MST vs SPY
Defiance Leveraged Long + Income MSTR ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, MST or SPY?
Leverage Strategy against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | MST | SPY |
|---|---|---|
| Expense Ratio | 1.91% | 0.09%Best |
| AUM | $21M | $804.7B |
| Dividend Yield | 196.33% | 0.98% |
| Holdings | 26 | 505 |
| YTD Return | -47.84% | +12.09%Best |
| 1Y Return | -89.68% | +16.29%Best |
| 3Y Return (annualized) | - | +21.20% |
| 5Y Return (annualized) | - | +13.37% |
| Volatility (annualized) | 127.1% | 12.0%Best |
| Max Drawdown | -97.7% | -8.9%Best |
| $10,000 over 1.4 years | $715 | $13,690Best |
| Fund Family | Defiance ETFs, LLC | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Leverage Strategy | Large Cap Blend |
| Inception | May 1, 2025 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.4 years row, are measured over the window both funds cover: May 2, 2025 to Sep 18, 2026 (1.4 years).
MST vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.4 years both funds cover.
MST vs SPY Performance
Defiance Leveraged Long + Income MSTR ETF (MST) is an ETF from Defiance ETFs, LLC and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year MST returned -89.68% while SPY returned +16.29%. Year to date, MST is down 47.84% versus a gain of 12.09% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MST has been the more volatile fund, with annualized monthly volatility of 127.1% compared with 12.0% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -97.7% for MST and -8.9% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.48. They move together some of the time, and apart the rest.
Fees and Cost Over Time
MST charges 1.91% per year while SPY charges 0.09%. On a $10,000 position that is $191 vs $9 annually, a gap of $182 per year that compounds over a long holding period. On income, MST currently yields 196.33% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 1 holding in MST and 504 in SPY, totalling 7.8% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in MST and 504 in SPY, against full books of 26 and 505.
You are not choosing between two funds in isolation.
Whichever of MST and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, MST or SPY?
MST has an expense ratio of 1.91% while SPY charges 0.09%. SPY is the cheaper option, by $182 a year on a $10,000 investment.
Which performed better, MST or SPY?
Over the past year MST returned -89.68% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), MST annualized -84.80% vs +25.15% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MST or SPY?
MST has been the more volatile fund at 127.1% annualized versus 12.0% for SPY. Worst drawdown: MST -97.7% vs SPY -8.9%.
Should I hold both MST and SPY?
MST and SPY have a monthly-return correlation of 0.48, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, MST or SPY?
MST yields 196.33% while SPY yields 0.98%, so MST currently pays the higher dividend yield.
Is SPY better than MST?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.