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

Over the window to Sep 30, 2026, MSTX finished 13.6 points from what its multiple implies and MSTZ finished 48.5 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 83% annualized and MSTZ’s at 83%, 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.

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MSTX vs MSTZ: which held to its multiple?

Over three months against its own daily promise, MSTX finished 15.7 points short and MSTZ 0.1 points short. Defiance Daily Target 2X Long MSTR ETF and T-REX 2X INVERSE MSTR DAILY TARGET ETF.

+114.3%

MSTX returned, 3 months

−79.3%

MSTZ returned, 3 months

−13.6 pts

MSTX from its stated multiple

+48.5 pts

MSTZ from its stated multiple

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%

MSTZ · 3 months to Sep 30, 202648.5 pts ahead of its stated multiple

MSTZ returned −79.3% while −2 times MSTR's move would have been −127.9%

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

MSTX among the 470 leveraged ETFs, long, over three months

MSTX 0.7

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

MSTZ among the 125 inverse ETFs over three months

MSTZ 14.8

0.4, the lowest in this set99.6, the highest

A percentile among the 470 leveraged ETFs, long, over three months. MSTZ is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. 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	MSTX	MSTZ	MSTX	MSTZ	MSTX	MSTZ
1 month	+21.3%	−43.5%	+30.3%	−30.3%	−9.0 pts	−13.2 pts
3 months	+114.3%	−79.3%	+127.9%	−127.9%	−13.6 pts	+48.5 pts
6 months	−3.0%	−78.7%	+49.4%	−49.4%	−52.4 pts	−29.4 pts
1 year	−91.5%	−47.9%	−105.0%	+105.0%	+13.5 pts	−152.9 pts
Since launch MSTX Aug 2024 · MSTZ Sep 2024	−87.3%	−99.4%	+32.1%	−30.8%	−119.4 pts	−68.7 pts

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

On the same fields

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

Underlying asset MSTR MSTR

Segment company company

Fund returned, 3 months or since launch +114.3% −79.3%

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 −13.6 pts +48.5 pts

Fund returned, 1 year or since launch −91.5% −47.9%

Difference from stated, over that window +13.5 pts −152.9 pts

Underlying volatility 83% 83%

Difference over the days both have traded −13.6 pts +48.5 pts

Expense ratio 1.31% 1.05%

Launched Aug 15, 2024 Sep 18, 2024

Net assets $348m $99m

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

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. 2.2 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 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.

MSTZ in plain words

Three months to Sep 30, 2026: MSTZ returned −79.3% where its own daily promise gave −79.2%, 0.1 points short. Read the multiple against the whole window instead and −2 times MSTR's 63.9% implies −127.9%, which makes MSTZ look 48.5 points over. 48.7 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 30, 2026, MSTX finished 13.6 points from what its multiple implies and MSTZ finished 48.5 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 83% annualized and MSTZ’s at 83%, 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

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

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

Where these figures came from

MSTX filings on SEC EDGAR ↗MSTX prospectus with the expense ratio (SEC) ↗Defiance page for MSTX ↗MSTZ filings on SEC EDGAR ↗MSTZ prospectus with the expense ratio (SEC) ↗T-REX page for MSTZ ↗

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

Open data

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