AVGE vs. SMST

Last updated Jul 10, 2026

AVGE (Avantis All Equity Markets ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - AVGE is a Global Equities fund actively managed by Avantis, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, AVGE returned 27.60% vs 199.17% for SMST. At a correlation of -0.44, they often move in opposite directions. AVGE charges 0.23%/yr vs 1.29%/yr for SMST.

Performance

AVGE vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis All Equity Markets ETF (AVGE) 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, AVGE achieves a 15.76% return, which is significantly higher than SMST's -30.40% return.

AVGE

• 1D: 0.69%
• 1M: 1.73%
• 6M: 12.75%
• YTD: 15.76%
• 1Y: 27.60%
• 3Y*: 20.46%
• 5Y*: —
• 10Y*: —

SMST

• 1D: -0.19%
• 1M: 23.57%
• 6M: -14.04%
• YTD: -30.40%
• 1Y: 199.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AVGE vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVGE Avantis All Equity Markets ETF	15.76%	20.84%	3.00%
SMST Defiance Daily Target 2X Short MSTR ETF	-30.40%	-44.36%	-91.71%

Correlation

The correlation between AVGE and SMST is -0.43, 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	-0.43
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.44

Return for Risk

AVGE vs. SMST — Risk / Return Rank

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

AVGE

AVGE Risk / Return Rank: 83
AVGE Sharpe Ratio Rank: 84
AVGE Sortino Ratio Rank: 83
AVGE Omega Ratio Rank: 82
AVGE Calmar Ratio Rank: 79
AVGE Martin Ratio Rank: 85

SMST

SMST Risk / Return Rank: 52
SMST Sharpe Ratio Rank: 48
SMST Sortino Ratio Rank: 57
SMST Omega Ratio Rank: 57
SMST Calmar Ratio Rank: 59
SMST Martin Ratio Rank: 37

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.

AVGE vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis All Equity Markets ETF (AVGE) 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.

	AVGE	SMST	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.34	+0.77
Sortino ratio: Return per unit of downside risk	2.94	2.20	+0.74
Omega ratio: Gain probability vs. loss probability	1.39	1.28	+0.10
Calmar ratio: Return relative to maximum drawdown	3.23	2.35	+0.88
Martin ratio: Return relative to average drawdown	13.47	4.56	+8.91

AVGE vs. SMST - Sharpe Ratio Comparison

The current AVGE Sharpe Ratio is 2.12, which is higher than the SMST Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of AVGE 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

AVGE vs. SMST - Drawdown Comparison

The maximum AVGE drawdown since its inception was -17.13%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for AVGE and SMST.

Drawdown Indicators

	AVGE	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-17.13%	-99.25%	+82.12%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-85.39%	+76.79%
Max Drawdown (3Y) Largest decline over 3 years	-17.13%	—	—
Current Drawdown Current decline from peak	-1.12%	-97.27%	+96.15%
Average Drawdown Average peak-to-trough decline	-2.38%	-90.86%	+88.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	43.85%	-41.80%

Volatility

AVGE vs. SMST - Volatility Comparison

The current volatility for Avantis All Equity Markets ETF (AVGE) is 4.22%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 58.01%. This indicates that AVGE 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

	AVGE	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	58.01%	-53.79%
Volatility (6M) Calculated over the trailing 6-month period	10.56%	136.01%	-125.45%
Volatility (1Y) Calculated over the trailing 1-year period	13.09%	149.43%	-136.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.22%	168.04%	-152.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.22%	168.04%	-152.82%

AVGE vs. SMST - Expense Ratio Comparison

AVGE has a 0.23% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

AVGE vs. SMST - Dividend Comparison

AVGE's dividend yield for the trailing twelve months is around 1.41%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
AVGE Avantis All Equity Markets ETF	1.41%	1.67%	1.92%	1.93%	0.74%
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 AVGE and SMST in my portfolio?

AVGE and SMST have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVGE or SMST?

SMST has higher volatility (58.01%) compared to AVGE (4.22%). In terms of maximum drawdown, AVGE dropped -17.13% vs SMST's -99.25%.

Which ETF is better, AVGE or SMST?

On 1-year performance, SMST leads with 199.17% vs 27.60% for AVGE. On fees, AVGE is cheaper at 0.23% per year. On volatility, AVGE has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVGE or SMST?

Over the 1-year period, SMST has performed better with a 199.17% return vs 27.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVGE or SMST?

AVGE is cheaper with a 0.23% expense ratio, compared with 1.29% for SMST.

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

AVGE has the higher dividend yield at 1.41%, compared with 0.00% for SMST.

What is the main difference between AVGE and SMST?

AVGE is categorized as Global Equities, while SMST is Inverse Equities. They also come from different issuers: Avantis and Defiance. Their fees differ too: 0.23% for AVGE and 1.29% for SMST.

Which has better risk-adjusted returns?

AVGE currently has the higher Sharpe Ratio (2.12 vs 1.34), 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.