OWNB vs. MSTX

Last updated Apr 1, 2026

Compare and contrast key facts about Bitwise Bitcoin Standard Corporations ETF (OWNB) and Defiance Daily Target 2X Long MSTR ETF (MSTX).

OWNB and MSTX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. OWNB is a passively managed fund by Bitwise that tracks the performance of the Bitwise Bitcoin Standard Corporations Inde. It was launched on Mar 10, 2025. MSTX is an actively managed fund by Defiance. It was launched on Aug 14, 2024.

Performance

OWNB vs. MSTX - Performance Comparison

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

OWNB vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025
OWNB Bitwise Bitcoin Standard Corporations ETF	-23.72%	-3.56%
MSTX Defiance Daily Target 2X Long MSTR ETF	-49.22%	-82.86%

Returns By Period

In the year-to-date period, OWNB achieves a -23.72% return, which is significantly higher than MSTX's -49.22% return.

OWNB

• 1D: 6.03%
• 1M: -9.07%
• YTD: -23.72%
• 6M: -50.60%
• 1Y: -24.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: 5.68%
• 1M: -13.11%
• YTD: -49.22%
• 6M: -90.86%
• 1Y: -92.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OWNB vs. MSTX - Expense Ratio Comparison

OWNB has a 0.85% expense ratio, which is lower than MSTX's 1.29% expense ratio.

MSTX

Defiance Daily Target 2X Long MSTR ETF

OWNB

Bitwise Bitcoin Standard Corporations ETF

Return for Risk

OWNB vs. MSTX — Risk / Return Rank

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

OWNB

OWNB Risk / Return Rank: 6
OWNB Sharpe Ratio Rank: 5
OWNB Sortino Ratio Rank: 7
OWNB Omega Ratio Rank: 7
OWNB Calmar Ratio Rank: 5
OWNB Martin Ratio Rank: 4

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: 2

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.

OWNB vs. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Standard Corporations ETF (OWNB) 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.

	OWNB	MSTX	Difference
Sharpe ratio Return per unit of total volatility	-0.39	-0.63	+0.24
Sortino ratio Return per unit of downside risk	-0.19	-1.48	+1.29
Omega ratio Gain probability vs. loss probability	0.98	0.84	+0.14
Calmar ratio Return relative to maximum drawdown	-0.46	-0.96	+0.50
Martin ratio Return relative to average drawdown	-0.95	-1.43	+0.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OWNB vs. MSTX - Sharpe Ratio Comparison

The current OWNB Sharpe Ratio is -0.39, which is higher than the MSTX Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of OWNB and MSTX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OWNB	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.39	-0.63	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	-0.39	-0.42	+0.03

Correlation

The correlation between OWNB and MSTX is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

OWNB vs. MSTX - Dividend Comparison

OWNB's dividend yield for the trailing twelve months is around 1.14%, while MSTX has not paid dividends to shareholders.

	TTM	2025	2024
OWNB Bitwise Bitcoin Standard Corporations ETF	1.14%	0.87%	0.00%
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%

Drawdowns

OWNB vs. MSTX - Drawdown Comparison

The maximum OWNB drawdown since its inception was -59.47%, smaller than the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for OWNB and MSTX.

Drawdown Indicators

	OWNB	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-59.47%	-98.66%	+39.19%
Max Drawdown (1Y) Largest decline over 1 year	-59.47%	-96.62%	+37.15%
Current Drawdown Current decline from peak	-57.02%	-98.44%	+41.42%
Average Drawdown Average peak-to-trough decline	-21.51%	-66.95%	+45.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.43%	64.85%	-36.42%

Volatility

OWNB vs. MSTX - Volatility Comparison

The current volatility for Bitwise Bitcoin Standard Corporations ETF (OWNB) is 19.11%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 37.25%. This indicates that OWNB 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

	OWNB	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.11%	37.25%	-18.14%
Volatility (6M) Calculated over the trailing 6-month period	46.88%	111.13%	-64.25%
Volatility (1Y) Calculated over the trailing 1-year period	63.74%	147.32%	-83.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.37%	169.73%	-105.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.37%	169.73%	-105.36%