QBTZ vs. MSTX
QBTZ (Defiance Daily Target 2X Short QBTS ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both exchange-traded funds - QBTZ is a Inverse Equities fund actively managed by Defiance, while MSTX is a Leveraged Equities fund actively managed by Defiance. Both are actively managed. Their -0.55 correlation means they have often moved in opposite directions in the past. Both charge a 1.29% expense ratio.
Performance
QBTZ vs. MSTX - Performance Comparison
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Returns By Period
In the year-to-date period, QBTZ achieves a -84.61% return, which is significantly lower than MSTX's -79.12% return.
QBTZ
- 1D
- -1.12%
- 1M
- 5.00%
- 6M
- -87.87%
- YTD
- -84.61%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
MSTX
- 1D
- -8.53%
- 1M
- -18.21%
- 6M
- -76.83%
- YTD
- -79.12%
- 1Y
- -97.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -77.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $57.41M | $66.45M | $80.88M | |
| $14.48M | $12.89M | $20.27M |
QBTZ vs. MSTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QBTZ Defiance Daily Target 2X Short QBTS ETF | -84.61% | -47.53% |
MSTX Defiance Daily Target 2X Long MSTR ETF | -79.12% | -85.39% |
Correlation
The correlation between QBTZ and MSTX is -0.55, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | -0.55 |
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Return for Risk
QBTZ vs. MSTX — Risk / Return Rank
QBTZ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MSTX
QBTZ vs. MSTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short QBTS ETF (QBTZ) 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.
| QBTZ | MSTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.75 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -1.00 | — |
| Martin ratioReturn relative to average drawdown | — | -1.21 | — |
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Drawdowns
QBTZ vs. MSTX - Drawdown Comparison
The maximum QBTZ drawdown since its inception was -96.03%, roughly equal to the maximum MSTX drawdown of -99.46%. Use the drawdown chart below to compare losses from any high point for QBTZ and MSTX.
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Drawdown Indicators
| QBTZ | MSTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.03% | -99.46% | +3.43% |
Max Drawdown (1Y)Largest decline over 1 year | — | -98.15% | — |
Current DrawdownCurrent decline from peak | -94.65% | -99.36% | +4.71% |
Average DrawdownAverage peak-to-trough decline | -62.87% | -72.18% | +9.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 81.05% | — |
Volatility
QBTZ vs. MSTX - Volatility Comparison
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Volatility by Period
| QBTZ | MSTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 36.23% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 120.60% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 230.14% | 149.90% | +80.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 230.14% | 167.17% | +62.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 230.14% | 167.17% | +62.97% |
QBTZ vs. MSTX - Expense Ratio Comparison
Both QBTZ and MSTX have an expense ratio of 1.29%.
Dividends
QBTZ vs. MSTX - Dividend Comparison
Neither QBTZ 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% |
QBTZ Defiance Daily Target 2X Short QBTS ETF | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QBTZ and MSTX have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 1.29% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
QBTZ and MSTX have the same expense ratio: 1.29% per year.
QBTZ and MSTX have nearly identical dividend yields, around 0.00%.
QBTZ is categorized as Inverse Equities, while MSTX is Leveraged Equities.
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