APRW vs. SMST

Last updated Aug 2, 2026

APRW (AllianzIM U.S. Large Cap Buffer20 Apr ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - APRW is a Options Trading fund actively managed by Allianz, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, APRW returned 11.33% vs 128.37% for SMST. Their -0.42 correlation means they have often moved in opposite directions in the past. APRW charges 0.74%/yr vs 1.29%/yr for SMST.

Performance

APRW vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) 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, APRW achieves a 7.14% return, which is significantly higher than SMST's -35.77% return.

APRW

• 1D: 0.28%
• 1M: 0.61%
• 6M: 6.65%
• YTD: 7.14%
• 1Y: 11.33%
• 3Y*: 9.57%
• 5Y*: 7.07%
• 10Y*: —
• ALL TIME*: 7.37%

SMST

• 1D: 8.37%
• 1M: 5.47%
• 6M: -29.35%
• YTD: -35.77%
• 1Y: 128.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -83.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	$172.15K	$1.27M	$609.35K
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

APRW vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	7.14%	6.18%	3.71%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	-44.36%	-91.71%

Correlation

The correlation between APRW and SMST is -0.44, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.44
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.42

Return for Risk

APRW vs. SMST — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

APRW

APRW Risk / Return Rank: 98
APRW Sharpe Ratio Rank: 98
APRW Sortino Ratio Rank: 98
APRW Omega Ratio Rank: 98
APRW Calmar Ratio Rank: 98
APRW Martin Ratio Rank: 98

SMST

SMST Risk / Return Rank: 52
SMST Sharpe Ratio Rank: 45
SMST Sortino Ratio Rank: 62
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 56
SMST Martin Ratio Rank: 36

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

APRW vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) 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.

	APRW	SMST	Difference
Sharpe ratio: Return per unit of total volatility	3.98	1.13	+2.85
Sortino ratio: Return per unit of downside risk	6.77	2.09	+4.68
Omega ratio: Gain probability vs. loss probability	1.94	1.27	+0.68
Calmar ratio: Return relative to maximum drawdown	12.40	2.00	+10.40
Martin ratio: Return relative to average drawdown	61.04	3.68	+57.36

APRW vs. SMST - Sharpe Ratio Comparison

The current APRW Sharpe Ratio is 3.98, which is higher than the SMST Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of APRW 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

APRW vs. SMST - Drawdown Comparison

The maximum APRW drawdown since its inception was -9.61%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for APRW and SMST.

Drawdown Indicators

	APRW	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-9.61%	-99.25%	+89.64%
Max Drawdown (1Y) Largest decline over 1 year	-0.89%	-85.39%	+84.50%
Max Drawdown (3Y) Largest decline over 3 years	-9.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.61%	—	—
Current Drawdown Current decline from peak	0.00%	-97.48%	+97.48%
Average Drawdown Average peak-to-trough decline	-1.10%	-91.08%	+89.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.18%	46.35%	-46.17%

Volatility

APRW vs. SMST - Volatility Comparison

The current volatility for AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) is 0.95%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that APRW 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

	APRW	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	38.14%	-37.19%
Volatility (6M) Calculated over the trailing 6-month period	2.30%	135.29%	-132.99%
Volatility (1Y) Calculated over the trailing 1-year period	2.79%	151.04%	-148.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.73%	166.75%	-160.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.35%	166.75%	-160.40%

APRW vs. SMST - Expense Ratio Comparison

APRW has a 0.74% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

APRW vs. SMST - Dividend Comparison

Neither APRW nor SMST has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.67%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APRW and SMST in my portfolio?

APRW 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 is riskier, APRW or SMST?

SMST has higher volatility (38.14%) compared to APRW (0.95%). In terms of maximum drawdown, APRW dropped -9.61% vs SMST's -99.25%.

Which ETF is better, APRW or SMST?

On 1-year performance, SMST leads with 128.37% vs 11.33% for APRW. On fees, APRW is cheaper at 0.74% per year. On volatility, APRW has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APRW or SMST?

Over the 1-year period, SMST has performed better with a 128.37% return vs 11.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRW or SMST?

APRW is cheaper with a 0.74% expense ratio, compared with 1.29% for SMST.

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

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

What is the main difference between APRW and SMST?

APRW is categorized as Options Trading, while SMST is Inverse Equities. They also come from different issuers: Allianz and Defiance. Their fees differ too: 0.74% for APRW and 1.29% for SMST.

Which has better risk-adjusted returns?

APRW currently has the higher Sharpe Ratio (3.98 vs 1.13), 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.