RIOX vs. MSTX

Last updated Jun 6, 2026

RIOX (Defiance Daily Target 2X Long RIOT ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both Leveraged Equities funds from Defiance. Both are actively managed. Over the past year, RIOX returned 157.33% vs -95.53% for MSTX. A 0.54 correlation means they provide meaningful diversification when combined. RIOX charges 0.95%/yr vs 1.29%/yr for MSTX.

Performance

RIOX vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long RIOT ETF (RIOX) 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, RIOX achieves a 135.89% return, which is significantly higher than MSTX's -59.64% return.

RIOX

• 1D: -20.99%
• 1M: 1.77%
• YTD: 135.89%
• 6M: 52.58%
• 1Y: 157.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: -14.14%
• 1M: -61.71%
• YTD: -59.64%
• 6M: -72.15%
• 1Y: -95.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RIOX vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025
RIOX Defiance Daily Target 2X Long RIOT ETF	135.89%	-60.36%
MSTX Defiance Daily Target 2X Long MSTR ETF	-59.64%	-91.89%

Correlation

The correlation between RIOX 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 (1Y) Calculated over the trailing 1-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 6, 2025	0.54

The correlation between RIOX and MSTX has been stable across timeframes, ranging from 0.54 to 0.54 - a consistent structural relationship.

Return for Risk

RIOX vs. MSTX — Risk / Return Rank

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

RIOX

RIOX Risk / Return Rank: 37
RIOX Sharpe Ratio Rank: 28
RIOX Sortino Ratio Rank: 48
RIOX Omega Ratio Rank: 44
RIOX Calmar Ratio Rank: 41
RIOX Martin Ratio Rank: 25

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.

RIOX vs. MSTX - Risk-Adjusted Trends Comparison

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

	RIOX	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	0.94	-0.68	+1.62
Sortino ratio: Return per unit of downside risk	2.18	-2.09	+4.26
Omega ratio: Gain probability vs. loss probability	1.26	0.78	+0.48
Calmar ratio: Return relative to maximum drawdown	1.88	-0.99	+2.86
Martin ratio: Return relative to average drawdown	3.12	-1.26	+4.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RIOX vs. MSTX - Sharpe Ratio Comparison

The current RIOX Sharpe Ratio is 0.94, which is higher than the MSTX Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of RIOX 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.

Sharpe Ratios by Period

	RIOX	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	-0.68	+1.62
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	-0.43	+0.40

Drawdowns

RIOX vs. MSTX - Drawdown Comparison

The maximum RIOX drawdown since its inception was -84.40%, smaller than the maximum MSTX drawdown of -98.76%. Use the drawdown chart below to compare losses from any high point for RIOX and MSTX.

Drawdown Indicators

	RIOX	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-84.40%	-98.76%	+14.36%
Max Drawdown (1Y) Largest decline over 1 year	-84.40%	-96.86%	+12.46%
Current Drawdown Current decline from peak	-43.36%	-98.76%	+55.40%
Average Drawdown Average peak-to-trough decline	-52.49%	-70.07%	+17.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.67%	75.75%	-25.08%

Volatility

RIOX vs. MSTX - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long RIOT ETF (RIOX) is 37.03%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 41.25%. This indicates that RIOX 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

	RIOX	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.03%	41.25%	-4.22%
Volatility (6M) Calculated over the trailing 6-month period	123.63%	112.67%	+10.96%
Volatility (1Y) Calculated over the trailing 1-year period	169.32%	140.49%	+28.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	168.45%	167.45%	+1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	168.45%	167.45%	+1.00%

RIOX vs. MSTX - Expense Ratio Comparison

RIOX has a 0.95% expense ratio, which is lower than MSTX's 1.29% expense ratio.

Dividends

RIOX vs. MSTX - Dividend Comparison

RIOX's dividend yield for the trailing twelve months is around 25.76%, while MSTX has not paid dividends to shareholders.

Position	TTM	2025	2024
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%
RIOX Defiance Daily Target 2X Long RIOT ETF	25.76%	60.76%	0.00%

Frequently Asked Questions

Can I hold both RIOX and MSTX in my portfolio?

RIOX 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 is riskier, RIOX or MSTX?

MSTX has higher volatility (41.25%) compared to RIOX (37.03%). In terms of maximum drawdown, RIOX dropped -84.40% vs MSTX's -98.76%.

Which ETF is better, RIOX or MSTX?

On 1-year performance, RIOX leads with 157.33% vs -95.53% for MSTX. On fees, RIOX is cheaper at 0.95% per year. On volatility, RIOX has been the lower-risk option at 37.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RIOX or MSTX?

Over the 1-year period, RIOX has performed better with a 157.33% return vs -95.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RIOX or MSTX?

RIOX is cheaper with a 0.95% expense ratio, compared with 1.29% for MSTX.

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

RIOX has the higher dividend yield at 25.76%, compared with 0.00% for MSTX.

What is the main difference between RIOX and MSTX?

Their fees differ too: 0.95% for RIOX and 1.29% for MSTX.

Which has better risk-adjusted returns?

RIOX currently has the higher Sharpe Ratio (0.94 vs -0.68), 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.