Defiance Leveraged Long + Income MSTR ETF (MST) Performance
MST total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −51.9% since Dec 31, 2025
- 1 year
- −86.0% total return
- Since first price
- −94.1% since 2025
MST trailing returns vs SPY, QQQ, AGG
| Period | MST total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −21.2% | −23.3% | −1.0% | −5.0% | +0.9% |
| 3 months | +76.2% | +58.7% | +3.2% | +1.9% | −0.4% |
| 6 months | −52.5% | −62.0% | +7.8% | +8.4% | −1.5% |
| YTD | −51.9% | −69.2% | +12.3% | +15.1% | −1.0% |
| 1 year | −86.0% | −92.9% | +14.4% | +15.9% | −1.1% |
| Since inceptionMay 2, 2025 | −94.1% | −97.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: MST vs SPY
From May 2, 2025: MST grew to $591, SPY to $13,631.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MST returns by calendar year
2026 is year to date.
MST annual returns table
| Year | MST | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −51.9% | −83.5% | +12.3% | +15.1% | −1.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
MST largest drawdowns
Now 94.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 16, 2025 | −97.7% | Jun 26, 2026 | not yet | 11 months | 1.3 years so far |
| May 13, 2025 | −24.9% | May 28, 2025 | Jul 14, 2025 | 15 days | 2 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
MST risk statistics
| Statistic | Since 2025 |
|---|---|
| Annualized return | −85.0% |
| Volatility (annualized) | 125.7% |
| Sharpe ratio | -0.73 |
| Sortino ratio | -0.95 |
| Best month | +68.0% |
| Worst month | −71.4% |
| Best 12 months | −87.8% |
| Worst 12 months | −97.0% |
| Positive months | 31% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
MST rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 6 | −97.0% | −89.4% | −84.5% | 0% |
Every holding period starting at a month-end since 2025. Returns for 3 years and longer are annualized.
MST performance overview
Defiance Leveraged Long + Income MSTR ETF (MST) returned −86.0% over the past year, with distributions reinvested. Since its first recorded price on May 2, 2025 it has returned −94.1%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −97.7%, from Jul 16, 2025 to Jun 26, 2026; the fund has not yet regained that high. Volatility has been 125.7% a year.
Related: MST chart, MST dividends. See the MST overview for the latest quote and fund facts.
MST performance FAQ
What is the MST return over the past year?
MST returned −86.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 92.9%.
How much would $10,000 invested in MST be worth?
$10,000 invested in MST at its first recorded close on May 2, 2025 would be worth about $591 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of MST?
The largest peak-to-trough decline was −97.7% between July 16, 2025 and June 26, 2026. It has not yet recovered to that high; it is 94.9% below its peak.
How volatile is MST?
Over the past history MST had an annualized volatility of 125.7% and a Sharpe ratio of -0.73 (excess return over 1–3 month T-bills per unit of risk).