SPYT vs. MST

Last updated Jun 24, 2026

SPYT (Defiance S&P 500 Income Target ETF) and MST (Defiance Leveraged Long Income MSTR ETF) are both Derivative Income funds from Defiance. Both are actively managed. Over the past year, SPYT returned 19.62% vs -94.85% for MST. At a 0.48 correlation, their price movements are largely independent. SPYT charges 0.87%/yr vs 1.31%/yr for MST.

Performance

SPYT vs. MST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance S&P 500 Income Target ETF (SPYT) and Defiance Leveraged Long Income MSTR ETF (MST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYT achieves a 7.21% return, which is significantly higher than MST's -64.78% return.

SPYT

• 1D: -1.32%
• 1M: -1.62%
• YTD: 7.21%
• 6M: 6.55%
• 1Y: 19.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MST

• 1D: -9.27%
• 1M: -57.88%
• YTD: -64.78%
• 6M: -66.93%
• 1Y: -94.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYT vs. MST - Yearly Performance Comparison

	2026 (YTD)	2025
SPYT Defiance S&P 500 Income Target ETF	7.21%	19.72%
MST Defiance Leveraged Long Income MSTR ETF	-64.78%	-87.60%

Correlation

The correlation between SPYT and MST is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.48

SPYT vs. MST - Sectors Allocation Comparison

Sectors	SPYT	MST
Technology	38.4%	-7.8%
Financial Services	11.0%	-
Communication Services	10.8%	-
Consumer Cyclical	10.0%	-
Healthcare	8.4%	-
Industrials	7.9%	-
Consumer Defensive	4.6%	-
Energy	3.2%	-
Utilities	2.1%	-
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

SPYT vs. MST — Risk / Return Rank

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

SPYT

SPYT Risk / Return Rank: 55
SPYT Sharpe Ratio Rank: 52
SPYT Sortino Ratio Rank: 50
SPYT Omega Ratio Rank: 57
SPYT Calmar Ratio Rank: 52
SPYT Martin Ratio Rank: 63

MST

MST Risk / Return Rank: 1
MST Sharpe Ratio Rank: 3
MST Sortino Ratio Rank: 0
MST Omega Ratio Rank: 0
MST Calmar Ratio Rank: 1
MST 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.

SPYT vs. MST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance S&P 500 Income Target ETF (SPYT) and Defiance Leveraged Long Income MSTR ETF (MST). 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.

	SPYT	MST	Difference
Sharpe ratio: Return per unit of total volatility	1.72	-0.73	+2.45
Sortino ratio: Return per unit of downside risk	2.36	-2.23	+4.59
Omega ratio: Gain probability vs. loss probability	1.34	0.76	+0.57
Calmar ratio: Return relative to maximum drawdown	2.46	-0.99	+3.45
Martin ratio: Return relative to average drawdown	10.95	-1.26	+12.20

SPYT vs. MST - Sharpe Ratio Comparison

The current SPYT Sharpe Ratio is 1.72, which is higher than the MST Sharpe Ratio of -0.73. The chart below compares the historical Sharpe Ratios of SPYT and MST, 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

SPYT vs. MST - Drawdown Comparison

The maximum SPYT drawdown since its inception was -18.25%, smaller than the maximum MST drawdown of -96.24%. Use the drawdown chart below to compare losses from any high point for SPYT and MST.

Drawdown Indicators

	SPYT	MST	Difference
Max Drawdown Largest peak-to-trough decline	-18.25%	-96.24%	+77.99%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-96.24%	+88.24%
Current Drawdown Current decline from peak	-2.93%	-96.24%	+93.31%
Average Drawdown Average peak-to-trough decline	-2.00%	-63.50%	+61.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	75.46%	-73.66%

Volatility

SPYT vs. MST - Volatility Comparison

The current volatility for Defiance S&P 500 Income Target ETF (SPYT) is 4.54%, while Defiance Leveraged Long Income MSTR ETF (MST) has a volatility of 40.51%. This indicates that SPYT experiences smaller price fluctuations and is considered to be less risky than MST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYT	MST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	40.51%	-35.97%
Volatility (6M) Calculated over the trailing 6-month period	9.24%	103.49%	-94.25%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	129.73%	-118.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.90%	124.35%	-109.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.90%	124.35%	-109.45%

SPYT vs. MST - Expense Ratio Comparison

SPYT has a 0.87% expense ratio, which is lower than MST's 1.31% expense ratio.

Dividends

SPYT vs. MST - Dividend Comparison

SPYT's dividend yield for the trailing twelve months is around 21.21%, less than MST's 1,159.04% yield.

Position	TTM	2025	2024
MST Defiance Leveraged Long Income MSTR ETF	1,159.04%	381.22%	0.00%
SPYT Defiance S&P 500 Income Target ETF	21.21%	21.40%	17.37%

Frequently Asked Questions

Can I hold both SPYT and MST in my portfolio?

SPYT and MST have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYT or MST?

MST has higher volatility (40.51%) compared to SPYT (4.54%). In terms of maximum drawdown, SPYT dropped -18.25% vs MST's -96.24%.

Which ETF is better, SPYT or MST?

On 1-year performance, SPYT leads with 19.62% vs -94.85% for MST. On fees, SPYT is cheaper at 0.87% per year. On volatility, SPYT has been the lower-risk option at 4.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYT or MST?

Over the 1-year period, SPYT has performed better with a 19.62% return vs -94.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYT or MST?

SPYT is cheaper with a 0.87% expense ratio, compared with 1.31% for MST.

Which ETF pays a higher dividend yield, SPYT or MST?

MST has the higher dividend yield at 1159.04%, compared with 21.21% for SPYT.

What is the main difference between SPYT and MST?

Their fees differ too: 0.87% for SPYT and 1.31% for MST.

Which has better risk-adjusted returns?

SPYT currently has the higher Sharpe Ratio (1.72 vs -0.73), 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.