WDTE vs. MSTX

Last updated Jun 4, 2026

WDTE (Defiance S&P 500 Enhanced Options & 0DTE Income ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both exchange-traded funds - WDTE 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, WDTE returned 24.07% vs -95.49% for MSTX. At a 0.42 correlation, their price movements are largely independent. WDTE charges 1.01%/yr vs 1.29%/yr for MSTX.

Performance

WDTE vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE) 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, WDTE achieves a 10.59% return, which is significantly higher than MSTX's -54.94% return.

WDTE

• 1D: -0.53%
• 1M: 4.43%
• YTD: 10.59%
• 6M: 11.04%
• 1Y: 24.07%
• 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)

WDTE vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
WDTE Defiance S&P 500 Enhanced Options & 0DTE Income ETF	10.59%	13.60%	2.20%
MSTX Defiance Daily Target 2X Long MSTR ETF	-54.94%	-89.06%	137.37%

Correlation

The correlation between WDTE and MSTX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Aug 16, 2024	0.42

Return for Risk

WDTE vs. MSTX — Risk / Return Rank

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

WDTE

WDTE Risk / Return Rank: 71
WDTE Sharpe Ratio Rank: 71
WDTE Sortino Ratio Rank: 65
WDTE Omega Ratio Rank: 76
WDTE Calmar Ratio Rank: 63
WDTE Martin Ratio Rank: 79

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.

WDTE vs. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE) 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.

	WDTE	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	2.35	-0.68	+3.04
Sortino ratio: Return per unit of downside risk	3.06	-2.10	+5.16
Omega ratio: Gain probability vs. loss probability	1.46	0.78	+0.68
Calmar ratio: Return relative to maximum drawdown	3.16	-0.99	+4.15
Martin ratio: Return relative to average drawdown	15.52	-1.27	+16.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WDTE vs. MSTX - Sharpe Ratio Comparison

The current WDTE Sharpe Ratio is 2.35, which is higher than the MSTX Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of WDTE 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

	WDTE	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	-0.68	+3.04
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	-0.42	+1.75

Drawdowns

WDTE vs. MSTX - Drawdown Comparison

The maximum WDTE drawdown since its inception was -15.85%, smaller than the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for WDTE and MSTX.

Drawdown Indicators

	WDTE	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-15.85%	-98.66%	+82.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.65%	-96.62%	+88.97%
Current Drawdown Current decline from peak	-0.53%	-98.61%	+98.08%
Average Drawdown Average peak-to-trough decline	-1.82%	-69.94%	+68.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	75.26%	-73.71%

Volatility

WDTE vs. MSTX - Volatility Comparison

The current volatility for Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE) is 2.37%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 39.64%. This indicates that WDTE 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

	WDTE	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	39.64%	-37.27%
Volatility (6M) Calculated over the trailing 6-month period	8.50%	112.57%	-104.07%
Volatility (1Y) Calculated over the trailing 1-year period	10.28%	140.09%	-129.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.34%	167.46%	-156.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.34%	167.46%	-156.12%

WDTE vs. MSTX - Expense Ratio Comparison

WDTE has a 1.01% expense ratio, which is lower than MSTX's 1.29% expense ratio.

Dividends

WDTE vs. MSTX - Dividend Comparison

WDTE's dividend yield for the trailing twelve months is around 31.86%, while MSTX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%	0.00%
WDTE Defiance S&P 500 Enhanced Options & 0DTE Income ETF	31.86%	35.78%	51.80%	16.41%

Frequently Asked Questions

Can I hold both WDTE and MSTX in my portfolio?

WDTE and MSTX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WDTE or MSTX?

MSTX has higher volatility (39.64%) compared to WDTE (2.37%). In terms of maximum drawdown, WDTE dropped -15.85% vs MSTX's -98.66%.

Which ETF is better, WDTE or MSTX?

On 1-year performance, WDTE leads with 24.07% vs -95.49% for MSTX. On fees, WDTE is cheaper at 1.01% per year. On volatility, WDTE has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WDTE or MSTX?

Over the 1-year period, WDTE has performed better with a 24.07% return vs -95.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WDTE or MSTX?

WDTE is cheaper with a 1.01% expense ratio, compared with 1.29% for MSTX.

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

WDTE has the higher dividend yield at 31.86%, compared with 0.00% for MSTX.

What is the main difference between WDTE and MSTX?

WDTE is categorized as Derivative Income, while MSTX is Leveraged Equities. Their fees differ too: 1.01% for WDTE and 1.29% for MSTX.

Which has better risk-adjusted returns?

WDTE currently has the higher Sharpe Ratio (2.35 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.