SLON vs. MSTX

Last updated Jun 4, 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. A 0.76 correlation means they provide meaningful diversification when combined. 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

In the year-to-date period, SLON achieves a -74.41% return, which is significantly lower than MSTX's -54.94% return.

SLON

• 1D: -9.37%
• 1M: -30.10%
• YTD: -74.41%
• 6M: -81.15%
• 1Y: —
• 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)

SLON vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025
SLON ProShares Ultra Solana ETF	-74.41%	-62.58%
MSTX Defiance Daily Target 2X Long MSTR ETF	-54.94%	-91.74%

Correlation

The correlation between SLON and MSTX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.76

Return for Risk

SLON vs. MSTX — Risk / Return Rank

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

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.

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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SLON	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.63	-0.42	-0.22

Drawdowns

SLON vs. MSTX - Drawdown Comparison

The maximum SLON drawdown since its inception was -95.19%, roughly equal to the maximum MSTX drawdown of -98.66%. 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	-95.19%	-98.66%	+3.47%
Max Drawdown (1Y) Largest decline over 1 year	—	-96.62%	—
Current Drawdown Current decline from peak	-95.19%	-98.61%	+3.42%
Average Drawdown Average peak-to-trough decline	-63.84%	-69.94%	+6.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	75.26%	—

Volatility

Volatility by Period

	SLON	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	39.64%	—
Volatility (6M) Calculated over the trailing 6-month period	—	112.57%	—
Volatility (1Y) Calculated over the trailing 1-year period	146.78%	140.09%	+6.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	146.78%	167.46%	-20.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	146.78%	167.46%	-20.68%

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 22.44%, 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	22.44%	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 ETF is better, SLON or MSTX?

On fees, MSTX 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, 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 22.44%, 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.