SPYT vs. MSTX

Last updated Apr 1, 2026

Compare and contrast key facts about Defiance S&P 500 Income Target ETF (SPYT) and Defiance Daily Target 2X Long MSTR ETF (MSTX).

SPYT and MSTX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPYT is an actively managed fund by Defiance. It was launched on Mar 7, 2024. MSTX is an actively managed fund by Defiance. It was launched on Aug 14, 2024.

Performance

SPYT vs. MSTX - 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 Daily Target 2X Long MSTR ETF (MSTX). The values are adjusted to include any dividend payments, if applicable.

SPYT vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYT Defiance S&P 500 Income Target ETF	-3.61%	12.41%	5.48%
MSTX Defiance Daily Target 2X Long MSTR ETF	-49.22%	-89.06%	137.37%

Returns By Period

In the year-to-date period, SPYT achieves a -3.61% return, which is significantly higher than MSTX's -49.22% return.

SPYT

• 1D: 2.97%
• 1M: -4.34%
• YTD: -3.61%
• 6M: -2.10%
• 1Y: 14.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: 5.68%
• 1M: -13.11%
• YTD: -49.22%
• 6M: -90.86%
• 1Y: -92.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYT vs. MSTX - Expense Ratio Comparison

SPYT has a 0.87% expense ratio, which is lower than MSTX's 1.29% expense ratio.

MSTX

Defiance Daily Target 2X Long MSTR ETF

SPYT

Defiance S&P 500 Income Target ETF

Return for Risk

SPYT vs. MSTX — Risk / Return Rank

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

SPYT

SPYT Risk / Return Rank: 54
SPYT Sharpe Ratio Rank: 47
SPYT Sortino Ratio Rank: 49
SPYT Omega Ratio Rank: 58
SPYT Calmar Ratio Rank: 53
SPYT Martin Ratio Rank: 65

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: 2

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. MSTX - 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 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.

	SPYT	MSTX	Difference
Sharpe ratio Return per unit of total volatility	0.82	-0.63	+1.44
Sortino ratio Return per unit of downside risk	1.27	-1.48	+2.76
Omega ratio Gain probability vs. loss probability	1.21	0.84	+0.37
Calmar ratio Return relative to maximum drawdown	1.28	-0.96	+2.24
Martin ratio Return relative to average drawdown	6.21	-1.43	+7.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYT vs. MSTX - Sharpe Ratio Comparison

The current SPYT Sharpe Ratio is 0.82, which is higher than the MSTX Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of SPYT and MSTX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPYT	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	-0.63	+1.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	-0.42	+1.11

Correlation

The correlation between SPYT and MSTX is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SPYT vs. MSTX - Dividend Comparison

SPYT's dividend yield for the trailing twelve months is around 22.62%, while MSTX has not paid dividends to shareholders.

	TTM	2025	2024
SPYT Defiance S&P 500 Income Target ETF	22.62%	21.40%	17.37%
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%

Drawdowns

SPYT vs. MSTX - Drawdown Comparison

The maximum SPYT drawdown since its inception was -18.25%, smaller than the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for SPYT and MSTX.

Drawdown Indicators

	SPYT	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-18.25%	-98.66%	+80.41%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-96.62%	+85.06%
Current Drawdown Current decline from peak	-5.27%	-98.44%	+93.17%
Average Drawdown Average peak-to-trough decline	-2.11%	-66.95%	+64.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	64.85%	-62.47%

Volatility

SPYT vs. MSTX - Volatility Comparison

The current volatility for Defiance S&P 500 Income Target ETF (SPYT) is 5.38%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 37.25%. This indicates that SPYT 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

	SPYT	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	37.25%	-31.87%
Volatility (6M) Calculated over the trailing 6-month period	8.82%	111.13%	-102.31%
Volatility (1Y) Calculated over the trailing 1-year period	17.40%	147.32%	-129.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.13%	169.73%	-154.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.13%	169.73%	-154.60%