NVOX vs. MSTX

Last updated Jun 4, 2026

NVOX (Defiance Daily Target 2X Long NVO ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both Leveraged Equities funds from Defiance. Both are actively managed. Over the past year, NVOX returned -77.12% vs -95.49% for MSTX. At a 0.15 correlation, their price movements are largely independent. Both charge a 1.29% expense ratio.

Performance

NVOX vs. MSTX - Performance Comparison

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

Returns By Period

In the year-to-date period, NVOX achieves a -42.21% return, which is significantly higher than MSTX's -54.94% return.

NVOX

• 1D: -4.31%
• 1M: -12.27%
• YTD: -42.21%
• 6M: -35.19%
• 1Y: -77.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

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

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

NVOX vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVOX Defiance Daily Target 2X Long NVO ETF	-42.21%	-76.65%	-41.92%
MSTX Defiance Daily Target 2X Long MSTR ETF	-54.94%	-89.06%	-47.22%

Correlation

The correlation between NVOX and MSTX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.15

The correlation between NVOX and MSTX shifts across timeframes, from 0.15 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NVOX vs. MSTX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NVOX

NVOX Risk / Return Rank: 2
NVOX Sharpe Ratio Rank: 3
NVOX Sortino Ratio Rank: 3
NVOX Omega Ratio Rank: 2
NVOX Calmar Ratio Rank: 1
NVOX Martin Ratio Rank: 3

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

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.

NVOX vs. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long NVO ETF (NVOX) and Defiance Daily Target 2X Long MSTR ETF (MSTX). 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.

	NVOX	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	-0.68	-0.06
Sortino ratio: Return per unit of downside risk	-1.08	-2.10	+1.02
Omega ratio: Gain probability vs. loss probability	0.85	0.78	+0.07
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.99	+0.10
Martin ratio: Return relative to average drawdown	-1.15	-1.27	+0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVOX vs. MSTX - Sharpe Ratio Comparison

The current NVOX Sharpe Ratio is -0.75, which is comparable to the MSTX Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of NVOX and MSTX, 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

	NVOX	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.75	-0.68	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	-0.42	-0.37

Drawdowns

NVOX vs. MSTX - Drawdown Comparison

The maximum NVOX drawdown since its inception was -94.50%, roughly equal to the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for NVOX and MSTX.

Drawdown Indicators

	NVOX	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-98.66%	+4.16%
Max Drawdown (1Y) Largest decline over 1 year	-87.05%	-96.62%	+9.57%
Current Drawdown Current decline from peak	-92.50%	-98.61%	+6.11%
Average Drawdown Average peak-to-trough decline	-74.32%	-69.94%	-4.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.88%	75.26%	-8.38%

Volatility

NVOX vs. MSTX - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long NVO ETF (NVOX) is 15.71%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 39.64%. This indicates that NVOX experiences smaller price fluctuations and is considered to be less risky than MSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVOX	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.71%	39.64%	-23.93%
Volatility (6M) Calculated over the trailing 6-month period	78.61%	112.57%	-33.96%
Volatility (1Y) Calculated over the trailing 1-year period	103.37%	140.09%	-36.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.59%	167.46%	-63.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	103.59%	167.46%	-63.87%

NVOX vs. MSTX - Expense Ratio Comparison

Both NVOX and MSTX have an expense ratio of 1.29%.

Dividends

NVOX vs. MSTX - Dividend Comparison

Neither NVOX nor MSTX has paid dividends to shareholders.

Position	TTM	2025	2024
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%
NVOX Defiance Daily Target 2X Long NVO ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVOX and MSTX in my portfolio?

NVOX and MSTX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVOX or MSTX?

MSTX has higher volatility (39.64%) compared to NVOX (15.71%). In terms of maximum drawdown, NVOX dropped -94.50% vs MSTX's -98.66%.

Which ETF is better, NVOX or MSTX?

On 1-year performance, NVOX leads with -77.12% vs -95.49% for MSTX. Both ETFs have the same 1.29% expense ratio. On volatility, NVOX has been the lower-risk option at 15.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVOX or MSTX?

Over the 1-year period, NVOX has performed better with a -77.12% return vs -95.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVOX or MSTX?

NVOX and MSTX have the same expense ratio: 1.29% per year.

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

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

Which has better risk-adjusted returns?

MSTX currently has the higher Sharpe Ratio (-0.68 vs -0.75), 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.