RKLZ vs. MST

Last updated Jul 18, 2026

RKLZ (Defiance Daily Target 2X Short RKLB ETF) and MST (Defiance Leveraged Long Income MSTR ETF) are both exchange-traded funds - RKLZ is a Inverse Equities fund actively managed by Defiance, while MST is a Derivative Income fund actively managed by Defiance. Both are actively managed. At a correlation of -0.45, they often move in opposite directions. RKLZ charges 1.29%/yr vs 1.31%/yr for MST.

Performance

RKLZ vs. MST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short RKLB ETF (RKLZ) 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, RKLZ achieves a -87.74% return, which is significantly lower than MST's -72.24% return.

RKLZ

• 1D: -1.37%
• 1M: 90.19%
• 6M: -74.18%
• YTD: -87.74%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MST

• 1D: 2.36%
• 1M: -36.96%
• 6M: -77.71%
• YTD: -72.24%
• 1Y: -97.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RKLZ vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
RKLZ Defiance Daily Target 2X Short RKLB ETF	-87.74%	-75.89%
MST Defiance Leveraged Long Income MSTR ETF	-72.24%	-37.89%

Correlation

The correlation between RKLZ and MST is -0.45, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	-0.45

Return for Risk

RKLZ vs. MST — Risk / Return Rank

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

RKLZ

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: 4
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.

RKLZ vs. MST - Risk-Adjusted Trends Comparison

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

	RKLZ	MST	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.72	—
Sortino ratio: Return per unit of downside risk	—	-2.62	—
Omega ratio: Gain probability vs. loss probability	—	0.73	—
Calmar ratio: Return relative to maximum drawdown	—	-1.00	—
Martin ratio: Return relative to average drawdown	—	-1.25	—

Drawdowns

RKLZ vs. MST - Drawdown Comparison

The maximum RKLZ drawdown since its inception was -99.10%, roughly equal to the maximum MST drawdown of -97.68%. Use the drawdown chart below to compare losses from any high point for RKLZ and MST.

Drawdown Indicators

	RKLZ	MST	Difference
Max Drawdown Largest peak-to-trough decline	-99.10%	-97.68%	-1.42%
Max Drawdown (1Y) Largest decline over 1 year	—	-97.37%	—
Current Drawdown Current decline from peak	-97.31%	-97.04%	-0.27%
Average Drawdown Average peak-to-trough decline	-83.08%	-65.38%	-17.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	79.33%	—

Volatility

Volatility by Period

	RKLZ	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	47.17%	—
Volatility (6M) Calculated over the trailing 6-month period	—	109.59%	—
Volatility (1Y) Calculated over the trailing 1-year period	207.75%	134.31%	+73.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	207.75%	127.34%	+80.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	207.75%	127.34%	+80.41%

RKLZ vs. MST - Expense Ratio Comparison

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

Dividends

RKLZ vs. MST - Dividend Comparison

RKLZ has not paid dividends to shareholders, while MST's dividend yield for the trailing twelve months is around 1,149.10%.

Position	TTM	2025
MST Defiance Leveraged Long Income MSTR ETF	1,149.10%	381.22%
RKLZ Defiance Daily Target 2X Short RKLB ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both RKLZ and MST in my portfolio?

RKLZ and MST have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RKLZ or MST?

On fees, RKLZ is cheaper at 1.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RKLZ or MST?

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

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

MST has the higher dividend yield at 1149.10%, compared with 0.00% for RKLZ.

What is the main difference between RKLZ and MST?

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