MSTX vs. MST

Last updated Jun 4, 2026

MSTX (Defiance Daily Target 2X Long MSTR ETF) and MST (Defiance Leveraged Long Income MSTR ETF) are both exchange-traded funds - MSTX is a Leveraged Equities fund actively managed by Defiance, while MST is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, MSTX returned -95.49% vs -92.85% for MST. With a 1.00 correlation, they move nearly in lockstep. MSTX charges 1.29%/yr vs 1.31%/yr for MST.

Performance

MSTX vs. MST - 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 Leveraged Long Income MSTR ETF (MST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTX achieves a -54.94% return, which is significantly lower than MST's -46.90% return.

MSTX

• 1D: -14.41%
• 1M: -56.02%
• YTD: -54.94%
• 6M: -72.02%
• 1Y: -95.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MST

• 1D: -14.62%
• 1M: -51.85%
• YTD: -46.90%
• 6M: -62.90%
• 1Y: -92.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTX vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
MSTX Defiance Daily Target 2X Long MSTR ETF	-54.94%	-90.80%
MST Defiance Leveraged Long Income MSTR ETF	-46.90%	-87.72%

Correlation

The correlation between MSTX and MST is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since May 5, 2025	1.00

The correlation between MSTX and MST has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

MSTX vs. MST — 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: 3

MST

MST Risk / Return Rank: 1
MST Sharpe Ratio Rank: 3
MST Sortino Ratio Rank: 1
MST Omega Ratio Rank: 1
MST Calmar Ratio Rank: 1
MST 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. MST - 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 Leveraged Long Income MSTR ETF (MST). 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	MST	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	-0.74	+0.05
Sortino ratio: Return per unit of downside risk	-2.10	-2.01	-0.09
Omega ratio: Gain probability vs. loss probability	0.78	0.78	0.00
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.98	-0.01
Martin ratio: Return relative to average drawdown	-1.27	-1.28	+0.02
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. MST - Sharpe Ratio Comparison

The current MSTX Sharpe Ratio is -0.68, which is comparable to the MST Sharpe Ratio of -0.74. The chart below compares the historical Sharpe Ratios of MSTX and MST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MSTX	MST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	-0.74	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	-0.74	+0.33

Drawdowns

MSTX vs. MST - Drawdown Comparison

The maximum MSTX drawdown since its inception was -98.66%, roughly equal to the maximum MST drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for MSTX and MST.

Drawdown Indicators

	MSTX	MST	Difference
Max Drawdown Largest peak-to-trough decline	-98.66%	-94.99%	-3.67%
Max Drawdown (1Y) Largest decline over 1 year	-96.62%	-94.99%	-1.63%
Current Drawdown Current decline from peak	-98.61%	-94.34%	-4.27%
Average Drawdown Average peak-to-trough decline	-69.94%	-62.22%	-7.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	75.26%	72.32%	+2.94%

Volatility

MSTX vs. MST - Volatility Comparison

Defiance Daily Target 2X Long MSTR ETF (MSTX) has a higher volatility of 39.64% compared to Defiance Leveraged Long Income MSTR ETF (MST) at 35.73%. This indicates that MSTX's price experiences larger fluctuations and is considered to be riskier than MST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTX	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.64%	35.73%	+3.91%
Volatility (6M) Calculated over the trailing 6-month period	112.57%	101.54%	+11.03%
Volatility (1Y) Calculated over the trailing 1-year period	140.09%	126.60%	+13.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	167.46%	123.87%	+43.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	167.46%	123.87%	+43.59%

MSTX vs. MST - Expense Ratio Comparison

MSTX has a 1.29% expense ratio, which is lower than MST's 1.31% expense ratio.

Dividends

MSTX vs. MST - Dividend Comparison

MSTX has not paid dividends to shareholders, while MST's dividend yield for the trailing twelve months is around 891.75%.

Position	TTM	2025	2024
MST Defiance Leveraged Long Income MSTR ETF	891.75%	381.22%	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 MST in my portfolio?

With a correlation of 1.00, MSTX and MST move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MSTX or MST?

MSTX has higher volatility (39.64%) compared to MST (35.73%). In terms of maximum drawdown, MSTX dropped -98.66% vs MST's -94.99%.

Which ETF is better, MSTX or MST?

On 1-year performance, MST leads with -92.85% vs -95.49% for MSTX. On fees, MSTX is cheaper at 1.29% per year. On volatility, MST has been the lower-risk option at 35.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTX or MST?

Over the 1-year period, MST has performed better with a -92.85% return vs -95.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTX or MST?

MSTX is cheaper with a 1.29% expense ratio, compared with 1.31% for MST.

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

MST has the higher dividend yield at 891.75%, compared with 0.00% for MSTX.

What is the main difference between MSTX and MST?

MSTX is categorized as Leveraged Equities, while MST is Derivative Income. Their fees differ too: 1.29% for MSTX and 1.31% for MST.

Which has better risk-adjusted returns?

MSTX currently has the higher Sharpe Ratio (-0.68 vs -0.74), 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.