AMDY vs. SMST

Last updated Jul 17, 2026

AMDY (YieldMax AMD Option Income Strategy ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - AMDY is a Derivative Income fund actively managed by YieldMax ETFs, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, AMDY returned 156.26% vs 257.89% for SMST. At a correlation of -0.43, they often move in opposite directions. AMDY charges 1.23%/yr vs 1.29%/yr for SMST.

Performance

AMDY vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AMD Option Income Strategy ETF (AMDY) 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, AMDY achieves a 97.19% return, which is significantly higher than SMST's -31.71% return.

AMDY

• 1D: -5.15%
• 1M: -0.14%
• 6M: 92.76%
• YTD: 97.19%
• 1Y: 156.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: 7.64%
• 1M: 37.45%
• 6M: -8.12%
• YTD: -31.71%
• 1Y: 257.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AMDY vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AMDY YieldMax AMD Option Income Strategy ETF	97.19%	53.93%	-14.06%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.71%	-44.36%	-91.71%

Correlation

The correlation between AMDY and SMST is -0.39, 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	-0.39
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.43

Return for Risk

AMDY vs. SMST — Risk / Return Rank

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

AMDY

AMDY Risk / Return Rank: 89
AMDY Sharpe Ratio Rank: 94
AMDY Sortino Ratio Rank: 87
AMDY Omega Ratio Rank: 87
AMDY Calmar Ratio Rank: 94
AMDY Martin Ratio Rank: 82

SMST

SMST Risk / Return Rank: 63
SMST Sharpe Ratio Rank: 67
SMST Sortino Ratio Rank: 64
SMST Omega Ratio Rank: 64
SMST Calmar Ratio Rank: 75
SMST Martin Ratio Rank: 44

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.

AMDY vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AMD Option Income Strategy ETF (AMDY) 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.

	AMDY	SMST	Difference
Sharpe ratio: Return per unit of total volatility	2.73	1.74	+0.99
Sortino ratio: Return per unit of downside risk	3.20	2.38	+0.82
Omega ratio: Gain probability vs. loss probability	1.43	1.31	+0.12
Calmar ratio: Return relative to maximum drawdown	5.70	3.04	+2.66
Martin ratio: Return relative to average drawdown	12.64	5.82	+6.82

AMDY vs. SMST - Sharpe Ratio Comparison

The current AMDY Sharpe Ratio is 2.73, which is higher than the SMST Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of AMDY 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

AMDY vs. SMST - Drawdown Comparison

The maximum AMDY drawdown since its inception was -53.92%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for AMDY and SMST.

Drawdown Indicators

	AMDY	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-53.92%	-99.25%	+45.33%
Max Drawdown (1Y) Largest decline over 1 year	-27.59%	-85.39%	+57.80%
Current Drawdown Current decline from peak	-11.44%	-97.32%	+85.88%
Average Drawdown Average peak-to-trough decline	-17.49%	-90.93%	+73.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.42%	44.56%	-32.14%

Volatility

AMDY vs. SMST - Volatility Comparison

The current volatility for YieldMax AMD Option Income Strategy ETF (AMDY) is 17.85%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 55.38%. This indicates that AMDY 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

	AMDY	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.85%	55.38%	-37.53%
Volatility (6M) Calculated over the trailing 6-month period	45.40%	135.32%	-89.92%
Volatility (1Y) Calculated over the trailing 1-year period	57.53%	149.40%	-91.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.23%	167.53%	-120.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.23%	167.53%	-120.30%

AMDY vs. SMST - Expense Ratio Comparison

AMDY has a 1.23% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

AMDY vs. SMST - Dividend Comparison

AMDY's dividend yield for the trailing twelve months is around 73.90%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
AMDY YieldMax AMD Option Income Strategy ETF	73.90%	80.68%	109.98%	6.68%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AMDY and SMST in my portfolio?

AMDY and SMST have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMDY or SMST?

SMST has higher volatility (55.38%) compared to AMDY (17.85%). In terms of maximum drawdown, AMDY dropped -53.92% vs SMST's -99.25%.

Which ETF is better, AMDY or SMST?

On 1-year performance, SMST leads with 257.89% vs 156.26% for AMDY. On fees, AMDY is cheaper at 1.23% per year. On volatility, AMDY has been the lower-risk option at 17.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMDY or SMST?

Over the 1-year period, SMST has performed better with a 257.89% return vs 156.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMDY or SMST?

AMDY is cheaper with a 1.23% expense ratio, compared with 1.29% for SMST.

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

AMDY has the higher dividend yield at 73.90%, compared with 0.00% for SMST.

What is the main difference between AMDY and SMST?

AMDY is categorized as Derivative Income, while SMST is Inverse Equities. They also come from different issuers: YieldMax ETFs and Defiance. Their fees differ too: 1.23% for AMDY and 1.29% for SMST.

Which has better risk-adjusted returns?

AMDY currently has the higher Sharpe Ratio (2.73 vs 1.74), 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.