QQQY vs. MSTX

Last updated Aug 5, 2026

QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both exchange-traded funds - QQQY is a Nasdaq-100 fund actively managed by Defiance, while MSTX is a Leveraged Equities fund actively managed by Defiance. Both are actively managed. Over the past year, QQQY returned 25.95% vs -97.47% for MSTX. Their 0.47 correlation means their historical movements had little consistent relationship. QQQY charges 0.99%/yr vs 1.29%/yr for MSTX.

Performance

QQQY vs. MSTX - 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 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, QQQY achieves a 17.47% return, which is significantly higher than MSTX's -77.25% return.

QQQY

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

MSTX

• 1D: 6.05%
• 1M: -10.89%
• 6M: -67.91%
• YTD: -77.25%
• 1Y: -97.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -76.40%

*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)
MSTX Defiance Daily Target 2X Long MSTR ETF	$53.03M	$60.85M	$77.69M
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	$2.03M	$2.15M	$2.90M

QQQY vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	17.47%	14.96%	1.27%
MSTX Defiance Daily Target 2X Long MSTR ETF	-77.25%	-89.06%	134.05%

Correlation

The correlation between QQQY and MSTX 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 Aug 15, 2024	0.47

Return for Risk

QQQY vs. MSTX — 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

MSTX

MSTX Risk / Return Rank: 1
MSTX Sharpe Ratio Rank: 4
MSTX Sortino Ratio Rank: 0
MSTX Omega Ratio Rank: 0
MSTX Calmar Ratio Rank: 0
MSTX 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. MSTX - 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 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.

	QQQY	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	-0.66	+2.13
Sortino ratio: Return per unit of downside risk	2.02	-2.39	+4.41
Omega ratio: Gain probability vs. loss probability	1.27	0.76	+0.52
Calmar ratio: Return relative to maximum drawdown	2.34	-0.99	+3.33
Martin ratio: Return relative to average drawdown	8.22	-1.20	+9.42

QQQY vs. MSTX - Sharpe Ratio Comparison

The current QQQY Sharpe Ratio is 1.48, which is higher than the MSTX Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of QQQY and MSTX, 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. MSTX - Drawdown Comparison

The maximum QQQY drawdown since its inception was -19.05%, smaller than the maximum MSTX drawdown of -99.46%. Use the drawdown chart below to compare losses from any high point for QQQY and MSTX.

Drawdown Indicators

	QQQY	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-19.05%	-99.46%	+80.41%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-98.15%	+87.01%
Current Drawdown Current decline from peak	-1.71%	-99.30%	+97.59%
Average Drawdown Average peak-to-trough decline	-2.96%	-72.29%	+69.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	81.09%	-77.92%

Volatility

QQQY vs. MSTX - Volatility Comparison

The current volatility for Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) is 7.24%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 33.77%. This indicates that QQQY experiences smaller price fluctuations and is considered to be less risky than MSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQY	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.24%	33.77%	-26.53%
Volatility (6M) Calculated over the trailing 6-month period	15.55%	119.75%	-104.20%
Volatility (1Y) Calculated over the trailing 1-year period	17.65%	149.06%	-131.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.86%	166.90%	-151.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.86%	166.90%	-151.04%

QQQY vs. MSTX - Expense Ratio Comparison

QQQY has a 0.99% expense ratio, which is lower than MSTX's 1.29% expense ratio.

Dividends

QQQY vs. MSTX - Dividend Comparison

QQQY's dividend yield for the trailing twelve months is around 35.76%, while MSTX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%	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 MSTX in my portfolio?

QQQY and MSTX 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 MSTX?

MSTX has higher volatility (33.77%) compared to QQQY (7.24%). In terms of maximum drawdown, QQQY dropped -19.05% vs MSTX's -99.46%.

Which ETF is better, QQQY or MSTX?

On 1-year performance, QQQY leads with 25.95% vs -97.47% for MSTX. 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 MSTX?

Over the 1-year period, QQQY has performed better with a 25.95% return vs -97.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQY or MSTX?

QQQY is cheaper with a 0.99% expense ratio, compared with 1.29% for MSTX.

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

QQQY has the higher dividend yield at 35.76%, compared with 0.00% for MSTX.

What is the main difference between QQQY and MSTX?

QQQY is categorized as Nasdaq-100, while MSTX is Leveraged Equities. Their fees differ too: 0.99% for QQQY and 1.29% for MSTX.

Which has better risk-adjusted returns?

QQQY currently has the higher Sharpe Ratio (1.48 vs -0.66), 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.