USOY vs. MSTX

Last updated Jun 4, 2026

USOY (Defiance Oil Enhanced Options Income ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both exchange-traded funds - USOY is a Derivative Income fund actively managed by Defiance, while MSTX is a Leveraged Equities fund actively managed by Defiance. Both are actively managed. Over the past year, USOY returned 57.29% vs -95.49% for MSTX. At a 0.01 correlation, their price movements are largely independent. USOY charges 1.22%/yr vs 1.29%/yr for MSTX.

Performance

USOY vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Oil Enhanced Options Income ETF (USOY) 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, USOY achieves a 62.18% return, which is significantly higher than MSTX's -54.94% return.

USOY

• 1D: 1.45%
• 1M: -3.43%
• YTD: 62.18%
• 6M: 59.35%
• 1Y: 57.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: -14.41%
• 1M: -56.02%
• YTD: -54.94%
• 6M: -72.02%
• 1Y: -95.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USOY vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	4.82%
MSTX Defiance Daily Target 2X Long MSTR ETF	-54.94%	-89.06%	137.37%

Correlation

The correlation between USOY and MSTX is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Aug 16, 2024	0.01

Return for Risk

USOY vs. MSTX — Risk / Return Rank

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

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
USOY Martin Ratio Rank: 46

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: 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.

USOY vs. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Oil Enhanced Options Income ETF (USOY) 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.

	USOY	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	-0.68	+2.58
Sortino ratio: Return per unit of downside risk	2.30	-2.10	+4.40
Omega ratio: Gain probability vs. loss probability	1.35	0.78	+0.57
Calmar ratio: Return relative to maximum drawdown	4.03	-0.99	+5.02
Martin ratio: Return relative to average drawdown	7.74	-1.27	+9.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USOY vs. MSTX - Sharpe Ratio Comparison

The current USOY Sharpe Ratio is 1.89, which is higher than the MSTX Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of USOY 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.

Sharpe Ratios by Period

	USOY	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	-0.68	+2.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	-0.42	+1.41

Drawdowns

USOY vs. MSTX - Drawdown Comparison

The maximum USOY drawdown since its inception was -17.46%, smaller than the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for USOY and MSTX.

Drawdown Indicators

	USOY	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-17.46%	-98.66%	+81.20%
Max Drawdown (1Y) Largest decline over 1 year	-14.29%	-96.62%	+82.33%
Current Drawdown Current decline from peak	-5.11%	-98.61%	+93.50%
Average Drawdown Average peak-to-trough decline	-6.47%	-69.94%	+63.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.42%	75.26%	-67.84%

Volatility

USOY vs. MSTX - Volatility Comparison

The current volatility for Defiance Oil Enhanced Options Income ETF (USOY) is 11.62%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 39.64%. This indicates that USOY 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

	USOY	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.62%	39.64%	-28.02%
Volatility (6M) Calculated over the trailing 6-month period	27.18%	112.57%	-85.39%
Volatility (1Y) Calculated over the trailing 1-year period	30.44%	140.09%	-109.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.13%	167.46%	-141.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.13%	167.46%	-141.33%

USOY vs. MSTX - Expense Ratio Comparison

USOY has a 1.22% expense ratio, which is lower than MSTX's 1.29% expense ratio.

Dividends

USOY vs. MSTX - Dividend Comparison

USOY's dividend yield for the trailing twelve months is around 54.16%, 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%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both USOY and MSTX in my portfolio?

USOY and MSTX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USOY or MSTX?

MSTX has higher volatility (39.64%) compared to USOY (11.62%). In terms of maximum drawdown, USOY dropped -17.46% vs MSTX's -98.66%.

Which ETF is better, USOY or MSTX?

On 1-year performance, USOY leads with 57.29% vs -95.49% for MSTX. On fees, USOY is cheaper at 1.22% per year. On volatility, USOY has been the lower-risk option at 11.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USOY or MSTX?

Over the 1-year period, USOY has performed better with a 57.29% return vs -95.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USOY or MSTX?

USOY is cheaper with a 1.22% expense ratio, compared with 1.29% for MSTX.

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

USOY has the higher dividend yield at 54.16%, compared with 0.00% for MSTX.

What is the main difference between USOY and MSTX?

USOY is categorized as Derivative Income, while MSTX is Leveraged Equities. Their fees differ too: 1.22% for USOY and 1.29% for MSTX.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.89 vs -0.68), 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.