MSTX vs. SPY

Last updated Jun 4, 2026

MSTX (Defiance Daily Target 2X Long MSTR ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - MSTX is a Leveraged Equities fund actively managed by Defiance, while SPY is a S&P 500 fund tracking the S&P 500 Index. MSTX is actively managed, while SPY is passively managed. Over the past year, MSTX returned -95.49% vs 27.98% for SPY. At a 0.46 correlation, their price movements are largely independent. MSTX charges 1.29%/yr vs 0.09%/yr for SPY.

Performance

MSTX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long MSTR ETF (MSTX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTX achieves a -54.94% return, which is significantly lower than SPY's 10.91% return.

MSTX

• 1D: -14.41%
• 1M: -56.02%
• YTD: -54.94%
• 6M: -72.02%
• 1Y: -95.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

MSTX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTX Defiance Daily Target 2X Long MSTR ETF	-54.94%	-89.06%	137.37%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	6.65%

Correlation

The correlation between MSTX and SPY is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Aug 16, 2024	0.46

Return for Risk

MSTX vs. SPY — 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: 3

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long MSTR ETF (MSTX) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	2.38	-3.06
Sortino ratio: Return per unit of downside risk	-2.10	3.24	-5.34
Omega ratio: Gain probability vs. loss probability	0.78	1.43	-0.65
Calmar ratio: Return relative to maximum drawdown	-0.99	3.16	-4.15
Martin ratio: Return relative to average drawdown	-1.27	14.72	-15.98
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. SPY - Sharpe Ratio Comparison

The current MSTX Sharpe Ratio is -0.68, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of MSTX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MSTX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	2.38	-3.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	0.59	-1.00

Drawdowns

MSTX vs. SPY - Drawdown Comparison

The maximum MSTX drawdown since its inception was -98.66%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MSTX and SPY.

Drawdown Indicators

	MSTX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-98.66%	-55.19%	-43.47%
Max Drawdown (1Y) Largest decline over 1 year	-96.62%	-8.88%	-87.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-98.61%	-0.70%	-97.91%
Average Drawdown Average peak-to-trough decline	-69.94%	-9.05%	-60.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	75.26%	1.91%	+73.35%

Volatility

MSTX vs. SPY - Volatility Comparison

Defiance Daily Target 2X Long MSTR ETF (MSTX) has a higher volatility of 39.64% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that MSTX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.64%	2.84%	+36.80%
Volatility (6M) Calculated over the trailing 6-month period	112.57%	8.90%	+103.67%
Volatility (1Y) Calculated over the trailing 1-year period	140.09%	11.83%	+128.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	167.46%	17.05%	+150.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	167.46%	17.94%	+149.52%

MSTX vs. SPY - Expense Ratio Comparison

MSTX has a 1.29% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MSTX vs. SPY - Dividend Comparison

MSTX has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both MSTX and SPY in my portfolio?

MSTX and SPY have a correlation of 0.47, 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 SPY?

MSTX has higher volatility (39.64%) compared to SPY (2.84%). In terms of maximum drawdown, MSTX dropped -98.66% vs SPY's -55.19%.

Which ETF is better, MSTX or SPY?

On 1-year performance, SPY leads with 27.98% vs -95.49% for MSTX. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTX or SPY?

Over the 1-year period, SPY has performed better with a 27.98% return vs -95.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTX or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.29% for MSTX.

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

SPY has the higher dividend yield at 0.98%, compared with 0.00% for MSTX.

What is the main difference between MSTX and SPY?

MSTX is categorized as Leveraged Equities, while SPY is S&P 500. They also come from different issuers: Defiance and State Street. Their fees differ too: 1.29% for MSTX and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 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.