AMAX vs. SMST

Last updated Jul 14, 2026

AMAX (RH Hedged Multi-Asset Income ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - AMAX is a Nontraditional Bonds fund actively managed by Adaptive, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, AMAX returned 4.58% vs 240.03% for SMST. At a correlation of -0.46, they often move in opposite directions. Both charge a 1.29% expense ratio.

Performance

AMAX vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RH Hedged Multi-Asset Income ETF (AMAX) 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, AMAX achieves a 0.54% return, which is significantly higher than SMST's -27.96% return.

AMAX

• 1D: -0.40%
• 1M: -1.73%
• 6M: -1.82%
• YTD: 0.54%
• 1Y: 4.58%
• 3Y*: 7.43%
• 5Y*: —
• 10Y*: —

SMST

• 1D: 5.26%
• 1M: 44.38%
• 6M: -15.07%
• YTD: -27.96%
• 1Y: 240.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AMAX vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AMAX RH Hedged Multi-Asset Income ETF	0.54%	11.38%	-1.02%
SMST Defiance Daily Target 2X Short MSTR ETF	-27.96%	-44.36%	-91.71%

Correlation

The correlation between AMAX and SMST is -0.54, 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	-0.54
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.46

The correlation between AMAX and SMST has been stable across timeframes, ranging from -0.54 to -0.46 - a consistent structural relationship.

Return for Risk

AMAX vs. SMST — Risk / Return Rank

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

AMAX

AMAX Risk / Return Rank: 17
AMAX Sharpe Ratio Rank: 17
AMAX Sortino Ratio Rank: 15
AMAX Omega Ratio Rank: 16
AMAX Calmar Ratio Rank: 18
AMAX Martin Ratio Rank: 19

SMST

SMST Risk / Return Rank: 60
SMST Sharpe Ratio Rank: 62
SMST Sortino Ratio Rank: 63
SMST Omega Ratio Rank: 63
SMST Calmar Ratio Rank: 71
SMST Martin Ratio Rank: 43

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.

AMAX vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RH Hedged Multi-Asset Income ETF (AMAX) 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.

	AMAX	SMST	Difference
Sharpe ratio: Return per unit of total volatility	0.43	1.62	-1.19
Sortino ratio: Return per unit of downside risk	0.65	2.33	-1.69
Omega ratio: Gain probability vs. loss probability	1.08	1.30	-0.22
Calmar ratio: Return relative to maximum drawdown	0.61	2.83	-2.22
Martin ratio: Return relative to average drawdown	1.51	5.47	-3.96

AMAX vs. SMST - Sharpe Ratio Comparison

The current AMAX Sharpe Ratio is 0.43, which is lower than the SMST Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of AMAX 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

AMAX vs. SMST - Drawdown Comparison

The maximum AMAX drawdown since its inception was -16.28%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for AMAX and SMST.

Drawdown Indicators

	AMAX	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-16.28%	-99.25%	+82.97%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-85.39%	+77.86%
Max Drawdown (3Y) Largest decline over 3 years	-9.27%	—	—
Current Drawdown Current decline from peak	-5.94%	-97.17%	+91.23%
Average Drawdown Average peak-to-trough decline	-5.31%	-90.89%	+85.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	44.09%	-41.05%

Volatility

AMAX vs. SMST - Volatility Comparison

The current volatility for RH Hedged Multi-Asset Income ETF (AMAX) is 3.67%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.59%. This indicates that AMAX 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

	AMAX	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.67%	56.59%	-52.92%
Volatility (6M) Calculated over the trailing 6-month period	8.87%	135.88%	-127.01%
Volatility (1Y) Calculated over the trailing 1-year period	10.63%	149.23%	-138.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.45%	167.74%	-157.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.45%	167.74%	-157.29%

AMAX vs. SMST - Expense Ratio Comparison

Both AMAX and SMST have an expense ratio of 1.29%.

Dividends

AMAX vs. SMST - Dividend Comparison

AMAX's dividend yield for the trailing twelve months is around 11.67%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
AMAX RH Hedged Multi-Asset Income ETF	11.67%	9.18%	7.36%	6.99%	11.22%	1.00%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AMAX and SMST in my portfolio?

AMAX and SMST have a correlation of -0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMAX or SMST?

SMST has higher volatility (56.59%) compared to AMAX (3.67%). In terms of maximum drawdown, AMAX dropped -16.28% vs SMST's -99.25%.

Which ETF is better, AMAX or SMST?

On 1-year performance, SMST leads with 240.03% vs 4.58% for AMAX. Both ETFs have the same 1.29% expense ratio. On volatility, AMAX has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMAX or SMST?

Over the 1-year period, SMST has performed better with a 240.03% return vs 4.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMAX or SMST?

AMAX and SMST have the same expense ratio: 1.29% per year.

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

AMAX has the higher dividend yield at 11.67%, compared with 0.00% for SMST.

What is the main difference between AMAX and SMST?

AMAX is categorized as Nontraditional Bonds, while SMST is Inverse Equities. They also come from different issuers: Adaptive and Defiance.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.62 vs 0.43), 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.