Which came closer to its stated multiple, MSTP or MSTX?

Over the window to Sep 30, 2026, MSTP finished 9.7 points from what its multiple implies and MSTX finished 13.6 points from its own, so MSTP came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are MSTP and MSTX levered on the same thing?

Yes. Both are levered on Strategy, MSTP at +2 times and MSTX at +2 times the daily move.

Which one decays faster, MSTP or MSTX?

Decay follows how much the underlying moves about. Over this window MSTP’s moved at 83% annualized and MSTX’s at 83%, so MSTP has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold MSTP or MSTX 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, MSTP or MSTX?

MSTP charges 1.50% a year and MSTX charges 1.31%, so MSTX is cheaper. Fees come from each fund's prospectus.

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MSTP vs MSTX: which held to its multiple?

Over the days both have traded, MSTP finished 9.7 points from its stated multiple and MSTX 13.6. GraniteShares 2x Long MSTR Daily ETF and Defiance Daily Target 2X Long MSTR ETF.

+118.2%

MSTP returned, 3 months

+114.3%

MSTX returned, 3 months

−9.7 pts

MSTP from its stated multiple

−13.6 pts

MSTX from its stated multiple

MSTP · 3 months to Sep 30, 20269.7 pts short of its stated multiple

MSTP returned +118.2% while 2 times MSTR's move would have been +127.9%

MSTX · 3 months to Sep 30, 202613.6 pts short of its stated multiple

MSTX returned +114.3% while 2 times MSTR's move would have been +127.9%

ETFIQ Decay Resistance Score · MSTP scores higherDid it keep up with its own daily multiple, compounded day by day?

MSTP 1.6

MSTX 0.7

0.1, the lowest in this set99.9, the highest

A percentile among the 470 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

	Total return		Multiple would give		Difference
Window	MSTP	MSTX	MSTP	MSTX	MSTP	MSTX
1 month	+21.7%	+21.3%	+30.3%	+30.3%	−8.6 pts	−9.0 pts
3 months	+118.2%	+114.3%	+127.9%	+127.9%	−9.7 pts	−13.6 pts
6 months	+0.7%	−3.0%	+49.4%	+49.4%	−48.7 pts	−52.4 pts
1 year	−90.4%	−91.5%	−105.0%	−105.0%	+14.6 pts	+13.5 pts
Since launch MSTP Jun 2025 · MSTX Aug 2024	−94.3%	−87.3%	−121.7%	+32.1%	+27.4 pts	−119.4 pts

MSTP and MSTX over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

MSTP

GraniteShares 2x Long MSTR Daily ETF · Aims to return twice the daily move of Strategy (MSTR)

MSTX

Defiance Daily Target 2X Long MSTR ETF · Aims to return twice the daily move of Strategy (MSTR)

Issuer GraniteShares Defiance

Sets out to return +2x +2x

Underlying asset MSTR MSTR

Segment company company

Fund returned, 3 months or since launch +118.2% +114.3%

Underlying returned, over that window +63.9% +63.9%

What the stated multiple implies, over that window +127.9% +127.9%

Difference from stated, over that window −9.7 pts −13.6 pts

Fund returned, 1 year or since launch −90.4% −91.5%

Difference from stated, over that window +14.6 pts +13.5 pts

Underlying volatility 83% 83%

Difference over the days both have traded −9.7 pts −13.6 pts

Expense ratio 1.50% 1.31%

Launched Jun 10, 2025 Aug 15, 2024

Net assets $16m $348m

MSTP and MSTX on the same fields, as of Sep 30, 2026. Source: ETFIQ.

MSTP in plain words

Three months to Sep 30, 2026: MSTP returned +118.2% where its own daily promise gave +130.0%, 11.9 points short. Read the multiple against the whole window instead and 2 times MSTR's 63.9% implies +127.9%, which makes MSTP look 9.7 points short. 2.2 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. MSTP 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 83% 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.

MSTX in plain words

Three months to Sep 30, 2026: MSTX returned +114.3% where its own daily promise gave +130.0%, 15.7 points short. Read the multiple against the whole window instead and 2 times MSTR's 63.9% implies +127.9%, which makes MSTX look 13.6 points short. MSTX aims to return +2 times MSTR's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, MSTP or MSTX?: Over the window to Sep 30, 2026, MSTP finished 9.7 points from what its multiple implies and MSTX finished 13.6 points from its own, so MSTP came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are MSTP and MSTX levered on the same thing?: Yes. Both are levered on Strategy, MSTP at +2 times and MSTX at +2 times the daily move.
Which one decays faster, MSTP or MSTX?: Decay follows how much the underlying moves about. Over this window MSTP’s moved at 83% annualized and MSTX’s at 83%, so MSTP has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold MSTP or MSTX 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, MSTP or MSTX?: MSTP charges 1.50% a year and MSTX charges 1.31%, so MSTX is cheaper. Fees come from each fund's prospectus.

Other comparisons

MSTP vs MSTU MSTP vs MSTZ MSTP vs SMST MSTP vs MSTC MSTX vs MSTZ MSTX vs SMST MSTX vs MSTU MSTX vs MSTC

MSTP on its own →MSTX on its own →How every figure is computed →Standards and sources →

Where these figures came from

MSTP filings on SEC EDGAR ↗MSTP prospectus with the expense ratio (SEC) ↗GraniteShares page for MSTP ↗MSTX filings on SEC EDGAR ↗MSTX prospectus with the expense ratio (SEC) ↗Defiance page for MSTX ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, MSTP against MSTX, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/mstp-vs-mstx

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.