RKLX vs. MST

Last updated Jul 14, 2026

RKLX (Defiance Daily Target 2X Long RKLB ETF) and MST (Defiance Leveraged Long Income MSTR ETF) are both exchange-traded funds - RKLX is a Leveraged Equities fund actively managed by Defiance, while MST is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, RKLX returned 25.23% vs -97.01% for MST. At a 0.38 correlation, their price movements are largely independent. RKLX charges 1.29%/yr vs 1.31%/yr for MST.

Performance

RKLX vs. MST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long RKLB ETF (RKLX) 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, RKLX achieves a -38.35% return, which is significantly higher than MST's -74.03% return.

RKLX

• 1D: -10.64%
• 1M: -49.21%
• 6M: -60.28%
• YTD: -38.35%
• 1Y: 25.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MST

• 1D: -4.63%
• 1M: -47.34%
• 6M: -76.65%
• YTD: -74.03%
• 1Y: -97.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RKLX vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
RKLX Defiance Daily Target 2X Long RKLB ETF	-38.35%	445.36%
MST Defiance Leveraged Long Income MSTR ETF	-74.03%	-87.60%

Correlation

The correlation between RKLX and MST is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.38

Return for Risk

RKLX vs. MST — Risk / Return Rank

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

RKLX

RKLX Risk / Return Rank: 22
RKLX Sharpe Ratio Rank: 12
RKLX Sortino Ratio Rank: 38
RKLX Omega Ratio Rank: 34
RKLX Calmar Ratio Rank: 13
RKLX Martin Ratio Rank: 13

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.

RKLX vs. MST - Risk-Adjusted Trends Comparison

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

	RKLX	MST	Difference
Sharpe ratio: Return per unit of total volatility	0.13	-0.72	+0.86
Sortino ratio: Return per unit of downside risk	1.62	-2.63	+4.26
Omega ratio: Gain probability vs. loss probability	1.19	0.73	+0.46
Calmar ratio: Return relative to maximum drawdown	0.32	-0.99	+1.32
Martin ratio: Return relative to average drawdown	0.61	-1.23	+1.84

RKLX vs. MST - Sharpe Ratio Comparison

The current RKLX Sharpe Ratio is 0.13, which is higher than the MST Sharpe Ratio of -0.72. The chart below compares the historical Sharpe Ratios of RKLX 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

RKLX vs. MST - Drawdown Comparison

The maximum RKLX drawdown since its inception was -78.43%, smaller than the maximum MST drawdown of -97.68%. Use the drawdown chart below to compare losses from any high point for RKLX and MST.

Drawdown Indicators

	RKLX	MST	Difference
Max Drawdown Largest peak-to-trough decline	-78.43%	-97.68%	+19.25%
Max Drawdown (1Y) Largest decline over 1 year	-78.43%	-97.68%	+19.25%
Current Drawdown Current decline from peak	-78.43%	-97.23%	+18.80%
Average Drawdown Average peak-to-trough decline	-28.61%	-64.96%	+36.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.61%	78.62%	-37.01%

Volatility

RKLX vs. MST - Volatility Comparison

Defiance Daily Target 2X Long RKLB ETF (RKLX) has a higher volatility of 62.36% compared to Defiance Leveraged Long Income MSTR ETF (MST) at 49.06%. This indicates that RKLX's price experiences larger fluctuations and is considered to be riskier than MST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RKLX	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	62.36%	49.06%	+13.30%
Volatility (6M) Calculated over the trailing 6-month period	142.87%	110.36%	+32.51%
Volatility (1Y) Calculated over the trailing 1-year period	189.52%	134.35%	+55.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	184.30%	127.68%	+56.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	184.30%	127.68%	+56.62%

RKLX vs. MST - Expense Ratio Comparison

RKLX has a 1.29% expense ratio, which is lower than MST's 1.31% expense ratio.

Dividends

RKLX vs. MST - Dividend Comparison

RKLX's dividend yield for the trailing twelve months is around 24.24%, less than MST's 1,341.56% yield.

Position	TTM	2025
MST Defiance Leveraged Long Income MSTR ETF	1,341.56%	381.22%
RKLX Defiance Daily Target 2X Long RKLB ETF	24.24%	14.94%

Frequently Asked Questions

Can I hold both RKLX and MST in my portfolio?

RKLX and MST have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RKLX or MST?

RKLX has higher volatility (62.36%) compared to MST (49.06%). In terms of maximum drawdown, RKLX dropped -78.43% vs MST's -97.68%.

Which ETF is better, RKLX or MST?

On 1-year performance, RKLX leads with 25.23% vs -97.01% for MST. On fees, RKLX is cheaper at 1.29% per year. On volatility, MST has been the lower-risk option at 49.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RKLX or MST?

Over the 1-year period, RKLX has performed better with a 25.23% return vs -97.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RKLX or MST?

RKLX is cheaper with a 1.29% expense ratio, compared with 1.31% for MST.

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

MST has the higher dividend yield at 1341.56%, compared with 24.24% for RKLX.

What is the main difference between RKLX and MST?

RKLX is categorized as Leveraged Equities, while MST is Derivative Income. Their fees differ too: 1.29% for RKLX and 1.31% for MST.

Which has better risk-adjusted returns?

RKLX currently has the higher Sharpe Ratio (0.13 vs -0.72), 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.