RKLX vs. MSTX

Last updated Jun 4, 2026

RKLX (Defiance Daily Target 2X Long RKLB 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, RKLX returned 535.41% vs -95.49% for MSTX. At a 0.37 correlation, their price movements are largely independent. Both charge a 1.29% expense ratio.

Performance

RKLX vs. MSTX - 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 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, RKLX achieves a 59.46% return, which is significantly higher than MSTX's -54.94% return.

RKLX

• 1D: -14.06%
• 1M: 69.79%
• YTD: 59.46%
• 6M: 247.53%
• 1Y: 535.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: -14.41%
• 1M: -56.02%
• YTD: -54.94%
• 6M: -72.02%
• 1Y: -95.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RKLX vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025
RKLX Defiance Daily Target 2X Long RKLB ETF	59.46%	654.37%
MSTX Defiance Daily Target 2X Long MSTR ETF	-54.94%	-83.20%

Correlation

The correlation between RKLX and MSTX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025	0.37

Return for Risk

RKLX vs. MSTX — Risk / Return Rank

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

RKLX

RKLX Risk / Return Rank: 78
RKLX Sharpe Ratio Rank: 88
RKLX Sortino Ratio Rank: 69
RKLX Omega Ratio Rank: 63
RKLX Calmar Ratio Rank: 94
RKLX Martin Ratio Rank: 77

MSTX

MSTX Risk / Return Rank: 1
MSTX Sharpe Ratio Rank: 3
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.

RKLX vs. MSTX - 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 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.

	RKLX	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	2.94	-0.68	+3.63
Sortino ratio: Return per unit of downside risk	3.12	-2.10	+5.22
Omega ratio: Gain probability vs. loss probability	1.38	0.78	+0.60
Calmar ratio: Return relative to maximum drawdown	7.53	-0.99	+8.52
Martin ratio: Return relative to average drawdown	14.71	-1.27	+15.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RKLX vs. MSTX - Sharpe Ratio Comparison

The current RKLX Sharpe Ratio is 2.94, which is higher than the MSTX Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of RKLX 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

	RKLX	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.94	-0.68	+3.63
Sharpe Ratio (All Time) Calculated using the full available price history	3.69	-0.42	+4.11

Drawdowns

RKLX vs. MSTX - Drawdown Comparison

The maximum RKLX drawdown since its inception was -71.71%, smaller than the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for RKLX and MSTX.

Drawdown Indicators

	RKLX	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-71.71%	-98.66%	+26.95%
Max Drawdown (1Y) Largest decline over 1 year	-71.71%	-96.62%	+24.91%
Current Drawdown Current decline from peak	-44.20%	-98.61%	+54.41%
Average Drawdown Average peak-to-trough decline	-25.90%	-69.94%	+44.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.65%	75.26%	-38.61%

Volatility

RKLX vs. MSTX - Volatility Comparison

Defiance Daily Target 2X Long RKLB ETF (RKLX) has a higher volatility of 80.64% compared to Defiance Daily Target 2X Long MSTR ETF (MSTX) at 39.64%. This indicates that RKLX's price experiences larger fluctuations and is considered to be riskier than MSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RKLX	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	80.64%	39.64%	+41.00%
Volatility (6M) Calculated over the trailing 6-month period	142.22%	112.57%	+29.65%
Volatility (1Y) Calculated over the trailing 1-year period	183.57%	140.09%	+43.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	181.89%	167.46%	+14.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	181.89%	167.46%	+14.43%

RKLX vs. MSTX - Expense Ratio Comparison

Both RKLX and MSTX have an expense ratio of 1.29%.

Dividends

RKLX vs. MSTX - Dividend Comparison

RKLX's dividend yield for the trailing twelve months is around 9.37%, 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%
RKLX Defiance Daily Target 2X Long RKLB ETF	9.37%	14.94%	0.00%

Frequently Asked Questions

Can I hold both RKLX and MSTX in my portfolio?

RKLX and MSTX have a correlation of 0.38, 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 MSTX?

RKLX has higher volatility (80.64%) compared to MSTX (39.64%). In terms of maximum drawdown, RKLX dropped -71.71% vs MSTX's -98.66%.

Which ETF is better, RKLX or MSTX?

On 1-year performance, RKLX leads with 535.41% vs -95.49% for MSTX. Both ETFs have the same 1.29% expense ratio. On volatility, MSTX has been the lower-risk option at 39.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RKLX or MSTX?

Over the 1-year period, RKLX has performed better with a 535.41% return vs -95.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RKLX or MSTX?

RKLX and MSTX have the same expense ratio: 1.29% per year.

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

RKLX has the higher dividend yield at 9.37%, compared with 0.00% for MSTX.

Which has better risk-adjusted returns?

RKLX currently has the higher Sharpe Ratio (2.94 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.