MSTX vs. MSTY

Last updated Apr 1, 2026

Compare and contrast key facts about Defiance Daily Target 2X Long MSTR ETF (MSTX) and YieldMax™ MSTR Option Income Strategy ETF (MSTY).

MSTX and MSTY 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. MSTY is an actively managed fund by YieldMax. It was launched on Feb 21, 2024.

Performance

MSTX vs. MSTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long MSTR ETF (MSTX) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). The values are adjusted to include any dividend payments, if applicable.

MSTX vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTX Defiance Daily Target 2X Long MSTR ETF	-49.22%	-89.06%	137.37%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-13.58%	-42.71%	75.29%

Returns By Period

In the year-to-date period, MSTX achieves a -49.22% return, which is significantly lower than MSTY's -13.58% return.

MSTX

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

MSTY

• 1D: 2.45%
• 1M: -1.67%
• YTD: -13.58%
• 6M: -54.23%
• 1Y: -48.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTX vs. MSTY - Expense Ratio Comparison

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

MSTX

Defiance Daily Target 2X Long MSTR ETF

MSTY

YieldMax™ MSTR Option Income Strategy ETF

Return for Risk

MSTX vs. MSTY — 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

MSTY

MSTY Risk / Return Rank: 2
MSTY Sharpe Ratio Rank: 2
MSTY Sortino Ratio Rank: 2
MSTY Omega Ratio Rank: 2
MSTY Calmar Ratio Rank: 2
MSTY 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. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long MSTR ETF (MSTX) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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	MSTY	Difference
Sharpe ratio Return per unit of total volatility	-0.63	-0.77	+0.14
Sortino ratio Return per unit of downside risk	-1.48	-1.05	-0.44
Omega ratio Gain probability vs. loss probability	0.84	0.88	-0.04
Calmar ratio Return relative to maximum drawdown	-0.96	-0.68	-0.28
Martin ratio Return relative to average drawdown	-1.43	-1.22	-0.20
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. MSTY - Sharpe Ratio Comparison

The current MSTX Sharpe Ratio is -0.63, which is comparable to the MSTY Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of MSTX and MSTY, 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	MSTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	-0.77	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	0.29	-0.71

Correlation

The correlation between MSTX and MSTY is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MSTX vs. MSTY - Dividend Comparison

MSTX has not paid dividends to shareholders, while MSTY's dividend yield for the trailing twelve months is around 298.73%.

	TTM	2025	2024
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%
MSTY YieldMax™ MSTR Option Income Strategy ETF	298.73%	294.61%	104.56%

Drawdowns

MSTX vs. MSTY - Drawdown Comparison

The maximum MSTX drawdown since its inception was -98.66%, which is greater than MSTY's maximum drawdown of -71.79%. Use the drawdown chart below to compare losses from any high point for MSTX and MSTY.

Drawdown Indicators

	MSTX	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-98.66%	-71.79%	-26.87%
Max Drawdown (1Y) Largest decline over 1 year	-96.62%	-71.79%	-24.83%
Current Drawdown Current decline from peak	-98.44%	-66.02%	-32.42%
Average Drawdown Average peak-to-trough decline	-66.95%	-23.37%	-43.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	64.85%	40.02%	+24.83%

Volatility

MSTX vs. MSTY - Volatility Comparison

Defiance Daily Target 2X Long MSTR ETF (MSTX) has a higher volatility of 37.25% compared to YieldMax™ MSTR Option Income Strategy ETF (MSTY) at 14.90%. This indicates that MSTX's price experiences larger fluctuations and is considered to be riskier than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTX	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.25%	14.90%	+22.35%
Volatility (6M) Calculated over the trailing 6-month period	111.13%	48.86%	+62.27%
Volatility (1Y) Calculated over the trailing 1-year period	147.32%	63.88%	+83.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	169.73%	72.67%	+97.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	169.73%	72.67%	+97.06%