMY - Drawdown Comparison

The maximum MSTX drawdown since its inception was -98.66%, which is greater than IWMY's maximum drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for MSTX and IWMY.

Drawdown Indicators

	MSTX	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-98.66%	-18.72%	-79.94%
Max Drawdown (1Y) Largest decline over 1 year	-96.62%	-12.55%	-84.07%
Current Drawdown Current decline from peak	-98.44%	-8.54%	-89.90%
Average Drawdown Average peak-to-trough decline	-66.95%	-3.07%	-63.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	64.85%	4.01%	+60.84%

Volatility

MSTX vs. IWMY - Volatility Comparison

Defiance Daily Target 2X Long MSTR ETF (MSTX) has a higher volatility of 37.25% compared to Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) at 7.36%. This indicates that MSTX's price experiences larger fluctuations and is considered to be riskier than IWMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTX	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.25%	7.36%	+29.89%
Volatility (6M) Calculated over the trailing 6-month period	111.13%	12.32%	+98.81%
Volatility (1Y) Calculated over the trailing 1-year period	147.32%	17.73%	+129.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	169.73%	15.63%	+154.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	169.73%	15.63%	+154.10%