AOR vs. SMST

Last updated Jul 14, 2026

AOR (iShares Core 60/40 Balanced Allocation ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - AOR is a Diversified Portfolio fund tracking the S&P Target Risk Growth Index, while SMST is a Inverse Equities fund actively managed by Defiance. AOR is passively managed, while SMST is actively managed. Over the past year, AOR returned 15.13% vs 240.03% for SMST. At a correlation of -0.46, they often move in opposite directions. AOR charges 0.15%/yr vs 1.29%/yr for SMST.

Performance

AOR vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core 60/40 Balanced Allocation ETF (AOR) 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, AOR achieves a 6.69% return, which is significantly higher than SMST's -27.96% return.

AOR

• 1D: -0.85%
• 1M: -0.13%
• 6M: 4.76%
• YTD: 6.69%
• 1Y: 15.13%
• 3Y*: 12.84%
• 5Y*: 6.60%
• 10Y*: 8.14%

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)

AOR vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AOR iShares Core 60/40 Balanced Allocation ETF	6.69%	16.44%	0.70%
SMST Defiance Daily Target 2X Short MSTR ETF	-27.96%	-44.36%	-91.71%

Correlation

The correlation between AOR and SMST is -0.48, 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	-0.48
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.46

Return for Risk

AOR vs. SMST — Risk / Return Rank

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

AOR

AOR Risk / Return Rank: 64
AOR Sharpe Ratio Rank: 65
AOR Sortino Ratio Rank: 66
AOR Omega Ratio Rank: 66
AOR Calmar Ratio Rank: 57
AOR Martin Ratio Rank: 68

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.

AOR vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core 60/40 Balanced Allocation ETF (AOR) 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.

	AOR	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.62	+0.07
Sortino ratio: Return per unit of downside risk	2.41	2.33	+0.08
Omega ratio: Gain probability vs. loss probability	1.31	1.30	+0.01
Calmar ratio: Return relative to maximum drawdown	2.29	2.83	-0.54
Martin ratio: Return relative to average drawdown	9.74	5.47	+4.27

AOR vs. SMST - Sharpe Ratio Comparison

The current AOR Sharpe Ratio is 1.69, which is comparable to the SMST Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of AOR 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

AOR vs. SMST - Drawdown Comparison

The maximum AOR drawdown since its inception was -24.44%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for AOR and SMST.

Drawdown Indicators

	AOR	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-24.44%	-99.25%	+74.81%
Max Drawdown (1Y) Largest decline over 1 year	-6.64%	-85.39%	+78.75%
Max Drawdown (3Y) Largest decline over 3 years	-9.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.95%	—	—
Current Drawdown Current decline from peak	-1.17%	-97.17%	+96.00%
Average Drawdown Average peak-to-trough decline	-3.46%	-90.89%	+87.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	44.09%	-42.53%

Volatility

AOR vs. SMST - Volatility Comparison

The current volatility for iShares Core 60/40 Balanced Allocation ETF (AOR) is 3.13%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.59%. This indicates that AOR 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

	AOR	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	56.59%	-53.46%
Volatility (6M) Calculated over the trailing 6-month period	7.62%	135.88%	-128.26%
Volatility (1Y) Calculated over the trailing 1-year period	8.99%	149.23%	-140.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.66%	167.74%	-157.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.64%	167.74%	-157.10%

AOR vs. SMST - Expense Ratio Comparison

AOR has a 0.15% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

AOR vs. SMST - Dividend Comparison

AOR's dividend yield for the trailing twelve months is around 2.58%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOR iShares Core 60/40 Balanced Allocation ETF	2.58%	2.55%	2.66%	2.50%	2.12%	1.64%	1.89%	2.56%	2.49%	4.51%	2.16%	2.12%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AOR and SMST in my portfolio?

AOR and SMST have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AOR or SMST?

SMST has higher volatility (56.59%) compared to AOR (3.13%). In terms of maximum drawdown, AOR dropped -24.44% vs SMST's -99.25%.

Which ETF is better, AOR or SMST?

On 1-year performance, SMST leads with 240.03% vs 15.13% for AOR. On fees, AOR is cheaper at 0.15% per year. On volatility, AOR has been the lower-risk option at 3.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AOR or SMST?

Over the 1-year period, SMST has performed better with a 240.03% return vs 15.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AOR or SMST?

AOR is cheaper with a 0.15% expense ratio, compared with 1.29% for SMST.

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

AOR has the higher dividend yield at 2.58%, compared with 0.00% for SMST.

What is the main difference between AOR and SMST?

AOR is categorized as Diversified Portfolio, while SMST is Inverse Equities. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.15% for AOR and 1.29% for SMST.

Which has better risk-adjusted returns?

AOR currently has the higher Sharpe Ratio (1.69 vs 1.62), 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.