QLDY vs. MSTX

Last updated Apr 2, 2026

Compare and contrast key facts about Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) and Defiance Daily Target 2X Long MSTR ETF (MSTX).

QLDY and MSTX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QLDY is an actively managed fund by Defiance. It was launched on Sep 17, 2025. MSTX is an actively managed fund by Defiance. It was launched on Aug 14, 2024.

Performance

QLDY vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) and Defiance Daily Target 2X Long MSTR ETF (MSTX). The values are adjusted to include any dividend payments, if applicable.

QLDY vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	-9.50%	1.50%
MSTX Defiance Daily Target 2X Long MSTR ETF	-51.04%	-85.05%

Returns By Period

In the year-to-date period, QLDY achieves a -9.50% return, which is significantly higher than MSTX's -51.04% return.

QLDY

• 1D: 1.52%
• 1M: -6.07%
• YTD: -9.50%
• 6M: -9.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: -3.58%
• 1M: -24.90%
• YTD: -51.04%
• 6M: -91.98%
• 1Y: -93.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QLDY vs. MSTX - Expense Ratio Comparison

QLDY has a 1.04% expense ratio, which is lower than MSTX's 1.29% expense ratio.

MSTX

Defiance Daily Target 2X Long MSTR ETF

QLDY

Defiance Nasdaq 100 LightningSpread Income ETF

Return for Risk

QLDY vs. MSTX — Risk / Return Rank

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

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: 1

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.

QLDY vs. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) 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.

Sharpe Ratios by Period

	QLDY	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.75	-0.43	-0.33

Correlation

The correlation between QLDY and MSTX is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

QLDY vs. MSTX - Dividend Comparison

QLDY's dividend yield for the trailing twelve months is around 19.76%, while MSTX has not paid dividends to shareholders.

	TTM	2025	2024
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	19.76%	9.34%	0.00%
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%

Drawdowns

QLDY vs. MSTX - Drawdown Comparison

The maximum QLDY drawdown since its inception was -17.44%, smaller than the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for QLDY and MSTX.

Drawdown Indicators

	QLDY	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-17.44%	-98.66%	+81.22%
Max Drawdown (1Y) Largest decline over 1 year	—	-96.62%	—
Current Drawdown Current decline from peak	-13.33%	-98.49%	+85.16%
Average Drawdown Average peak-to-trough decline	-4.81%	-67.02%	+62.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	65.14%	—

Volatility

Volatility by Period

	QLDY	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	36.77%	—
Volatility (6M) Calculated over the trailing 6-month period	—	111.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.69%	147.35%	-127.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	169.54%	-149.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.69%	169.54%	-149.85%