MSTX vs. MSTU

Last updated Jun 21, 2026

MSTX (Defiance Daily Target 2X Long MSTR ETF) and MSTU (T-Rex 2X Long MSTR Daily Target ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, MSTX returned -96.17% vs -96.10% for MSTU. With a 1.00 correlation, they move nearly in lockstep. MSTX charges 1.29%/yr vs 1.05%/yr for MSTU.

Performance

MSTX vs. MSTU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long MSTR ETF (MSTX) and T-Rex 2X Long MSTR Daily Target ETF (MSTU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MSTX having a -66.03% return and MSTU slightly higher at -65.58%.

MSTX

• 1D: -7.56%
• 1M: -57.23%
• YTD: -66.03%
• 6M: -71.32%
• 1Y: -96.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTU

• 1D: -7.44%
• 1M: -57.15%
• YTD: -65.58%
• 6M: -71.11%
• 1Y: -96.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTX vs. MSTU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTX Defiance Daily Target 2X Long MSTR ETF	-66.03%	-89.06%	152.91%
MSTU T-Rex 2X Long MSTR Daily Target ETF	-65.58%	-89.07%	205.47%

Correlation

The correlation between MSTX and MSTU 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 Sep 18, 2024	1.00

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

Return for Risk

MSTX vs. MSTU — 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: 1
MSTX Calmar Ratio Rank: 0
MSTX Martin Ratio Rank: 3

MSTU

MSTU Risk / Return Rank: 2
MSTU Sharpe Ratio Rank: 4
MSTU Sortino Ratio Rank: 0
MSTU Omega Ratio Rank: 1
MSTU Calmar Ratio Rank: 0
MSTU 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. MSTU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long MSTR ETF (MSTX) and T-Rex 2X Long MSTR Daily Target ETF (MSTU). 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	MSTU	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	-0.68	+0.01
Sortino ratio: Return per unit of downside risk	-2.14	-2.17	+0.02
Omega ratio: Gain probability vs. loss probability	0.78	0.77	0.00
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.99	0.00
Martin ratio: Return relative to average drawdown	-1.23	-1.23	0.00

MSTX vs. MSTU - Sharpe Ratio Comparison

The current MSTX Sharpe Ratio is -0.67, which is comparable to the MSTU Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of MSTX and MSTU, 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. MSTU - Drawdown Comparison

The maximum MSTX drawdown since its inception was -98.95%, roughly equal to the maximum MSTU drawdown of -98.89%. Use the drawdown chart below to compare losses from any high point for MSTX and MSTU.

Drawdown Indicators

	MSTX	MSTU	Difference
Max Drawdown Largest peak-to-trough decline	-98.95%	-98.89%	-0.06%
Max Drawdown (1Y) Largest decline over 1 year	-97.35%	-97.32%	-0.03%
Current Drawdown Current decline from peak	-98.95%	-98.89%	-0.06%
Average Drawdown Average peak-to-trough decline	-70.48%	-72.45%	+1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	77.91%	77.82%	+0.09%

Volatility

MSTX vs. MSTU - Volatility Comparison

Defiance Daily Target 2X Long MSTR ETF (MSTX) and T-Rex 2X Long MSTR Daily Target ETF (MSTU) have volatilities of 44.87% and 44.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTX	MSTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	44.87%	44.20%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	114.67%	113.76%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	143.23%	141.64%	+1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	167.19%	168.68%	-1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	167.19%	168.68%	-1.49%

MSTX vs. MSTU - Expense Ratio Comparison

MSTX has a 1.29% expense ratio, which is higher than MSTU's 1.05% expense ratio.

Dividends

MSTX vs. MSTU - Dividend Comparison

Neither MSTX nor MSTU has paid dividends to shareholders.

Position	TTM	2025	2024
MSTU T-Rex 2X Long MSTR Daily Target 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 MSTU in my portfolio?

With a correlation of 1.00, MSTX and MSTU 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 MSTU?

MSTX has higher volatility (44.87%) compared to MSTU (44.20%). In terms of maximum drawdown, MSTX dropped -98.95% vs MSTU's -98.89%.

Which ETF is better, MSTX or MSTU?

On 1-year performance, MSTU leads with -96.10% vs -96.17% for MSTX. On fees, MSTU is cheaper at 1.05% per year. On volatility, MSTU has been the lower-risk option at 44.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTX or MSTU?

Over the 1-year period, MSTU has performed better with a -96.10% return vs -96.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTX or MSTU?

MSTU is cheaper with a 1.05% expense ratio, compared with 1.29% for MSTX.

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

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

What is the main difference between MSTX and MSTU?

They also come from different issuers: Defiance and T-Rex. Their fees differ too: 1.29% for MSTX and 1.05% for MSTU.

Which has better risk-adjusted returns?

MSTX currently has the higher Sharpe Ratio (-0.67 vs -0.68), 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.