QSU vs. MST

Last updated Jul 4, 2026

QSU (Defiance Daily Target 2X Long QS ETF) and MST (Defiance Leveraged Long Income MSTR ETF) are both exchange-traded funds - QSU is a Leveraged Equities fund actively managed by Defiance, while MST is a Derivative Income fund actively managed by Defiance. Both are actively managed. A 0.51 correlation means they provide meaningful diversification when combined. Both charge a 1.31% expense ratio.

Performance

QSU vs. MST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long QS ETF (QSU) and Defiance Leveraged Long Income MSTR ETF (MST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with QSU having a -70.86% return and MST slightly higher at -69.57%.

QSU

• 1D: -14.15%
• 1M: -42.07%
• 6M: -73.99%
• YTD: -70.86%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MST

• 1D: 13.67%
• 1M: -42.69%
• 6M: -71.38%
• YTD: -69.57%
• 1Y: -96.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QSU vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
QSU Defiance Daily Target 2X Long QS ETF	-70.86%	-65.11%
MST Defiance Leveraged Long Income MSTR ETF	-69.57%	-72.82%

Correlation

The correlation between QSU and MST is 0.51, 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 Oct 21, 2025	0.51

Return for Risk

QSU vs. MST — Risk / Return Rank

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

QSU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

QSU vs. MST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long QS ETF (QSU) 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.

	QSU	MST	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.72	—
Sortino ratio: Return per unit of downside risk	—	-2.37	—
Omega ratio: Gain probability vs. loss probability	—	0.75	—
Calmar ratio: Return relative to maximum drawdown	—	-0.98	—
Martin ratio: Return relative to average drawdown	—	-1.24	—

Drawdowns

QSU vs. MST - Drawdown Comparison

The maximum QSU drawdown since its inception was -92.77%, smaller than the maximum MST drawdown of -97.68%. Use the drawdown chart below to compare losses from any high point for QSU and MST.

Drawdown Indicators

	QSU	MST	Difference
Max Drawdown Largest peak-to-trough decline	-92.77%	-97.68%	+4.91%
Max Drawdown (1Y) Largest decline over 1 year	—	-97.68%	—
Current Drawdown Current decline from peak	-92.07%	-96.75%	+4.68%
Average Drawdown Average peak-to-trough decline	-75.36%	-64.30%	-11.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	77.18%	—

Volatility

Volatility by Period

	QSU	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	54.73%	—
Volatility (6M) Calculated over the trailing 6-month period	—	111.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	154.34%	135.01%	+19.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	154.34%	128.70%	+25.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	154.34%	128.70%	+25.64%

QSU vs. MST - Expense Ratio Comparison

Both QSU and MST have an expense ratio of 1.31%.

Dividends

QSU vs. MST - Dividend Comparison

QSU has not paid dividends to shareholders, while MST's dividend yield for the trailing twelve months is around 1,217.72%.

Position	TTM	2025
MST Defiance Leveraged Long Income MSTR ETF	1,217.72%	381.22%
QSU Defiance Daily Target 2X Long QS ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both QSU and MST in my portfolio?

QSU and MST have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QSU or MST?

Both ETFs have the same 1.31% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QSU or MST?

QSU and MST have the same expense ratio: 1.31% per year.

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

MST has the higher dividend yield at 1217.72%, compared with 0.00% for QSU.

What is the main difference between QSU and MST?

QSU is categorized as Leveraged Equities, while MST is Derivative Income.