SLON vs. MSTX

Last updated Aug 2, 2026

SLON (ProShares Ultra Solana ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both exchange-traded funds - SLON is a Cryptocurrency fund tracking the Bloomberg Solana Index, while MSTX is a Leveraged Equities fund actively managed by Defiance. SLON is passively managed, while MSTX is actively managed. Over the past year, SLON returned -90.71% vs -97.40% for MSTX. Their 0.75 correlation means they have sometimes moved together and sometimes differently. SLON charges 2.14%/yr vs 1.29%/yr for MSTX.

Performance

SLON vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Solana ETF (SLON) and Defiance Daily Target 2X Long MSTR ETF (MSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SLON having a -75.40% return and MSTX slightly lower at -79.12%.

SLON

• 1D: -3.99%
• 1M: -18.94%
• 6M: -70.99%
• YTD: -75.40%
• 1Y: -90.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -89.92%

MSTX

• 1D: -8.53%
• 1M: -18.21%
• 6M: -76.83%
• YTD: -79.12%
• 1Y: -97.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -77.59%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSTX Defiance Daily Target 2X Long MSTR ETF	$57.41M	$66.45M	$80.88M
SLON ProShares Ultra Solana ETF	$682.69K	$868.60K	$1.20M

SLON vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025
SLON ProShares Ultra Solana ETF	-75.40%	-62.89%
MSTX Defiance Daily Target 2X Long MSTR ETF	-79.12%	-92.08%

Correlation

The correlation between SLON and MSTX is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.75

The correlation between SLON and MSTX has been stable across timeframes, ranging from 0.75 to 0.76 - a consistent structural relationship.

Return for Risk

SLON vs. MSTX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SLON

SLON Risk / Return Rank: 3
SLON Sharpe Ratio Rank: 4
SLON Sortino Ratio Rank: 2
SLON Omega Ratio Rank: 3
SLON Calmar Ratio Rank: 1
SLON Martin Ratio Rank: 3

MSTX

MSTX Risk / Return Rank: 1
MSTX Sharpe Ratio Rank: 4
MSTX Sortino Ratio Rank: 0
MSTX Omega Ratio Rank: 0
MSTX Calmar Ratio Rank: 0
MSTX Martin Ratio Rank: 3

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SLON vs. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Solana ETF (SLON) 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.

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.

	SLON	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	-0.65	+0.02
Sortino ratio: Return per unit of downside risk	-1.36	-2.49	+1.13
Omega ratio: Gain probability vs. loss probability	0.85	0.75	+0.11
Calmar ratio: Return relative to maximum drawdown	-0.95	-1.00	+0.04
Martin ratio: Return relative to average drawdown	-1.19	-1.21	+0.02

SLON vs. MSTX - Sharpe Ratio Comparison

The current SLON Sharpe Ratio is -0.63, which is comparable to the MSTX Sharpe Ratio of -0.65. The chart below compares the historical Sharpe Ratios of SLON 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.

Drawdowns

SLON vs. MSTX - Drawdown Comparison

The maximum SLON drawdown since its inception was -96.31%, roughly equal to the maximum MSTX drawdown of -99.46%. Use the drawdown chart below to compare losses from any high point for SLON and MSTX.

Drawdown Indicators

	SLON	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-96.31%	-99.46%	+3.15%
Max Drawdown (1Y) Largest decline over 1 year	-96.31%	-98.15%	+1.84%
Current Drawdown Current decline from peak	-95.38%	-99.36%	+3.98%
Average Drawdown Average peak-to-trough decline	-68.35%	-72.18%	+3.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	77.06%	81.05%	-3.99%

Volatility

SLON vs. MSTX - Volatility Comparison

The current volatility for ProShares Ultra Solana ETF (SLON) is 23.28%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 36.23%. This indicates that SLON 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

	SLON	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.28%	36.23%	-12.95%
Volatility (6M) Calculated over the trailing 6-month period	100.99%	120.60%	-19.61%
Volatility (1Y) Calculated over the trailing 1-year period	144.72%	149.90%	-5.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	144.74%	167.17%	-22.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	144.74%	167.17%	-22.43%

SLON vs. MSTX - Expense Ratio Comparison

SLON has a 2.14% expense ratio, which is higher than MSTX's 1.29% expense ratio.

Dividends

SLON vs. MSTX - Dividend Comparison

SLON's dividend yield for the trailing twelve months is around 23.34%, 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%
SLON ProShares Ultra Solana ETF	23.34%	5.74%	0.00%

Frequently Asked Questions

Can I hold both SLON and MSTX in my portfolio?

SLON and MSTX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLON or MSTX?

MSTX has higher volatility (36.23%) compared to SLON (23.28%). In terms of maximum drawdown, SLON dropped -96.31% vs MSTX's -99.46%.

Which ETF is better, SLON or MSTX?

On 1-year performance, SLON leads with -90.71% vs -97.40% for MSTX. On fees, MSTX is cheaper at 1.29% per year. On volatility, SLON has been the lower-risk option at 23.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLON or MSTX?

Over the 1-year period, SLON has performed better with a -90.71% return vs -97.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLON or MSTX?

MSTX is cheaper with a 1.29% expense ratio, compared with 2.14% for SLON.

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

SLON has the higher dividend yield at 23.34%, compared with 0.00% for MSTX.

What is the main difference between SLON and MSTX?

SLON is categorized as Cryptocurrency, while MSTX is Leveraged Equities. They also come from different issuers: ProShares and Defiance. Their fees differ too: 2.14% for SLON and 1.29% for MSTX.

Which has better risk-adjusted returns?

SLON currently has the higher Sharpe Ratio (-0.63 vs -0.65), 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.