AMZU vs. SMST

Last updated Jul 14, 2026

AMZU (Direxion Daily AMZN Bull 2X Shares) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - AMZU is a Leveraged Equities fund tracking the Amazon.com, Inc. (200%), while SMST is a Inverse Equities fund actively managed by Defiance. AMZU is passively managed, while SMST is actively managed. Over the past year, AMZU returned -1.46% vs 240.03% for SMST. At a correlation of -0.33, they often move in opposite directions. AMZU charges 0.99%/yr vs 1.29%/yr for SMST.

Performance

AMZU vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AMZN Bull 2X Shares (AMZU) 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, AMZU achieves a 3.21% return, which is significantly higher than SMST's -27.96% return.

AMZU

• 1D: 1.62%
• 1M: 5.63%
• 6M: -8.93%
• YTD: 3.21%
• 1Y: -1.46%
• 3Y*: 18.79%
• 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)

AMZU vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AMZU Direxion Daily AMZN Bull 2X Shares	3.21%	-11.59%	40.07%
SMST Defiance Daily Target 2X Short MSTR ETF	-27.96%	-44.36%	-91.71%

Correlation

The correlation between AMZU and SMST is -0.32, 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	-0.32
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.33

Return for Risk

AMZU vs. SMST — Risk / Return Rank

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

AMZU

AMZU Risk / Return Rank: 10
AMZU Sharpe Ratio Rank: 9
AMZU Sortino Ratio Rank: 12
AMZU Omega Ratio Rank: 12
AMZU Calmar Ratio Rank: 9
AMZU Martin Ratio Rank: 9

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.

AMZU vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AMZN Bull 2X Shares (AMZU) 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.

	AMZU	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	1.62	-1.65
Sortino ratio: Return per unit of downside risk	0.41	2.33	-1.92
Omega ratio: Gain probability vs. loss probability	1.05	1.30	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.03	2.83	-2.86
Martin ratio: Return relative to average drawdown	-0.07	5.47	-5.54

AMZU vs. SMST - Sharpe Ratio Comparison

The current AMZU Sharpe Ratio is -0.02, which is lower than the SMST Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of AMZU 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

AMZU vs. SMST - Drawdown Comparison

The maximum AMZU drawdown since its inception was -55.59%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for AMZU and SMST.

Drawdown Indicators

	AMZU	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-55.59%	-99.25%	+43.66%
Max Drawdown (1Y) Largest decline over 1 year	-42.98%	-85.39%	+42.41%
Max Drawdown (3Y) Largest decline over 3 years	-55.47%	—	—
Current Drawdown Current decline from peak	-23.98%	-97.17%	+73.19%
Average Drawdown Average peak-to-trough decline	-22.02%	-90.89%	+68.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.53%	44.09%	-23.56%

Volatility

AMZU vs. SMST - Volatility Comparison

The current volatility for Direxion Daily AMZN Bull 2X Shares (AMZU) is 19.94%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.59%. This indicates that AMZU 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

	AMZU	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.94%	56.59%	-36.65%
Volatility (6M) Calculated over the trailing 6-month period	43.78%	135.88%	-92.10%
Volatility (1Y) Calculated over the trailing 1-year period	61.95%	149.23%	-87.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.33%	167.74%	-108.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.33%	167.74%	-108.41%

AMZU vs. SMST - Expense Ratio Comparison

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

Dividends

AMZU vs. SMST - Dividend Comparison

AMZU's dividend yield for the trailing twelve months is around 5.65%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
AMZU Direxion Daily AMZN Bull 2X Shares	5.65%	6.12%	3.79%	3.37%	0.50%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AMZU and SMST in my portfolio?

AMZU and SMST have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMZU or SMST?

SMST has higher volatility (56.59%) compared to AMZU (19.94%). In terms of maximum drawdown, AMZU dropped -55.59% vs SMST's -99.25%.

Which ETF is better, AMZU or SMST?

On 1-year performance, SMST leads with 240.03% vs -1.46% for AMZU. On fees, AMZU is cheaper at 0.99% per year. On volatility, AMZU has been the lower-risk option at 19.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMZU or SMST?

Over the 1-year period, SMST has performed better with a 240.03% return vs -1.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMZU or SMST?

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

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

AMZU has the higher dividend yield at 5.65%, compared with 0.00% for SMST.

What is the main difference between AMZU and SMST?

AMZU is categorized as Leveraged Equities, while SMST is Inverse Equities. They also come from different issuers: Direxion and Defiance. Their fees differ too: 0.99% for AMZU and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.62 vs -0.02), 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.