MSTX vs. SBIT

Last updated Aug 2, 2026

MSTX (Defiance Daily Target 2X Long MSTR ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - MSTX is a Leveraged Equities fund actively managed by Defiance, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). MSTX is actively managed, while SBIT is passively managed. Over the past year, MSTX returned -97.40% vs 98.77% for SBIT. Their -0.79 correlation means they have often moved in opposite directions in the past. MSTX charges 1.29%/yr vs 0.95%/yr for SBIT.

Performance

MSTX vs. SBIT - Performance Comparison

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

Returns By Period

In the year-to-date period, MSTX achieves a -79.12% return, which is significantly lower than SBIT's 39.44% return.

MSTX

• 1D: -8.53%
• 1M: -18.21%
• 6M: -76.83%
• YTD: -79.12%
• 1Y: -97.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -77.59%

SBIT

• 1D: 5.60%
• 1M: -6.04%
• 6M: 32.41%
• YTD: 39.44%
• 1Y: 98.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -42.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSTX Defiance Daily Target 2X Long MSTR ETF	$57.41M	$66.45M	$80.88M
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

MSTX vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTX Defiance Daily Target 2X Long MSTR ETF	-79.12%	-89.06%	134.05%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-25.11%	-70.24%

Correlation

The correlation between MSTX and SBIT is -0.85, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.85
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	-0.79

The correlation between MSTX and SBIT has been stable across timeframes, ranging from -0.85 to -0.79 - a consistent structural relationship.

Return for Risk

MSTX vs. SBIT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSTX

MSTX Risk / Return Rank: 1
MSTX Sharpe Ratio Rank: 4
MSTX Sortino Ratio Rank: 0
MSTX Omega Ratio Rank: 0
MSTX Calmar Ratio Rank: 0
MSTX Martin Ratio Rank: 3

SBIT

SBIT Risk / Return Rank: 55
SBIT Sharpe Ratio Rank: 52
SBIT Sortino Ratio Rank: 56
SBIT Omega Ratio Rank: 52
SBIT Calmar Ratio Rank: 68
SBIT Martin Ratio Rank: 46

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSTX vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long MSTR ETF (MSTX) and Proshares Ultrashort Bitcoin ETF (SBIT). 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	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	1.27	-1.92
Sortino ratio: Return per unit of downside risk	-2.49	1.95	-4.44
Omega ratio: Gain probability vs. loss probability	0.75	1.23	-0.49
Calmar ratio: Return relative to maximum drawdown	-1.00	2.35	-3.35
Martin ratio: Return relative to average drawdown	-1.21	5.19	-6.40

MSTX vs. SBIT - Sharpe Ratio Comparison

The current MSTX Sharpe Ratio is -0.65, which is lower than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of MSTX and SBIT, 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. SBIT - Drawdown Comparison

The maximum MSTX drawdown since its inception was -99.46%, which is greater than SBIT's maximum drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for MSTX and SBIT.

Drawdown Indicators

	MSTX	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-99.46%	-91.35%	-8.11%
Max Drawdown (1Y) Largest decline over 1 year	-98.15%	-47.94%	-50.21%
Current Drawdown Current decline from peak	-99.36%	-77.87%	-21.49%
Average Drawdown Average peak-to-trough decline	-72.18%	-69.07%	-3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	81.05%	21.67%	+59.38%

Volatility

MSTX vs. SBIT - Volatility Comparison

Defiance Daily Target 2X Long MSTR ETF (MSTX) has a higher volatility of 36.23% compared to Proshares Ultrashort Bitcoin ETF (SBIT) at 18.09%. This indicates that MSTX's price experiences larger fluctuations and is considered to be riskier than SBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTX	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.23%	18.09%	+18.14%
Volatility (6M) Calculated over the trailing 6-month period	120.60%	67.10%	+53.50%
Volatility (1Y) Calculated over the trailing 1-year period	149.90%	88.65%	+61.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	167.17%	96.10%	+71.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	167.17%	96.10%	+71.07%

MSTX vs. SBIT - Expense Ratio Comparison

MSTX has a 1.29% expense ratio, which is higher than SBIT's 0.95% expense ratio.

Dividends

MSTX vs. SBIT - Dividend Comparison

MSTX has not paid dividends to shareholders, while SBIT's dividend yield for the trailing twelve months is around 4.10%.

Position	TTM	2025	2024
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%
SBIT Proshares Ultrashort Bitcoin ETF	4.03%	0.52%	1.00%

Frequently Asked Questions

Can I hold both MSTX and SBIT in my portfolio?

MSTX and SBIT have a correlation of -0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTX or SBIT?

MSTX has higher volatility (36.23%) compared to SBIT (18.09%). In terms of maximum drawdown, MSTX dropped -99.46% vs SBIT's -91.35%.

Which ETF is better, MSTX or SBIT?

On 1-year performance, SBIT leads with 98.77% vs -97.40% for MSTX. On fees, SBIT is cheaper at 0.95% per year. On volatility, SBIT has been the lower-risk option at 18.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTX or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs -97.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTX or SBIT?

SBIT is cheaper with a 0.95% expense ratio, compared with 1.29% for MSTX.

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

SBIT has the higher dividend yield at 4.03%, compared with 0.00% for MSTX.

What is the main difference between MSTX and SBIT?

MSTX is categorized as Leveraged Equities, while SBIT is Cryptocurrency. They also come from different issuers: Defiance and ProShares. Their fees differ too: 1.29% for MSTX and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.27 vs -0.65), 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.