QQQY vs. MST

Last updated Aug 5, 2026

QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) and MST (Defiance Leveraged Long Income MSTR ETF) are both exchange-traded funds - QQQY 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, QQQY returned 25.95% vs -95.61% for MST. Their 0.48 correlation means their historical movements had little consistent relationship. QQQY charges 0.99%/yr vs 1.31%/yr for MST.

Performance

QQQY vs. MST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) 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, QQQY achieves a 17.47% return, which is significantly higher than MST's -70.37% return.

QQQY

• 1D: 3.25%
• 1M: 1.46%
• 6M: 17.52%
• YTD: 17.47%
• 1Y: 25.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.61%

MST

• 1D: 5.24%
• 1M: -2.66%
• 6M: -60.24%
• YTD: -70.37%
• 1Y: -95.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -92.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MST Defiance Leveraged Long Income MSTR ETF	$594.52K	$611.99K	$1.37M
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	$2.03M	$2.15M	$2.90M

QQQY vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	17.47%	24.11%
MST Defiance Leveraged Long Income MSTR ETF	-70.37%	-87.60%

Correlation

The correlation between QQQY and MST is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.48

Return for Risk

QQQY vs. MST — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QQQY

QQQY Risk / Return Rank: 56
QQQY Sharpe Ratio Rank: 53
QQQY Sortino Ratio Rank: 51
QQQY Omega Ratio Rank: 55
QQQY Calmar Ratio Rank: 59
QQQY Martin Ratio Rank: 62

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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QQQY vs. MST - Risk-Adjusted Trends Comparison

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

	QQQY	MST	Difference
Sharpe ratio: Return per unit of total volatility	1.48	-0.71	+2.19
Sortino ratio: Return per unit of downside risk	2.02	-2.29	+4.31
Omega ratio: Gain probability vs. loss probability	1.27	0.76	+0.51
Calmar ratio: Return relative to maximum drawdown	2.34	-0.99	+3.33
Martin ratio: Return relative to average drawdown	8.22	-1.23	+9.44

QQQY vs. MST - Sharpe Ratio Comparison

The current QQQY Sharpe Ratio is 1.48, which is higher than the MST Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of QQQY 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

QQQY vs. MST - Drawdown Comparison

The maximum QQQY drawdown since its inception was -19.05%, smaller than the maximum MST drawdown of -97.68%. Use the drawdown chart below to compare losses from any high point for QQQY and MST.

Drawdown Indicators

	QQQY	MST	Difference
Max Drawdown Largest peak-to-trough decline	-19.05%	-97.68%	+78.63%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-96.92%	+85.78%
Current Drawdown Current decline from peak	-1.71%	-96.84%	+95.13%
Average Drawdown Average peak-to-trough decline	-2.96%	-66.58%	+63.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	77.82%	-74.65%

Volatility

QQQY vs. MST - Volatility Comparison

The current volatility for Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) is 7.24%, while Defiance Leveraged Long Income MSTR ETF (MST) has a volatility of 27.92%. This indicates that QQQY 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

	QQQY	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.24%	27.92%	-20.68%
Volatility (6M) Calculated over the trailing 6-month period	15.55%	107.47%	-91.92%
Volatility (1Y) Calculated over the trailing 1-year period	17.65%	134.54%	-116.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.86%	126.58%	-110.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.86%	126.58%	-110.72%

QQQY vs. MST - Expense Ratio Comparison

QQQY has a 0.99% expense ratio, which is lower than MST's 1.31% expense ratio.

Dividends

QQQY vs. MST - Dividend Comparison

QQQY's dividend yield for the trailing twelve months is around 35.76%, less than MST's 960.15% yield.

Position	TTM	2025	2024	2023
MST Defiance Leveraged Long Income MSTR ETF	960.15%	381.22%	0.00%	0.00%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	35.76%	45.34%	83.34%	20.64%

Frequently Asked Questions

Can I hold both QQQY and MST in my portfolio?

QQQY and MST have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQY or MST?

MST has higher volatility (27.92%) compared to QQQY (7.24%). In terms of maximum drawdown, QQQY dropped -19.05% vs MST's -97.68%.

Which ETF is better, QQQY or MST?

On 1-year performance, QQQY leads with 25.95% vs -95.61% for MST. On fees, QQQY is cheaper at 0.99% per year. On volatility, QQQY has been the lower-risk option at 7.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQY or MST?

Over the 1-year period, QQQY has performed better with a 25.95% return vs -95.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQY or MST?

QQQY is cheaper with a 0.99% expense ratio, compared with 1.31% for MST.

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

MST has the higher dividend yield at 960.15%, compared with 35.76% for QQQY.

What is the main difference between QQQY and MST?

QQQY is categorized as Nasdaq-100, while MST is Derivative Income. Their fees differ too: 0.99% for QQQY and 1.31% for MST.

Which has better risk-adjusted returns?

QQQY currently has the higher Sharpe Ratio (1.48 vs -0.71), 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.