SOUX vs. MSTX

Last updated Jun 25, 2026

SOUX (Defiance Daily Target 2X Long SOUN ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both Leveraged Equities funds from Defiance. Over the past year, SOUX returned -84.61% vs -97.46% for MSTX. At a 0.40 correlation, their price movements are largely independent. Both charge a 1.29% expense ratio.

Performance

SOUX vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long SOUN ETF (SOUX) 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 SOUX having a -74.34% return and MSTX slightly lower at -76.60%.

SOUX

• 1D: -4.42%
• 1M: -44.51%
• YTD: -74.34%
• 6M: -79.06%
• 1Y: -84.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: -18.76%
• 1M: -68.52%
• YTD: -76.60%
• 6M: -78.70%
• 1Y: -97.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SOUX vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025
SOUX Defiance Daily Target 2X Long SOUN ETF	-74.34%	-41.14%
MSTX Defiance Daily Target 2X Long MSTR ETF	-76.60%	-88.55%

Correlation

The correlation between SOUX and MSTX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jun 24, 2025	0.40

Return for Risk

SOUX vs. MSTX — Risk / Return Rank

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

SOUX

SOUX Risk / Return Rank: 4
SOUX Sharpe Ratio Rank: 5
SOUX Sortino Ratio Rank: 5
SOUX Omega Ratio Rank: 5
SOUX Calmar Ratio Rank: 1
SOUX Martin Ratio Rank: 4

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) 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.

SOUX vs. MSTX - Risk-Adjusted Trends Comparison

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

	SOUX	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	-0.67	+0.15
Sortino ratio: Return per unit of downside risk	-0.61	-2.46	+1.84
Omega ratio: Gain probability vs. loss probability	0.94	0.75	+0.19
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.99	+0.11
Martin ratio: Return relative to average drawdown	-1.21	-1.24	+0.03

SOUX vs. MSTX - Sharpe Ratio Comparison

The current SOUX Sharpe Ratio is -0.52, which is comparable to the MSTX Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of SOUX 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

SOUX vs. MSTX - Drawdown Comparison

The maximum SOUX drawdown since its inception was -95.47%, roughly equal to the maximum MSTX drawdown of -99.28%. Use the drawdown chart below to compare losses from any high point for SOUX and MSTX.

Drawdown Indicators

	SOUX	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-95.47%	-99.28%	+3.81%
Max Drawdown (1Y) Largest decline over 1 year	-95.47%	-98.18%	+2.71%
Current Drawdown Current decline from peak	-95.47%	-99.28%	+3.81%
Average Drawdown Average peak-to-trough decline	-61.24%	-70.66%	+9.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	69.89%	78.63%	-8.74%

Volatility

SOUX vs. MSTX - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long SOUN ETF (SOUX) is 41.48%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 47.65%. This indicates that SOUX 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

	SOUX	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	41.48%	47.65%	-6.17%
Volatility (6M) Calculated over the trailing 6-month period	104.67%	116.31%	-11.64%
Volatility (1Y) Calculated over the trailing 1-year period	161.61%	144.70%	+16.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	161.61%	167.44%	-5.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	161.61%	167.44%	-5.83%

SOUX vs. MSTX - Expense Ratio Comparison

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

Dividends

SOUX vs. MSTX - Dividend Comparison

SOUX's dividend yield for the trailing twelve months is around 79.09%, 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%
SOUX Defiance Daily Target 2X Long SOUN ETF	79.09%	20.29%	0.00%

Frequently Asked Questions

Can I hold both SOUX and MSTX in my portfolio?

SOUX and MSTX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOUX or MSTX?

MSTX has higher volatility (47.65%) compared to SOUX (41.48%). In terms of maximum drawdown, SOUX dropped -95.47% vs MSTX's -99.28%.

Which ETF is better, SOUX or MSTX?

On 1-year performance, SOUX leads with -84.61% vs -97.46% for MSTX. Both ETFs have the same 1.29% expense ratio. On volatility, SOUX has been the lower-risk option at 41.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOUX or MSTX?

Over the 1-year period, SOUX has performed better with a -84.61% return vs -97.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOUX or MSTX?

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

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

SOUX has the higher dividend yield at 79.09%, compared with 0.00% for MSTX.

Which has better risk-adjusted returns?

SOUX currently has the higher Sharpe Ratio (-0.52 vs -0.67), 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.