MSTX vs. MSTR
MSTX (Defiance Daily Target 2X Long MSTR ETF) is Leveraged Equities fund actively managed by Defiance, while MSTR (Strategy Inc) is a stock. Over the past year, MSTX returned -98.20% vs -78.81% for MSTR. With a 1.00 correlation, they move nearly in lockstep.
Performance
MSTX vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, MSTX achieves a -78.86% return, which is significantly lower than MSTR's -39.39% return.
MSTX
- 1D
- -5.35%
- 1M
- -49.69%
- 6M
- -81.03%
- YTD
- -78.86%
- 1Y
- -98.20%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTR
- 1D
- -2.68%
- 1M
- -25.71%
- 6M
- -43.23%
- YTD
- -39.39%
- 1Y
- -78.81%
- 3Y*
- 26.14%
- 5Y*
- 10.45%
- 10Y*
- 17.27%
MSTX vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSTX Defiance Daily Target 2X Long MSTR ETF | -78.86% | -89.06% | 134.05% |
MSTR Strategy Inc | -39.39% | -47.53% | 122.15% |
Correlation
The correlation between MSTX and MSTR 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 Aug 15, 2024 | 1.00 |
The correlation between MSTX and MSTR has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
MSTX vs. MSTR — Risk / Return Rank
MSTX
MSTR
MSTX vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long MSTR ETF (MSTX) and Strategy Inc (MSTR). 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 | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 0.76 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.96 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.20 | -1.38 | +0.17 |
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Drawdowns
MSTX vs. MSTR - Drawdown Comparison
The maximum MSTX drawdown since its inception was -99.46%, roughly equal to the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for MSTX and MSTR.
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Drawdown Indicators
| MSTX | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.46% | -99.86% | +0.40% |
Max Drawdown (1Y)Largest decline over 1 year | -98.63% | -81.95% | -16.68% |
Max Drawdown (3Y)Largest decline over 3 years | — | -82.63% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -84.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.27% | — |
Current DrawdownCurrent decline from peak | -99.35% | -80.56% | -18.79% |
Average DrawdownAverage peak-to-trough decline | -71.39% | -86.43% | +15.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 81.50% | 57.18% | +24.32% |
Volatility
MSTX vs. MSTR - Volatility Comparison
Defiance Daily Target 2X Long MSTR ETF (MSTX) has a higher volatility of 53.48% compared to Strategy Inc (MSTR) at 26.76%. This indicates that MSTX's price experiences larger fluctuations and is considered to be riskier than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSTX | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 53.48% | 26.76% | +26.72% |
Volatility (6M)Calculated over the trailing 6-month period | 121.92% | 61.05% | +60.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 148.11% | 74.29% | +73.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 168.15% | 90.78% | +77.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 168.15% | 74.25% | +93.90% |
Dividends
MSTX vs. MSTR - Dividend Comparison
Neither MSTX nor MSTR has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
MSTR Strategy Inc | 0.00% | 0.00% | 0.00% |
MSTX Defiance Daily Target 2X Long MSTR ETF | 0.00% | 0.00% | 41.01% |
Frequently Asked Questions
With a correlation of 1.00, MSTX and MSTR 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.
MSTX has higher volatility (53.48%) compared to MSTR (26.76%). In terms of maximum drawdown, MSTX dropped -99.46% vs MSTR's -99.86%.
MSTX currently has the higher Sharpe Ratio (-0.66 vs -1.06), 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.
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