SOFX vs. MSTX

Last updated Jun 4, 2026

SOFX (Defiance Daily Target 2X Long SOFI 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, SOFX returned -13.23% vs -95.49% for MSTX. At a 0.46 correlation, their price movements are largely independent. Both charge a 1.29% expense ratio.

Performance

SOFX vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long SOFI ETF (SOFX) 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, SOFX achieves a -67.58% return, which is significantly lower than MSTX's -54.94% return.

SOFX

• 1D: -12.03%
• 1M: 1.43%
• YTD: -67.58%
• 6M: -74.61%
• 1Y: -13.23%
• 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)

SOFX vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025
SOFX Defiance Daily Target 2X Long SOFI ETF	-67.58%	44.42%
MSTX Defiance Daily Target 2X Long MSTR ETF	-54.94%	-92.80%

Correlation

The correlation between SOFX and MSTX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jan 17, 2025	0.46

Return for Risk

SOFX vs. MSTX — Risk / Return Rank

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

SOFX

SOFX Risk / Return Rank: 10
SOFX Sharpe Ratio Rank: 8
SOFX Sortino Ratio Rank: 14
SOFX Omega Ratio Rank: 14
SOFX Calmar Ratio Rank: 8
SOFX Martin Ratio Rank: 8

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.

SOFX vs. MSTX - Risk-Adjusted Trends Comparison

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

	SOFX	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	-0.12	-0.68	+0.56
Sortino ratio: Return per unit of downside risk	0.62	-2.10	+2.72
Omega ratio: Gain probability vs. loss probability	1.07	0.78	+0.30
Calmar ratio: Return relative to maximum drawdown	-0.16	-0.99	+0.83
Martin ratio: Return relative to average drawdown	-0.28	-1.27	+0.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOFX vs. MSTX - Sharpe Ratio Comparison

The current SOFX Sharpe Ratio is -0.12, which is higher than the MSTX Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of SOFX 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

	SOFX	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.12	-0.68	+0.56
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	-0.42	+0.07

Drawdowns

SOFX vs. MSTX - Drawdown Comparison

The maximum SOFX drawdown since its inception was -83.23%, smaller than the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for SOFX and MSTX.

Drawdown Indicators

	SOFX	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-83.23%	-98.66%	+15.43%
Max Drawdown (1Y) Largest decline over 1 year	-83.23%	-96.62%	+13.39%
Current Drawdown Current decline from peak	-80.35%	-98.61%	+18.26%
Average Drawdown Average peak-to-trough decline	-42.33%	-69.94%	+27.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.31%	75.26%	-27.95%

Volatility

SOFX vs. MSTX - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long SOFI ETF (SOFX) is 31.12%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 39.64%. This indicates that SOFX 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

	SOFX	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.12%	39.64%	-8.52%
Volatility (6M) Calculated over the trailing 6-month period	77.48%	112.57%	-35.09%
Volatility (1Y) Calculated over the trailing 1-year period	111.80%	140.09%	-28.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	122.37%	167.46%	-45.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	122.37%	167.46%	-45.09%

SOFX vs. MSTX - Expense Ratio Comparison

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

Dividends

SOFX vs. MSTX - Dividend Comparison

SOFX's dividend yield for the trailing twelve months is around 39.07%, 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%
SOFX Defiance Daily Target 2X Long SOFI ETF	39.07%	12.67%	0.00%

Frequently Asked Questions

Can I hold both SOFX and MSTX in my portfolio?

SOFX and MSTX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOFX or MSTX?

MSTX has higher volatility (39.64%) compared to SOFX (31.12%). In terms of maximum drawdown, SOFX dropped -83.23% vs MSTX's -98.66%.

Which ETF is better, SOFX or MSTX?

On 1-year performance, SOFX leads with -13.23% vs -95.49% for MSTX. Both ETFs have the same 1.29% expense ratio. On volatility, SOFX has been the lower-risk option at 31.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOFX or MSTX?

Over the 1-year period, SOFX has performed better with a -13.23% return vs -95.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOFX or MSTX?

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

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

SOFX has the higher dividend yield at 39.07%, compared with 0.00% for MSTX.

Which has better risk-adjusted returns?

SOFX currently has the higher Sharpe Ratio (-0.12 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.