OWNB vs. MSTX

Last updated Jun 24, 2026

OWNB (Bitwise Bitcoin Standard Corporations ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both exchange-traded funds - OWNB is a Blockchain fund tracking the Bitwise Bitcoin Standard Corporations Inde, while MSTX is a Leveraged Equities fund actively managed by Defiance. OWNB is passively managed, while MSTX is actively managed. Over the past year, OWNB returned -34.38% vs -96.70% for MSTX. A 0.80 correlation means they provide meaningful diversification when combined. OWNB charges 0.85%/yr vs 1.29%/yr for MSTX.

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.

Returns By Period

In the year-to-date period, OWNB achieves a -9.32% return, which is significantly higher than MSTX's -71.19% return.

OWNB

• 1D: -2.77%
• 1M: -11.48%
• YTD: -9.32%
• 6M: -15.24%
• 1Y: -34.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

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

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

OWNB vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025
OWNB Bitwise Bitcoin Standard Corporations ETF	-9.32%	-1.19%
MSTX Defiance Daily Target 2X Long MSTR ETF	-71.19%	-80.02%

Correlation

The correlation between OWNB and MSTX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (All Time) Calculated using the full available price history since Mar 11, 2025	0.80

The correlation between OWNB and MSTX has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

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: 4
OWNB Sharpe Ratio Rank: 4
OWNB Sortino Ratio Rank: 5
OWNB Omega Ratio Rank: 5
OWNB Calmar Ratio Rank: 4
OWNB Martin Ratio Rank: 5

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

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.

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.

	OWNB	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	-0.67	+0.08
Sortino ratio: Return per unit of downside risk	-0.62	-2.26	+1.65
Omega ratio: Gain probability vs. loss probability	0.93	0.76	+0.17
Calmar ratio: Return relative to maximum drawdown	-0.58	-0.99	+0.41
Martin ratio: Return relative to average drawdown	-0.97	-1.23	+0.27

OWNB vs. MSTX - Sharpe Ratio Comparison

The current OWNB Sharpe Ratio is -0.59, which is comparable to the MSTX Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of OWNB 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.

Drawdowns

OWNB vs. MSTX - Drawdown Comparison

The maximum OWNB drawdown since its inception was -59.47%, smaller than the maximum MSTX drawdown of -99.11%. 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%	-99.11%	+39.64%
Max Drawdown (1Y) Largest decline over 1 year	-59.47%	-97.76%	+38.29%
Current Drawdown Current decline from peak	-48.91%	-99.11%	+50.20%
Average Drawdown Average peak-to-trough decline	-25.71%	-70.60%	+44.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.62%	78.39%	-42.77%

Volatility

OWNB vs. MSTX - Volatility Comparison

The current volatility for Bitwise Bitcoin Standard Corporations ETF (OWNB) is 15.85%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 44.91%. 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	15.85%	44.91%	-29.06%
Volatility (6M) Calculated over the trailing 6-month period	43.46%	114.95%	-71.49%
Volatility (1Y) Calculated over the trailing 1-year period	58.05%	143.60%	-85.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.38%	167.05%	-104.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.38%	167.05%	-104.67%

OWNB vs. MSTX - Expense Ratio Comparison

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

Dividends

OWNB vs. MSTX - Dividend Comparison

OWNB's dividend yield for the trailing twelve months is around 0.96%, while MSTX has not paid dividends to shareholders.

Position	TTM	2025	2024
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%
OWNB Bitwise Bitcoin Standard Corporations ETF	0.96%	0.87%	0.00%

Frequently Asked Questions

Can I hold both OWNB and MSTX in my portfolio?

OWNB and MSTX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OWNB or MSTX?

MSTX has higher volatility (44.91%) compared to OWNB (15.85%). In terms of maximum drawdown, OWNB dropped -59.47% vs MSTX's -99.11%.

Which ETF is better, OWNB or MSTX?

On 1-year performance, OWNB leads with -34.38% vs -96.70% for MSTX. On fees, OWNB is cheaper at 0.85% per year. On volatility, OWNB has been the lower-risk option at 15.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OWNB or MSTX?

Over the 1-year period, OWNB has performed better with a -34.38% return vs -96.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OWNB or MSTX?

OWNB is cheaper with a 0.85% expense ratio, compared with 1.29% for MSTX.

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

OWNB has the higher dividend yield at 0.96%, compared with 0.00% for MSTX.

What is the main difference between OWNB and MSTX?

OWNB is categorized as Blockchain, while MSTX is Leveraged Equities. They also come from different issuers: Bitwise and Defiance. Their fees differ too: 0.85% for OWNB and 1.29% for MSTX.

Which has better risk-adjusted returns?

OWNB currently has the higher Sharpe Ratio (-0.59 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.