MSTX vs. ONDG

Last updated Jun 24, 2026

MSTX (Defiance Daily Target 2X Long MSTR ETF) and ONDG (Leverage Shares 2X Long ONDS Daily ETF) are both Leveraged Equities funds. MSTX is actively managed, while ONDG is passively managed. At a 0.40 correlation, their price movements are largely independent. MSTX charges 1.29%/yr vs 0.75%/yr for ONDG.

Performance

MSTX vs. ONDG - Performance Comparison

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

Returns By Period

MSTX

• 1D: -10.71%
• 1M: -61.25%
• YTD: -71.19%
• 6M: -73.53%
• 1Y: -96.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ONDG

• 1D: -7.96%
• 1M: -16.20%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTX vs. ONDG - Yearly Performance Comparison

	2026 (YTD)
MSTX Defiance Daily Target 2X Long MSTR ETF	-74.15%
ONDG Leverage Shares 2X Long ONDS Daily ETF	-74.90%

Correlation

The correlation between MSTX and ONDG is 0.40, 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 Jan 13, 2026	0.40

Return for Risk

MSTX vs. ONDG — 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: 1
MSTX Martin Ratio Rank: 3

ONDG

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. ONDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long MSTR ETF (MSTX) and Leverage Shares 2X Long ONDS Daily ETF (ONDG). 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	ONDG	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	—	—
Sortino ratio: Return per unit of downside risk	-2.26	—	—
Omega ratio: Gain probability vs. loss probability	0.76	—	—
Calmar ratio: Return relative to maximum drawdown	-0.99	—	—
Martin ratio: Return relative to average drawdown	-1.23	—	—

Drawdowns

MSTX vs. ONDG - Drawdown Comparison

The maximum MSTX drawdown since its inception was -99.11%, which is greater than ONDG's maximum drawdown of -76.26%. Use the drawdown chart below to compare losses from any high point for MSTX and ONDG.

Drawdown Indicators

	MSTX	ONDG	Difference
Max Drawdown Largest peak-to-trough decline	-99.11%	-76.26%	-22.85%
Max Drawdown (1Y) Largest decline over 1 year	-97.76%	—	—
Current Drawdown Current decline from peak	-99.11%	-76.26%	-22.85%
Average Drawdown Average peak-to-trough decline	-70.60%	-56.02%	-14.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.39%	—	—

Volatility

Volatility by Period

	MSTX	ONDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	44.91%	—	—
Volatility (6M) Calculated over the trailing 6-month period	114.95%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	143.60%	209.38%	-65.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	167.05%	209.38%	-42.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	167.05%	209.38%	-42.33%

MSTX vs. ONDG - Expense Ratio Comparison

MSTX has a 1.29% expense ratio, which is higher than ONDG's 0.75% expense ratio.

Dividends

MSTX vs. ONDG - Dividend Comparison

Neither MSTX nor ONDG has paid dividends to shareholders.

Position	TTM	2025	2024
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%
ONDG Leverage Shares 2X Long ONDS Daily ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTX and ONDG in my portfolio?

MSTX and ONDG have a correlation of 0.40, 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 ONDG?

On fees, ONDG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSTX or ONDG?

ONDG is cheaper with a 0.75% expense ratio, compared with 1.29% for MSTX.

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

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

What is the main difference between MSTX and ONDG?

They also come from different issuers: Defiance and Leverage Shares. Their fees differ too: 1.29% for MSTX and 0.75% for ONDG.