ASTX vs. SMST

Last updated Aug 1, 2026

ASTX (Tradr 2X Long ASTS Daily ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - ASTX is a Leveraged Equities fund actively managed by Tradr, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, ASTX returned -68.42% vs 128.37% for SMST. Their -0.32 correlation means they have often moved in opposite directions in the past. ASTX charges 1.30%/yr vs 1.29%/yr for SMST.

Performance

ASTX vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long ASTS Daily ETF (ASTX) 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, ASTX achieves a -73.48% return, which is significantly lower than SMST's -35.77% return.

ASTX

• 1D: 1.69%
• 1M: -57.22%
• 6M: -87.02%
• YTD: -73.48%
• 1Y: -68.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -54.70%

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)
ASTX Tradr 2X Long ASTS Daily ETF	$48.95M	$70.14M	$195.58M
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

ASTX vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
ASTX Tradr 2X Long ASTS Daily ETF	-73.48%	63.68%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	342.75%

Correlation

The correlation between ASTX and SMST is -0.32, 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.	-0.32
Correlation (All Time) Calculated using the full available price history since Jul 11, 2025	-0.32

Return for Risk

ASTX vs. SMST — Risk / Return Rank

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

ASTX

ASTX Risk / Return Rank: 11
ASTX Sharpe Ratio Rank: 7
ASTX Sortino Ratio Rank: 23
ASTX Omega Ratio Rank: 21
ASTX Calmar Ratio Rank: 3
ASTX Martin Ratio Rank: 2

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.

ASTX vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long ASTS Daily ETF (ASTX) 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.

	ASTX	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.32	1.13	-1.45
Sortino ratio: Return per unit of downside risk	0.83	2.09	-1.26
Omega ratio: Gain probability vs. loss probability	1.09	1.27	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.76	2.00	-2.76
Martin ratio: Return relative to average drawdown	-1.27	3.68	-4.95

ASTX vs. SMST - Sharpe Ratio Comparison

The current ASTX Sharpe Ratio is -0.32, which is lower than the SMST Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of ASTX 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

ASTX vs. SMST - Drawdown Comparison

The maximum ASTX drawdown since its inception was -91.24%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for ASTX and SMST.

Drawdown Indicators

	ASTX	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-91.24%	-99.25%	+8.01%
Max Drawdown (1Y) Largest decline over 1 year	-91.24%	-85.39%	-5.85%
Current Drawdown Current decline from peak	-89.27%	-97.48%	+8.21%
Average Drawdown Average peak-to-trough decline	-49.51%	-91.08%	+41.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.73%	46.35%	+8.38%

Volatility

ASTX vs. SMST - Volatility Comparison

Tradr 2X Long ASTS Daily ETF (ASTX) has a higher volatility of 60.16% compared to Defiance Daily Target 2X Short MSTR ETF (SMST) at 38.14%. This indicates that ASTX's price experiences larger fluctuations and is considered to be riskier than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASTX	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	60.16%	38.14%	+22.02%
Volatility (6M) Calculated over the trailing 6-month period	163.48%	135.29%	+28.19%
Volatility (1Y) Calculated over the trailing 1-year period	218.96%	151.04%	+67.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	215.72%	166.75%	+48.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	215.72%	166.75%	+48.97%

ASTX vs. SMST - Expense Ratio Comparison

ASTX has a 1.30% expense ratio, which is higher than SMST's 1.29% expense ratio.

Dividends

ASTX vs. SMST - Dividend Comparison

Neither ASTX nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ASTX and SMST in my portfolio?

ASTX 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, ASTX or SMST?

ASTX has higher volatility (60.16%) compared to SMST (38.14%). In terms of maximum drawdown, ASTX dropped -91.24% vs SMST's -99.25%.

Which ETF is better, ASTX or SMST?

On 1-year performance, SMST leads with 128.37% vs -68.42% for ASTX. On fees, SMST is cheaper at 1.29% per year. On volatility, SMST has been the lower-risk option at 38.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASTX or SMST?

Over the 1-year period, SMST has performed better with a 128.37% return vs -68.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASTX or SMST?

SMST is cheaper with a 1.29% expense ratio, compared with 1.30% for ASTX.

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

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

What is the main difference between ASTX and SMST?

ASTX is categorized as Leveraged Equities, while SMST is Inverse Equities. They also come from different issuers: Tradr and Defiance. Their fees differ too: 1.30% for ASTX and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.13 vs -0.32), 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.