AVGX vs. SMST

Last updated Jul 12, 2026

AVGX (Defiance Daily Target 2X Long AVGO ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - AVGX is a Leveraged Equities fund actively managed by Defiance, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, AVGX returned 49.88% vs 223.04% for SMST. At a correlation of -0.31, they often move in opposite directions. Both charge a 1.29% expense ratio.

Performance

AVGX vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long AVGO ETF (AVGX) 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, AVGX achieves a 10.62% return, which is significantly higher than SMST's -31.56% return.

AVGX

• 1D: -0.73%
• 1M: 6.99%
• 6M: 12.25%
• YTD: 10.62%
• 1Y: 49.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: -1.67%
• 1M: 37.17%
• 6M: -24.18%
• YTD: -31.56%
• 1Y: 223.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AVGX vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVGX Defiance Daily Target 2X Long AVGO ETF	10.62%	46.98%	54.13%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	-44.36%	-90.90%

Correlation

The correlation between AVGX and SMST is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024	-0.31

Return for Risk

AVGX vs. SMST — Risk / Return Rank

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

AVGX

AVGX Risk / Return Rank: 24
AVGX Sharpe Ratio Rank: 19
AVGX Sortino Ratio Rank: 29
AVGX Omega Ratio Rank: 29
AVGX Calmar Ratio Rank: 23
AVGX Martin Ratio Rank: 20

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 49
SMST Sortino Ratio Rank: 58
SMST Omega Ratio Rank: 58
SMST Calmar Ratio Rank: 60
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.

AVGX vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long AVGO ETF (AVGX) 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.

	AVGX	SMST	Difference
Sharpe ratio: Return per unit of total volatility	0.52	1.37	-0.85
Sortino ratio: Return per unit of downside risk	1.33	2.22	-0.89
Omega ratio: Gain probability vs. loss probability	1.17	1.29	-0.12
Calmar ratio: Return relative to maximum drawdown	0.90	2.39	-1.49
Martin ratio: Return relative to average drawdown	1.79	4.64	-2.85

AVGX vs. SMST - Sharpe Ratio Comparison

The current AVGX Sharpe Ratio is 0.52, which is lower than the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of AVGX 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

AVGX vs. SMST - Drawdown Comparison

The maximum AVGX drawdown since its inception was -70.97%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for AVGX and SMST.

Drawdown Indicators

	AVGX	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-70.97%	-99.25%	+28.28%
Max Drawdown (1Y) Largest decline over 1 year	-54.09%	-85.39%	+31.30%
Current Drawdown Current decline from peak	-35.43%	-97.31%	+61.88%
Average Drawdown Average peak-to-trough decline	-23.76%	-90.88%	+67.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.13%	43.98%	-16.85%

Volatility

AVGX vs. SMST - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long AVGO ETF (AVGX) is 30.37%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that AVGX 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

	AVGX	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.37%	56.47%	-26.10%
Volatility (6M) Calculated over the trailing 6-month period	69.50%	135.94%	-66.44%
Volatility (1Y) Calculated over the trailing 1-year period	93.65%	149.09%	-55.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.72%	167.87%	-61.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.72%	167.87%	-61.15%

AVGX vs. SMST - Expense Ratio Comparison

Both AVGX and SMST have an expense ratio of 1.29%.

Dividends

AVGX vs. SMST - Dividend Comparison

AVGX's dividend yield for the trailing twelve months is around 1.49%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024
AVGX Defiance Daily Target 2X Long AVGO ETF	1.49%	1.65%	0.81%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVGX and SMST in my portfolio?

AVGX and SMST have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVGX or SMST?

SMST has higher volatility (56.47%) compared to AVGX (30.37%). In terms of maximum drawdown, AVGX dropped -70.97% vs SMST's -99.25%.

Which ETF is better, AVGX or SMST?

On 1-year performance, SMST leads with 223.04% vs 49.88% for AVGX. Both ETFs have the same 1.29% expense ratio. On volatility, AVGX has been the lower-risk option at 30.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVGX or SMST?

Over the 1-year period, SMST has performed better with a 223.04% return vs 49.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVGX or SMST?

AVGX and SMST have the same expense ratio: 1.29% per year.

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

AVGX has the higher dividend yield at 1.49%, compared with 0.00% for SMST.

What is the main difference between AVGX and SMST?

AVGX is categorized as Leveraged Equities, while SMST is Inverse Equities.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.37 vs 0.52), 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.