MSTX vs. WDTE

Last updated Jun 24, 2026

MSTX (Defiance Daily Target 2X Long MSTR ETF) and WDTE (Defiance S&P 500 Enhanced Options & 0DTE Income ETF) are both exchange-traded funds - MSTX is a Leveraged Equities fund actively managed by Defiance, while WDTE is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, MSTX returned -96.70% vs 21.42% for WDTE. At a 0.43 correlation, their price movements are largely independent. MSTX charges 1.29%/yr vs 1.01%/yr for WDTE.

Performance

MSTX vs. WDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long MSTR ETF (MSTX) and Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTX achieves a -71.19% return, which is significantly lower than WDTE's 9.31% return.

MSTX

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

WDTE

• 1D: -0.09%
• 1M: -0.26%
• YTD: 9.31%
• 6M: 9.03%
• 1Y: 21.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTX vs. WDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTX Defiance Daily Target 2X Long MSTR ETF	-71.19%	-89.06%	134.05%
WDTE Defiance S&P 500 Enhanced Options & 0DTE Income ETF	9.31%	13.60%	2.85%

Correlation

The correlation between MSTX and WDTE is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.43

Return for Risk

MSTX vs. WDTE — 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

WDTE

WDTE Risk / Return Rank: 63
WDTE Sharpe Ratio Rank: 61
WDTE Sortino Ratio Rank: 56
WDTE Omega Ratio Rank: 67
WDTE Calmar Ratio Rank: 58
WDTE Martin Ratio Rank: 72

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. WDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long MSTR ETF (MSTX) and Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE). 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	WDTE	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	1.98	-2.65
Sortino ratio: Return per unit of downside risk	-2.26	2.59	-4.85
Omega ratio: Gain probability vs. loss probability	0.76	1.39	-0.62
Calmar ratio: Return relative to maximum drawdown	-0.99	2.81	-3.80
Martin ratio: Return relative to average drawdown	-1.23	13.06	-14.29

MSTX vs. WDTE - Sharpe Ratio Comparison

The current MSTX Sharpe Ratio is -0.67, which is lower than the WDTE Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of MSTX and WDTE, 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. WDTE - Drawdown Comparison

The maximum MSTX drawdown since its inception was -99.11%, which is greater than WDTE's maximum drawdown of -15.85%. Use the drawdown chart below to compare losses from any high point for MSTX and WDTE.

Drawdown Indicators

	MSTX	WDTE	Difference
Max Drawdown Largest peak-to-trough decline	-99.11%	-15.85%	-83.26%
Max Drawdown (1Y) Largest decline over 1 year	-97.76%	-7.65%	-90.11%
Current Drawdown Current decline from peak	-99.11%	-1.68%	-97.43%
Average Drawdown Average peak-to-trough decline	-70.60%	-1.83%	-68.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.39%	1.64%	+76.75%

Volatility

MSTX vs. WDTE - Volatility Comparison

Defiance Daily Target 2X Long MSTR ETF (MSTX) has a higher volatility of 44.91% compared to Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE) at 4.24%. This indicates that MSTX's price experiences larger fluctuations and is considered to be riskier than WDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTX	WDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	44.91%	4.24%	+40.67%
Volatility (6M) Calculated over the trailing 6-month period	114.95%	9.22%	+105.73%
Volatility (1Y) Calculated over the trailing 1-year period	143.60%	10.90%	+132.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	167.05%	11.49%	+155.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	167.05%	11.49%	+155.56%

MSTX vs. WDTE - Expense Ratio Comparison

MSTX has a 1.29% expense ratio, which is higher than WDTE's 1.01% expense ratio.

Dividends

MSTX vs. WDTE - Dividend Comparison

MSTX has not paid dividends to shareholders, while WDTE's dividend yield for the trailing twelve months is around 32.54%.

Position	TTM	2025	2024	2023
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%	0.00%
WDTE Defiance S&P 500 Enhanced Options & 0DTE Income ETF	32.54%	35.78%	51.80%	16.41%

Frequently Asked Questions

Can I hold both MSTX and WDTE in my portfolio?

MSTX and WDTE have a correlation of 0.46, 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 WDTE?

MSTX has higher volatility (44.91%) compared to WDTE (4.24%). In terms of maximum drawdown, MSTX dropped -99.11% vs WDTE's -15.85%.

Which ETF is better, MSTX or WDTE?

On 1-year performance, WDTE leads with 21.42% vs -96.70% for MSTX. On fees, WDTE is cheaper at 1.01% per year. On volatility, WDTE has been the lower-risk option at 4.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTX or WDTE?

Over the 1-year period, WDTE has performed better with a 21.42% return vs -96.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTX or WDTE?

WDTE is cheaper with a 1.01% expense ratio, compared with 1.29% for MSTX.

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

WDTE has the higher dividend yield at 32.54%, compared with 0.00% for MSTX.

What is the main difference between MSTX and WDTE?

MSTX is categorized as Leveraged Equities, while WDTE is Derivative Income. Their fees differ too: 1.29% for MSTX and 1.01% for WDTE.

Which has better risk-adjusted returns?

WDTE currently has the higher Sharpe Ratio (1.98 vs -0.67), 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.