QPUX vs. MSTX

Last updated Jun 5, 2026

QPUX (Defiance 2X Daily Long Pure Quantum ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both Leveraged Equities funds from Defiance. Both are actively managed. A 0.54 correlation means they provide meaningful diversification when combined. Both charge a 1.29% expense ratio.

Performance

QPUX vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance 2X Daily Long Pure Quantum ETF (QPUX) 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, QPUX achieves a -9.71% return, which is significantly higher than MSTX's -52.99% return.

QPUX

• 1D: -2.18%
• 1M: 48.72%
• YTD: -9.71%
• 6M: -45.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: 4.32%
• 1M: -55.48%
• YTD: -52.99%
• 6M: -70.03%
• 1Y: -95.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QPUX vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025
QPUX Defiance 2X Daily Long Pure Quantum ETF	-9.71%	-15.90%
MSTX Defiance Daily Target 2X Long MSTR ETF	-52.99%	-89.48%

Correlation

The correlation between QPUX and MSTX is 0.54, 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 Aug 8, 2025	0.54

Return for Risk

QPUX 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: 2
MSTX Sharpe Ratio Rank: 4
MSTX Sortino Ratio Rank: 1
MSTX Omega Ratio Rank: 1
MSTX Calmar Ratio Rank: 0
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.

QPUX vs. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance 2X Daily Long Pure Quantum ETF (QPUX) 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

	QPUX	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.15	-0.41	+0.27

Drawdowns

QPUX vs. MSTX - Drawdown Comparison

The maximum QPUX drawdown since its inception was -94.73%, roughly equal to the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for QPUX and MSTX.

Drawdown Indicators

	QPUX	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-94.73%	-98.66%	+3.93%
Max Drawdown (1Y) Largest decline over 1 year	—	-96.62%	—
Current Drawdown Current decline from peak	-82.09%	-98.55%	+16.46%
Average Drawdown Average peak-to-trough decline	-63.57%	-70.01%	+6.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	75.50%	—

Volatility

Volatility by Period

	QPUX	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	39.88%	—
Volatility (6M) Calculated over the trailing 6-month period	—	112.08%	—
Volatility (1Y) Calculated over the trailing 1-year period	194.31%	139.91%	+54.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	194.31%	167.30%	+27.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	194.31%	167.30%	+27.01%

QPUX vs. MSTX - Expense Ratio Comparison

Both QPUX and MSTX have an expense ratio of 1.29%.

Dividends

QPUX vs. MSTX - Dividend Comparison

Neither QPUX 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%
QPUX Defiance 2X Daily Long Pure Quantum ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QPUX and MSTX in my portfolio?

QPUX and MSTX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QPUX or MSTX?

Both ETFs have the same 1.29% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QPUX or MSTX?

QPUX and MSTX have the same expense ratio: 1.29% per year.

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

QPUX and MSTX have nearly identical dividend yields, around 0.00%.