Data as of .
MSTX vs MSTZ: which held to its multiple?
Over three months against its own daily promise, MSTX finished 6.8 points short and MSTZ 0.4 points short.
ETFIQ Decay Resistance Score: MSTZ scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 391 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| MSTX | MSTZ | MSTX | MSTZ | MSTX | MSTZ | |
| 1 month | +71.1% | −61.8% | +76.2% | −76.2% | −5.2 pts | +14.4 pts |
| 3 months | −13.4% | −51.5% | +11.3% | −11.3% | −24.7 pts | −40.2 pts |
| 6 months | −44.4% | −58.3% | −12.5% | +12.5% | −31.9 pts | −70.8 pts |
| 1 year | −93.8% | −18.8% | −119.7% | +119.7% | +25.8 pts | −138.5 pts |
| Since launch | −90.3% | −99.1% | −1.5% | +2.6% | −88.8 pts | −101.7 pts |
| MSTX Defiance Daily Target 2X Long MSTR ETF Aims to return twice the daily move of Strategy (MSTR) | MSTZ T-REX 2X INVERSE MSTR DAILY TARGET ETF Aims to return twice the opposite of the daily move of Strategy (MSTR) | |
|---|---|---|
| Issuer | Defiance | T-REX |
| Sets out to return | +2x | -2x |
| On | MSTR | MSTR |
| Segment | company | company |
| Fund returned, 3 months | −13.4% | −51.5% |
| Underlying returned, 3 months | +5.7% | +5.7% |
| What the stated multiple implies, 3 months | +11.3% | −11.3% |
| Difference from stated, 3 months | −24.7 pts | −40.2 pts |
| Fund returned, 1 year or since launch | −93.8% | −18.8% |
| Difference from stated, over that window | +25.8 pts | −138.5 pts |
| Underlying volatility | 88% | 88% |
| Difference over the days both have traded | −5.2 pts | −40.2 pts |
| Expense ratio | 1.31% | 1.05% |
| Launched | Aug 15, 2024 | Sep 18, 2024 |
MSTX in plain words
Three months to Sep 11, 2026: MSTX returned −13.4% where its own daily promise gave −6.6%, 6.8 points short. Read the multiple against the whole window instead and +2 times MSTR's 5.7% implies +11.3%, which makes MSTX look 24.7 points short. 17.9 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. MSTX aims to return +2 times MSTR's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. MSTR moved at 88% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
MSTZ in plain words
Three months to Sep 11, 2026: MSTZ returned −51.5% where its own daily promise gave −51.1%, 0.4 points short. Read the multiple against the whole window instead and −2 times MSTR's 5.7% implies −11.3%, which makes MSTZ look 40.2 points short. 39.8 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. MSTZ aims to return -2 times MSTR's move each day, then resets. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, MSTX or MSTZ?
- Over the window to Sep 11, 2026, MSTX finished 24.7 points from what its multiple implies and MSTZ finished 40.2 points from its own, so MSTX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are MSTX and MSTZ levered on the same thing?
- Yes. Both are levered on Strategy, MSTX at +2 times and MSTZ at -2 times the daily move.
- Which one decays faster, MSTX or MSTZ?
- Decay follows how much the underlying moves about. Over this window MSTX’s moved at 88% annualized and MSTZ’s at 88%, so MSTX has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold MSTX or MSTZ for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, MSTX or MSTZ?
- MSTX charges 1.31% a year and MSTZ charges 1.05%, so MSTZ is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, MSTX against MSTZ, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/MSTX-MSTZ Free to use with attribution; the underlying files are at Open data.