QQQT vs. MST

Last updated Jun 25, 2026

QQQT (Defiance Nasdaq 100 Income Target ETF) and MST (Defiance Leveraged Long Income MSTR ETF) are both exchange-traded funds - QQQT is a Nasdaq-100 fund actively managed by Defiance, while MST is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, QQQT returned 26.06% vs -96.03% for MST. At a 0.49 correlation, their price movements are largely independent. QQQT charges 1.05%/yr vs 1.31%/yr for MST.

Performance

QQQT vs. MST - Performance Comparison

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

Returns By Period

In the year-to-date period, QQQT achieves a 14.34% return, which is significantly higher than MST's -71.55% return.

QQQT

• 1D: -0.64%
• 1M: -1.05%
• YTD: 14.34%
• 6M: 12.96%
• 1Y: 26.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MST

• 1D: -19.23%
• 1M: -65.98%
• YTD: -71.55%
• 6M: -73.51%
• 1Y: -96.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQQT vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
QQQT Defiance Nasdaq 100 Income Target ETF	14.34%	22.73%
MST Defiance Leveraged Long Income MSTR ETF	-71.55%	-87.60%

Correlation

The correlation between QQQT and MST is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.49

The correlation between QQQT and MST has been stable across timeframes, ranging from 0.49 to 0.50 - a consistent structural relationship.

QQQT vs. MST - Sectors Allocation Comparison

Sectors	QQQT	MST
Technology	58.7%	-7.8%
Communication Services	14.3%	-
Consumer Cyclical	11.4%	-
Consumer Defensive	6.4%	-
Healthcare	3.7%	-
Industrials	2.6%	-
Utilities	1.2%	-
Basic Materials	1.0%	-
Energy	0.5%	-
Financial Services	0.2%	-
Real Estate	0.1%	-

Return for Risk

QQQT vs. MST — Risk / Return Rank

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

QQQT

QQQT Risk / Return Rank: 49
QQQT Sharpe Ratio Rank: 52
QQQT Sortino Ratio Rank: 47
QQQT Omega Ratio Rank: 53
QQQT Calmar Ratio Rank: 45
QQQT Martin Ratio Rank: 46

MST

MST Risk / Return Rank: 1
MST Sharpe Ratio Rank: 3
MST Sortino Ratio Rank: 0
MST Omega Ratio Rank: 0
MST Calmar Ratio Rank: 0
MST 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.

QQQT vs. MST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Nasdaq 100 Income Target ETF (QQQT) and Defiance Leveraged Long Income MSTR ETF (MST). 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.

	QQQT	MST	Difference
Sharpe ratio: Return per unit of total volatility	1.59	-0.73	+2.32
Sortino ratio: Return per unit of downside risk	2.15	-2.44	+4.59
Omega ratio: Gain probability vs. loss probability	1.30	0.74	+0.56
Calmar ratio: Return relative to maximum drawdown	2.06	-0.99	+3.05
Martin ratio: Return relative to average drawdown	7.02	-1.27	+8.29

QQQT vs. MST - Sharpe Ratio Comparison

The current QQQT Sharpe Ratio is 1.59, which is higher than the MST Sharpe Ratio of -0.73. The chart below compares the historical Sharpe Ratios of QQQT and MST, 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

QQQT vs. MST - Drawdown Comparison

The maximum QQQT drawdown since its inception was -22.50%, smaller than the maximum MST drawdown of -96.97%. Use the drawdown chart below to compare losses from any high point for QQQT and MST.

Drawdown Indicators

	QQQT	MST	Difference
Max Drawdown Largest peak-to-trough decline	-22.50%	-96.97%	+74.47%
Max Drawdown (1Y) Largest decline over 1 year	-12.73%	-96.97%	+84.24%
Current Drawdown Current decline from peak	-4.56%	-96.97%	+92.41%
Average Drawdown Average peak-to-trough decline	-3.98%	-63.61%	+59.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	75.71%	-71.99%

Volatility

QQQT vs. MST - Volatility Comparison

The current volatility for Defiance Nasdaq 100 Income Target ETF (QQQT) is 8.63%, while Defiance Leveraged Long Income MSTR ETF (MST) has a volatility of 43.90%. This indicates that QQQT experiences smaller price fluctuations and is considered to be less risky than MST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQT	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.63%	43.90%	-35.27%
Volatility (6M) Calculated over the trailing 6-month period	13.54%	105.16%	-91.62%
Volatility (1Y) Calculated over the trailing 1-year period	16.55%	131.02%	-114.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.77%	125.33%	-104.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.77%	125.33%	-104.56%

QQQT vs. MST - Expense Ratio Comparison

QQQT has a 1.05% expense ratio, which is lower than MST's 1.31% expense ratio.

Dividends

QQQT vs. MST - Dividend Comparison

QQQT's dividend yield for the trailing twelve months is around 20.02%, less than MST's 1,434.91% yield.

Position	TTM	2025	2024
MST Defiance Leveraged Long Income MSTR ETF	1,434.91%	381.22%	0.00%
QQQT Defiance Nasdaq 100 Income Target ETF	20.02%	21.27%	10.35%

Frequently Asked Questions

Can I hold both QQQT and MST in my portfolio?

QQQT and MST have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQT or MST?

MST has higher volatility (43.90%) compared to QQQT (8.63%). In terms of maximum drawdown, QQQT dropped -22.50% vs MST's -96.97%.

Which ETF is better, QQQT or MST?

On 1-year performance, QQQT leads with 26.06% vs -96.03% for MST. On fees, QQQT is cheaper at 1.05% per year. On volatility, QQQT has been the lower-risk option at 8.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQT or MST?

Over the 1-year period, QQQT has performed better with a 26.06% return vs -96.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQT or MST?

QQQT is cheaper with a 1.05% expense ratio, compared with 1.31% for MST.

Which ETF pays a higher dividend yield, QQQT or MST?

MST has the higher dividend yield at 1434.91%, compared with 20.02% for QQQT.

What is the main difference between QQQT and MST?

QQQT is categorized as Nasdaq-100, while MST is Derivative Income. Their fees differ too: 1.05% for QQQT and 1.31% for MST.

Which has better risk-adjusted returns?

QQQT currently has the higher Sharpe Ratio (1.59 vs -0.73), 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.