UFOX vs. MSTX

Last updated Jul 14, 2026

UFOX (Defiance Connective Technologies ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both exchange-traded funds - UFOX is a Technology Equities fund tracking the BlueStar Connective Technologies Index, while MSTX is a Leveraged Equities fund actively managed by Defiance. UFOX is passively managed, while MSTX is actively managed. Over the past year, UFOX returned 65.37% vs -98.20% for MSTX. At a 0.44 correlation, their price movements are largely independent. UFOX charges 0.30%/yr vs 1.29%/yr for MSTX.

Performance

UFOX vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Connective Technologies ETF (UFOX) 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, UFOX achieves a 35.45% return, which is significantly higher than MSTX's -78.86% return.

UFOX

• 1D: -3.14%
• 1M: -9.07%
• 6M: 31.10%
• YTD: 35.45%
• 1Y: 65.37%
• 3Y*: 38.08%
• 5Y*: 19.36%
• 10Y*: —

MSTX

• 1D: -5.35%
• 1M: -49.69%
• 6M: -81.03%
• YTD: -78.86%
• 1Y: -98.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UFOX vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UFOX Defiance Connective Technologies ETF	35.45%	34.83%	19.09%
MSTX Defiance Daily Target 2X Long MSTR ETF	-78.86%	-89.06%	134.05%

Correlation

The correlation between UFOX and MSTX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.44

Return for Risk

UFOX vs. MSTX — Risk / Return Rank

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

UFOX

UFOX Risk / Return Rank: 81
UFOX Sharpe Ratio Rank: 87
UFOX Sortino Ratio Rank: 79
UFOX Omega Ratio Rank: 77
UFOX Calmar Ratio Rank: 82
UFOX Martin Ratio Rank: 82

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.

UFOX vs. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Connective Technologies ETF (UFOX) 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.

	UFOX	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	-0.66	+2.89
Sortino ratio: Return per unit of downside risk	2.79	-2.68	+5.47
Omega ratio: Gain probability vs. loss probability	1.36	0.73	+0.63
Calmar ratio: Return relative to maximum drawdown	3.50	-1.00	+4.49
Martin ratio: Return relative to average drawdown	12.65	-1.20	+13.85

UFOX vs. MSTX - Sharpe Ratio Comparison

The current UFOX Sharpe Ratio is 2.22, which is higher than the MSTX Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of UFOX 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

UFOX vs. MSTX - Drawdown Comparison

The maximum UFOX drawdown since its inception was -33.90%, smaller than the maximum MSTX drawdown of -99.46%. Use the drawdown chart below to compare losses from any high point for UFOX and MSTX.

Drawdown Indicators

	UFOX	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-33.90%	-99.46%	+65.56%
Max Drawdown (1Y) Largest decline over 1 year	-18.80%	-98.63%	+79.83%
Max Drawdown (3Y) Largest decline over 3 years	-28.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.90%	—	—
Current Drawdown Current decline from peak	-18.80%	-99.35%	+80.55%
Average Drawdown Average peak-to-trough decline	-9.07%	-71.39%	+62.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.18%	81.50%	-76.32%

Volatility

UFOX vs. MSTX - Volatility Comparison

The current volatility for Defiance Connective Technologies ETF (UFOX) is 12.67%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 53.48%. This indicates that UFOX 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

	UFOX	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.67%	53.48%	-40.81%
Volatility (6M) Calculated over the trailing 6-month period	24.72%	121.92%	-97.20%
Volatility (1Y) Calculated over the trailing 1-year period	29.62%	148.11%	-118.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.52%	168.15%	-142.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.68%	168.15%	-142.47%

UFOX vs. MSTX - Expense Ratio Comparison

UFOX has a 0.30% expense ratio, which is lower than MSTX's 1.29% expense ratio.

Dividends

UFOX vs. MSTX - Dividend Comparison

UFOX's dividend yield for the trailing twelve months is around 0.44%, while MSTX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%	0.00%	0.00%	0.00%	0.00%	0.00%
UFOX Defiance Connective Technologies ETF	0.44%	0.56%	0.79%	1.40%	1.63%	1.17%	0.99%	0.75%

Frequently Asked Questions

Can I hold both UFOX and MSTX in my portfolio?

UFOX and MSTX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UFOX or MSTX?

MSTX has higher volatility (53.48%) compared to UFOX (12.67%). In terms of maximum drawdown, UFOX dropped -33.90% vs MSTX's -99.46%.

Which ETF is better, UFOX or MSTX?

On 1-year performance, UFOX leads with 65.37% vs -98.20% for MSTX. On fees, UFOX is cheaper at 0.30% per year. On volatility, UFOX has been the lower-risk option at 12.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UFOX or MSTX?

Over the 1-year period, UFOX has performed better with a 65.37% return vs -98.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UFOX or MSTX?

UFOX is cheaper with a 0.30% expense ratio, compared with 1.29% for MSTX.

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

UFOX has the higher dividend yield at 0.44%, compared with 0.00% for MSTX.

What is the main difference between UFOX and MSTX?

UFOX is categorized as Technology Equities, while MSTX is Leveraged Equities. Their fees differ too: 0.30% for UFOX and 1.29% for MSTX.

Which has better risk-adjusted returns?

UFOX currently has the higher Sharpe Ratio (2.22 vs -0.66), 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.