In my experience, there are no long lasting deck stains. My deck was west facing, the summer the sun would dry the wood, winter would hydrate the wood. I used to stain every 3-4 years until it was time to replace the wood, I replaced with trex.

I always used Olympic semi transparent oil based stain, when I had decks. (dont have one at this house) I never had any problems with peeling, but, they do fade, and they do show wear marks. They did touch up easily though, every year or two.