APLZ vs. SMST

Last updated Jun 26, 2026

APLZ (Tradr 2X Short APLD Daily ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds. APLZ is passively managed, while SMST is actively managed. At a 0.44 correlation, their price movements are largely independent. APLZ charges 1.49%/yr vs 1.29%/yr for SMST.

Performance

APLZ vs. SMST - Performance Comparison

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

Returns By Period

APLZ

• 1D: 5.04%
• 1M: 4.16%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: 18.45%
• 1M: 181.70%
• YTD: -5.14%
• 6M: 2.86%
• 1Y: 236.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APLZ vs. SMST - Yearly Performance Comparison

	2026 (YTD)
APLZ Tradr 2X Short APLD Daily ETF	-86.93%
SMST Defiance Daily Target 2X Short MSTR ETF	19.93%

Correlation

The correlation between APLZ and SMST is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 22, 2026	0.44

Return for Risk

APLZ vs. SMST — Risk / Return Rank

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

APLZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 54
SMST Sortino Ratio Rank: 55
SMST Omega Ratio Rank: 54
SMST Calmar Ratio Rank: 64
SMST Martin Ratio Rank: 38

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.

APLZ vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Short APLD Daily ETF (APLZ) 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.

	APLZ	SMST	Difference
Sharpe ratio: Return per unit of total volatility	—	1.63	—
Sortino ratio: Return per unit of downside risk	—	2.35	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	2.79	—
Martin ratio: Return relative to average drawdown	—	5.52	—

Drawdowns

APLZ vs. SMST - Drawdown Comparison

The maximum APLZ drawdown since its inception was -91.78%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for APLZ and SMST.

Drawdown Indicators

	APLZ	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-91.78%	-99.25%	+7.47%
Max Drawdown (1Y) Largest decline over 1 year	—	-85.39%	—
Current Drawdown Current decline from peak	-89.49%	-96.27%	+6.78%
Average Drawdown Average peak-to-trough decline	-57.58%	-90.74%	+33.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	43.15%	—

Volatility

Volatility by Period

	APLZ	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	46.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	130.40%	—
Volatility (1Y) Calculated over the trailing 1-year period	219.87%	146.32%	+73.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	219.87%	167.25%	+52.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	219.87%	167.25%	+52.62%

APLZ vs. SMST - Expense Ratio Comparison

APLZ has a 1.49% expense ratio, which is higher than SMST's 1.29% expense ratio.

Dividends

APLZ vs. SMST - Dividend Comparison

Neither APLZ nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both APLZ and SMST in my portfolio?

APLZ and SMST have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, APLZ or SMST?

On fees, SMST is cheaper at 1.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, APLZ or SMST?

SMST is cheaper with a 1.29% expense ratio, compared with 1.49% for APLZ.

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

APLZ and SMST have nearly identical dividend yields, around 0.00%.

What is the main difference between APLZ and SMST?

They also come from different issuers: Tradr and Defiance. Their fees differ too: 1.49% for APLZ and 1.29% for SMST.