MSTX vs. JEDI

Last updated Jul 12, 2026

MSTX (Defiance Daily Target 2X Long MSTR ETF) and JEDI (Defiance Drone and Modern Warfare ETF) are both exchange-traded funds - MSTX is a Leveraged Equities fund actively managed by Defiance, while JEDI is a Aerospace & Defense fund tracking the BITA Drone & Modern Warfare Select Index. MSTX is actively managed, while JEDI is passively managed. At a 0.47 correlation, their price movements are largely independent. MSTX charges 1.29%/yr vs 0.69%/yr for JEDI.

Performance

MSTX vs. JEDI - 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 Drone and Modern Warfare ETF (JEDI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTX achieves a -77.66% return, which is significantly lower than JEDI's 5.31% return.

MSTX

• 1D: 1.30%
• 1M: -46.85%
• 6M: -78.77%
• YTD: -77.66%
• 1Y: -98.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JEDI

• 1D: -3.58%
• 1M: -19.57%
• 6M: -11.31%
• YTD: 5.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTX vs. JEDI - Yearly Performance Comparison

	2026 (YTD)	2025
MSTX Defiance Daily Target 2X Long MSTR ETF	-77.66%	-79.54%
JEDI Defiance Drone and Modern Warfare ETF	5.31%	-3.42%

Correlation

The correlation between MSTX and JEDI is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 26, 2025	0.47

Return for Risk

MSTX vs. JEDI — 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: 0
MSTX Calmar Ratio Rank: 0
MSTX Martin Ratio Rank: 3

JEDI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. JEDI - 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 Drone and Modern Warfare ETF (JEDI). 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	JEDI	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	—	—
Sortino ratio: Return per unit of downside risk	-2.59	—	—
Omega ratio: Gain probability vs. loss probability	0.74	—	—
Calmar ratio: Return relative to maximum drawdown	-0.99	—	—
Martin ratio: Return relative to average drawdown	-1.20	—	—

Drawdowns

MSTX vs. JEDI - Drawdown Comparison

The maximum MSTX drawdown since its inception was -99.46%, which is greater than JEDI's maximum drawdown of -39.75%. Use the drawdown chart below to compare losses from any high point for MSTX and JEDI.

Drawdown Indicators

	MSTX	JEDI	Difference
Max Drawdown Largest peak-to-trough decline	-99.46%	-39.75%	-59.71%
Max Drawdown (1Y) Largest decline over 1 year	-98.63%	—	—
Current Drawdown Current decline from peak	-99.31%	-39.75%	-59.56%
Average Drawdown Average peak-to-trough decline	-71.33%	-11.72%	-59.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	81.26%	—	—

Volatility

Volatility by Period

	MSTX	JEDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	53.40%	—	—
Volatility (6M) Calculated over the trailing 6-month period	122.06%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	147.96%	52.09%	+95.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	168.28%	52.09%	+116.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	168.28%	52.09%	+116.19%

MSTX vs. JEDI - Expense Ratio Comparison

MSTX has a 1.29% expense ratio, which is higher than JEDI's 0.69% expense ratio.

Dividends

MSTX vs. JEDI - Dividend Comparison

Neither MSTX nor JEDI has paid dividends to shareholders.

Position	TTM	2025	2024
JEDI Defiance Drone and Modern Warfare 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 JEDI in my portfolio?

MSTX and JEDI have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSTX or JEDI?

On fees, JEDI is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSTX or JEDI?

JEDI is cheaper with a 0.69% expense ratio, compared with 1.29% for MSTX.

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

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

What is the main difference between MSTX and JEDI?

MSTX is categorized as Leveraged Equities, while JEDI is Aerospace & Defense. Their fees differ too: 1.29% for MSTX and 0.69% for JEDI.