QLDY vs. MSTX
QLDY (Defiance Nasdaq 100 LightningSpread Income ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both exchange-traded funds - QLDY is a Nasdaq-100 fund actively managed by Defiance, while MSTX is a Leveraged Equities fund actively managed by Defiance. Both are actively managed. A 0.53 correlation means they provide meaningful diversification when combined. QLDY charges 1.04%/yr vs 1.29%/yr for MSTX.
Performance
QLDY vs. MSTX - Performance Comparison
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Returns By Period
In the year-to-date period, QLDY achieves a 10.66% return, which is significantly higher than MSTX's -76.60% return.
QLDY
- 1D
- -1.66%
- 1M
- -3.42%
- YTD
- 10.66%
- 6M
- 8.32%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTX
- 1D
- -18.76%
- 1M
- -68.52%
- YTD
- -76.60%
- 6M
- -78.70%
- 1Y
- -97.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QLDY vs. MSTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QLDY Defiance Nasdaq 100 LightningSpread Income ETF | 10.66% | 1.54% |
MSTX Defiance Daily Target 2X Long MSTR ETF | -76.60% | -83.29% |
Correlation
The correlation between QLDY and MSTX is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 18, 2025 | 0.53 |
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Return for Risk
QLDY vs. MSTX — Risk / Return Rank
QLDY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MSTX
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.
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.
| QLDY | 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 | — | -0.99 | — |
| Martin ratioReturn relative to average drawdown | — | -1.24 | — |
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Drawdowns
QLDY vs. MSTX - Drawdown Comparison
The maximum QLDY drawdown since its inception was -17.44%, smaller than the maximum MSTX drawdown of -99.28%. Use the drawdown chart below to compare losses from any high point for QLDY and MSTX.
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Drawdown Indicators
| QLDY | MSTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.44% | -99.28% | +81.84% |
Max Drawdown (1Y)Largest decline over 1 year | — | -98.18% | — |
Current DrawdownCurrent decline from peak | -7.20% | -99.28% | +92.08% |
Average DrawdownAverage peak-to-trough decline | -4.24% | -70.66% | +66.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 78.63% | — |
Volatility
QLDY vs. MSTX - Volatility Comparison
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Volatility by Period
| QLDY | MSTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 47.65% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 116.31% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 21.38% | 144.70% | -123.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.38% | 167.44% | -146.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.38% | 167.44% | -146.06% |
QLDY vs. MSTX - Expense Ratio Comparison
QLDY has a 1.04% expense ratio, which is lower than MSTX's 1.29% expense ratio.
Dividends
QLDY vs. MSTX - Dividend Comparison
QLDY's dividend yield for the trailing twelve months is around 24.62%, 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% |
QLDY Defiance Nasdaq 100 LightningSpread Income ETF | 24.62% | 9.34% | 0.00% |
Frequently Asked Questions
QLDY and MSTX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, QLDY is cheaper at 1.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.
QLDY is cheaper with a 1.04% expense ratio, compared with 1.29% for MSTX.
QLDY has the higher dividend yield at 24.62%, compared with 0.00% for MSTX.
QLDY is categorized as Nasdaq-100, while MSTX is Leveraged Equities. Their fees differ too: 1.04% for QLDY and 1.29% for MSTX.
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