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Performance
STSM Performance Chart
Defiance Daily Target 2X Short TSM ETF (STSM) is down 65.3% since the beginning of the year. STSM is currently trading at $17 per share.
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Returns By Period
Defiance Daily Target 2X Short TSM ETF
- 1D
- -0.01%
- 1M
- -13.31%
- 6M
- -61.45%
- YTD
- -65.26%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.81%
- 1M
- 2.13%
- 6M
- 8.99%
- YTD
- 10.20%
- 1Y
- 20.44%
- 3Y*
- 19.60%
- 5Y*
- 11.54%
- 10Y*
- 13.44%
STSM Monthly Returns History
Based on dividend-adjusted daily data since Nov 18, 2025, STSM's average daily return is -0.66%, while the average monthly return is -11.77%.
Historically, 22% of months were positive and 78% were negative. The best month was Jul 2026 with a return of +15.9%, while the worst month was Apr 2026 at -30.0%. The longest winning streak lasted 1 consecutive months, and the longest losing streak was 4 months.
On a daily basis, STSM closed higher 43% of trading days. The best single day was Jul 1, 2026 with a return of +13.9%, while the worst single day was Jun 18, 2026 at -13.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -18.17% | -24.77% | 14.76% | -30.02% | -13.88% | -29.60% | 15.91% | -65.26% | |||||
| 2025 | -9.62% | -10.57% | -19.17% |
Benchmark Metrics
Defiance Daily Target 2X Short TSM ETF has an annualized alpha of -53.27%, beta of -4.39, and R2 of 0.49 versus S&P 500 Index. Calculated based on daily prices since November 18, 2025.
- This ETF participated in 430.98% of S&P 500 Index downside but only -133.27% of its upside - more exposed to losses than it benefited from rallies.
- Beta of -4.39 may look defensive, but with R2 of 0.49 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.49 means the benchmark explains less than half of this ETF's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- -53.27%
- Beta
- -4.39
- R²
- 0.49
- Upside Capture
- -133.27%
- Downside Capture
- 430.98%
Expense Ratio
STSM has a high expense ratio of 1.31%, indicating above-average management fees.
Return for Risk
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Defiance Daily Target 2X Short TSM ETF (STSM) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| STSM | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.30 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.26 | — |
| Martin ratioReturn relative to average drawdown | — | 9.80 | — |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Defiance Daily Target 2X Short TSM ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Defiance Daily Target 2X Short TSM ETF was 76.23%, occurring on Jun 30, 2026. The portfolio has not yet recovered.
The current Defiance Daily Target 2X Short TSM ETF drawdown is 72.45%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -76.23%Jun 2026 | 7mo 8d | — | 7mo 18dNov 2025 - now |
2025 pullback2025 | -3.73%Nov 2025 | 1d | 2d | 3dNov 2025 - Nov 2025 |
Drawdown Indicators
| STSM | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.23% | -56.78% | -19.45% |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.10% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -72.45% | -0.87% | -71.58% |
Average DrawdownAverage peak-to-trough decline | -45.26% | -10.71% | -34.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.09% | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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