MST vs SPY
Defiance Leveraged Long + Income MSTR ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | MST | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.31% | 0.09% | |
| AUM | $14M | $789.1B | |
| Dividend Yield | 3.43% | 1.01% | |
| Holdings | 13 | 505 | |
| YTD Return | -73.08% | +13.39% | |
| 1Y Return | -95.96% | +22.52% | |
| 3Y Return (annualized) | - | +21.36% | |
| 5Y Return (annualized) | - | +13.19% | |
| Volatility (annualized) | 107.3% | 15.3% | |
| Max Drawdown | -97.7% | -56.5% | |
| Fund Family | Defiance ETFs, LLC | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | May 1, 2025 | Jan 22, 1993 |
MST vs SPY Performance
Defiance Leveraged Long + Income MSTR ETF (MST) is a ETF from Defiance ETFs, LLC and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MST returned -95.96% while SPY returned +22.52%. Year to date, MST is down 73.08% versus a gain of 13.39% for SPY.
Risk: Volatility and Drawdowns
MST has been the more volatile fund, with annualized monthly volatility of 107.3% compared with 15.3% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.62. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MST charges 1.31% per year while SPY charges 0.09%. On a $10,000 position that is $131 vs $9 annually, a gap of $122 per year that compounds over a long holding period. On income, MST currently yields 3.43% against 1.01% for SPY.
Holdings Overlap
MST and SPY share 0 holdings out of 506 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, MST or SPY?
MST has an expense ratio of 1.31% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $122 per year of difference.
Which performed better, MST or SPY?
Over the past year MST returned -95.96% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), MST annualized -92.24% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, MST or SPY?
MST has been the more volatile fund at 107.3% annualized versus 15.3% for SPY. Worst drawdown: MST -97.7% vs SPY -56.5%.
Should I hold both MST and SPY?
MST and SPY have a monthly-return correlation of 0.62, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MST and SPY?
MST and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, MST or SPY?
MST yields 3.43% while SPY yields 1.01%, so MST currently pays the higher dividend yield.
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