AAPW vs. SMST

Last updated Jul 15, 2026

AAPW (AAPL WeeklyPay™ ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - AAPW is a Derivative Income fund actively managed by Roundhill, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, AAPW returned 57.24% vs 223.39% for SMST. At a correlation of -0.23, they often move in opposite directions. AAPW charges 0.99%/yr vs 1.29%/yr for SMST.

Performance

AAPW vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAPL WeeklyPay™ ETF (AAPW) and Defiance Daily Target 2X Short MSTR ETF (SMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPW achieves a 16.63% return, which is significantly higher than SMST's -36.68% return.

AAPW

• 1D: -0.95%
• 1M: 9.34%
• 6M: 22.31%
• YTD: 16.63%
• 1Y: 57.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: -12.10%
• 1M: 26.91%
• 6M: -13.52%
• YTD: -36.68%
• 1Y: 223.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAPW vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
AAPW AAPL WeeklyPay™ ETF	16.63%	8.71%
SMST Defiance Daily Target 2X Short MSTR ETF	-36.68%	-6.07%

Correlation

The correlation between AAPW and SMST is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.20
Correlation (All Time) Calculated using the full available price history since Feb 19, 2025	-0.23

Return for Risk

AAPW vs. SMST — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAPW

AAPW Risk / Return Rank: 73
AAPW Sharpe Ratio Rank: 78
AAPW Sortino Ratio Rank: 75
AAPW Omega Ratio Rank: 75
AAPW Calmar Ratio Rank: 80
AAPW Martin Ratio Rank: 57

SMST

SMST Risk / Return Rank: 56
SMST Sharpe Ratio Rank: 55
SMST Sortino Ratio Rank: 60
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 66
SMST Martin Ratio Rank: 40

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAPW vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAPL WeeklyPay™ ETF (AAPW) and Defiance Daily Target 2X Short MSTR ETF (SMST). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	AAPW	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.51	+0.46
Sortino ratio: Return per unit of downside risk	2.68	2.28	+0.40
Omega ratio: Gain probability vs. loss probability	1.35	1.30	+0.05
Calmar ratio: Return relative to maximum drawdown	3.31	2.63	+0.68
Martin ratio: Return relative to average drawdown	7.90	5.07	+2.83

AAPW vs. SMST - Sharpe Ratio Comparison

The current AAPW Sharpe Ratio is 1.97, which is higher than the SMST Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of AAPW and SMST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AAPW vs. SMST - Drawdown Comparison

The maximum AAPW drawdown since its inception was -36.28%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for AAPW and SMST.

Drawdown Indicators

	AAPW	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-36.28%	-99.25%	+62.97%
Max Drawdown (1Y) Largest decline over 1 year	-17.36%	-85.39%	+68.03%
Current Drawdown Current decline from peak	-0.95%	-97.51%	+96.56%
Average Drawdown Average peak-to-trough decline	-10.75%	-90.91%	+80.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.27%	44.25%	-36.98%

Volatility

AAPW vs. SMST - Volatility Comparison

The current volatility for AAPL WeeklyPay™ ETF (AAPW) is 11.23%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 57.45%. This indicates that AAPW experiences smaller price fluctuations and is considered to be less risky than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPW	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.23%	57.45%	-46.22%
Volatility (6M) Calculated over the trailing 6-month period	22.49%	136.03%	-113.54%
Volatility (1Y) Calculated over the trailing 1-year period	29.30%	149.51%	-120.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.87%	167.79%	-132.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.87%	167.79%	-132.92%

AAPW vs. SMST - Expense Ratio Comparison

AAPW has a 0.99% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

AAPW vs. SMST - Dividend Comparison

AAPW's dividend yield for the trailing twelve months is around 29.92%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
AAPW AAPL WeeklyPay™ ETF	29.92%	28.83%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAPW and SMST in my portfolio?

AAPW and SMST have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAPW or SMST?

SMST has higher volatility (57.45%) compared to AAPW (11.23%). In terms of maximum drawdown, AAPW dropped -36.28% vs SMST's -99.25%.

Which ETF is better, AAPW or SMST?

On 1-year performance, SMST leads with 223.39% vs 57.24% for AAPW. On fees, AAPW is cheaper at 0.99% per year. On volatility, AAPW has been the lower-risk option at 11.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPW or SMST?

Over the 1-year period, SMST has performed better with a 223.39% return vs 57.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPW or SMST?

AAPW is cheaper with a 0.99% expense ratio, compared with 1.29% for SMST.

Which ETF pays a higher dividend yield, AAPW or SMST?

AAPW has the higher dividend yield at 29.92%, compared with 0.00% for SMST.

What is the main difference between AAPW and SMST?

AAPW is categorized as Derivative Income, while SMST is Inverse Equities. They also come from different issuers: Roundhill and Defiance. Their fees differ too: 0.99% for AAPW and 1.29% for SMST.

Which has better risk-adjusted returns?

AAPW currently has the higher Sharpe Ratio (1.97 vs 1.51), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.