SOUX vs. MSTX

Last updated Jun 5, 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. At a 0.37 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

In the year-to-date period, SOUX achieves a -56.46% return, which is significantly lower than MSTX's -52.99% return.

SOUX

• 1D: -1.00%
• 1M: -27.92%
• YTD: -56.46%
• 6M: -75.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: 4.32%
• 1M: -55.48%
• YTD: -52.99%
• 6M: -70.03%
• 1Y: -95.06%
• 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	-56.46%	-40.03%
MSTX Defiance Daily Target 2X Long MSTR ETF	-52.99%	-89.13%

Correlation

The correlation between SOUX and MSTX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.37

Return for Risk

SOUX 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: 2
MSTX Sharpe Ratio Rank: 4
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.

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.

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

Sharpe Ratios by Period

	SOUX	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	-0.47	-0.41	-0.05

Drawdowns

SOUX vs. MSTX - Drawdown Comparison

The maximum SOUX drawdown since its inception was -95.03%, roughly equal to the maximum MSTX drawdown of -98.66%. 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	-95.03%	-98.66%	+3.63%
Max Drawdown (1Y) Largest decline over 1 year	—	-96.62%	—
Current Drawdown Current decline from peak	-92.32%	-98.55%	+6.23%
Average Drawdown Average peak-to-trough decline	-59.67%	-70.01%	+10.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	75.50%	—

Volatility

Volatility by Period

	SOUX	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	39.88%	—
Volatility (6M) Calculated over the trailing 6-month period	—	112.08%	—
Volatility (1Y) Calculated over the trailing 1-year period	163.11%	139.91%	+23.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	163.11%	167.30%	-4.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	163.11%	167.30%	-4.19%

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 46.60%, 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	46.60%	20.29%	0.00%

Frequently Asked Questions

Can I hold both SOUX and MSTX in my portfolio?

SOUX and MSTX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SOUX or MSTX?

Both ETFs have the same 1.29% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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 46.60%, compared with 0.00% for MSTX.