ONDL vs. MSTX
ONDL (Defiance Daily Target 2X Long ONDS ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both Leveraged Equities funds from Defiance. ONDL is passively managed, while MSTX is actively managed. At a 0.37 correlation, their price movements are largely independent. ONDL charges 1.31%/yr vs 1.29%/yr for MSTX.
Performance
ONDL vs. MSTX - Performance Comparison
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Returns By Period
In the year-to-date period, ONDL achieves a -27.60% return, which is significantly higher than MSTX's -54.94% return.
ONDL
- 1D
- -29.16%
- 1M
- 17.93%
- YTD
- -27.60%
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTX
- 1D
- -14.41%
- 1M
- -56.02%
- YTD
- -54.94%
- 6M
- -72.02%
- 1Y
- -95.49%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ONDL vs. MSTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ONDL Defiance Daily Target 2X Long ONDS ETF | -27.60% | 17.43% |
MSTX Defiance Daily Target 2X Long MSTR ETF | -54.94% | -4.47% |
Correlation
The correlation between ONDL and MSTX is 0.37, 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 Dec 31, 2025 | 0.37 |
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Return for Risk
ONDL vs. MSTX — Risk / Return Rank
ONDL
MSTX
ONDL vs. MSTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long ONDS ETF (ONDL) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| ONDL | MSTX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -0.68 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.15 | -0.42 | +0.27 |
Drawdowns
ONDL vs. MSTX - Drawdown Comparison
The maximum ONDL drawdown since its inception was -75.71%, smaller than the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for ONDL and MSTX.
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Drawdown Indicators
| ONDL | MSTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.71% | -98.66% | +22.95% |
Max Drawdown (1Y)Largest decline over 1 year | — | -96.62% | — |
Current DrawdownCurrent decline from peak | -62.62% | -98.61% | +35.99% |
Average DrawdownAverage peak-to-trough decline | -53.08% | -69.94% | +16.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 75.26% | — |
Volatility
ONDL vs. MSTX - Volatility Comparison
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Volatility by Period
| ONDL | MSTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 39.64% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 112.57% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 219.48% | 140.09% | +79.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 219.48% | 167.46% | +52.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 219.48% | 167.46% | +52.02% |
ONDL vs. MSTX - Expense Ratio Comparison
ONDL has a 1.31% expense ratio, which is higher than MSTX's 1.29% expense ratio.
Dividends
ONDL vs. MSTX - Dividend Comparison
Neither ONDL 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% |
ONDL Defiance Daily Target 2X Long ONDS ETF | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ONDL and MSTX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MSTX is cheaper at 1.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MSTX is cheaper with a 1.29% expense ratio, compared with 1.31% for ONDL.
ONDL and MSTX have nearly identical dividend yields, around 0.00%.
Their fees differ too: 1.31% for ONDL and 1.29% for MSTX.
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