BBHL vs. SMST

Last updated Jul 11, 2026

BBHL (BBH Select Large Cap ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - BBHL is a Large Cap Growth Equities fund tracking the Actively Managed, while SMST is a Inverse Equities fund actively managed by Defiance. BBHL is passively managed, while SMST is actively managed. At a correlation of -0.39, they often move in opposite directions. BBHL charges 0.71%/yr vs 1.29%/yr for SMST.

Performance

BBHL vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BBH Select Large Cap ETF (BBHL) 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, BBHL achieves a 7.82% return, which is significantly higher than SMST's -31.56% return.

BBHL

• 1D: 0.35%
• 1M: 2.24%
• 6M: 4.58%
• YTD: 7.82%
• 1Y: —
• 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)

BBHL vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
BBHL BBH Select Large Cap ETF	7.82%	1.70%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	47.00%

Correlation

The correlation between BBHL and SMST is -0.39, 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 (All Time) Calculated using the full available price history since Nov 17, 2025	-0.39

Return for Risk

BBHL vs. SMST — Risk / Return Rank

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

BBHL

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: 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.

BBHL vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BBH Select Large Cap ETF (BBHL) 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.

	BBHL	SMST	Difference
Sharpe ratio: Return per unit of total volatility	—	1.37	—
Sortino ratio: Return per unit of downside risk	—	2.22	—
Omega ratio: Gain probability vs. loss probability	—	1.29	—
Calmar ratio: Return relative to maximum drawdown	—	2.39	—
Martin ratio: Return relative to average drawdown	—	4.64	—

Drawdowns

BBHL vs. SMST - Drawdown Comparison

The maximum BBHL drawdown since its inception was -11.99%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for BBHL and SMST.

Drawdown Indicators

	BBHL	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-11.99%	-99.25%	+87.26%
Max Drawdown (1Y) Largest decline over 1 year	—	-85.39%	—
Current Drawdown Current decline from peak	-0.40%	-97.31%	+96.91%
Average Drawdown Average peak-to-trough decline	-2.72%	-90.88%	+88.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	43.98%	—

Volatility

Volatility by Period

	BBHL	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	56.47%	—
Volatility (6M) Calculated over the trailing 6-month period	—	135.94%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	149.09%	-136.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.03%	167.87%	-154.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.03%	167.87%	-154.84%

BBHL vs. SMST - Expense Ratio Comparison

BBHL has a 0.71% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

BBHL vs. SMST - Dividend Comparison

Neither BBHL nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BBHL and SMST in my portfolio?

BBHL and SMST have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BBHL or SMST?

On fees, BBHL is cheaper at 0.71% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BBHL or SMST?

BBHL is cheaper with a 0.71% expense ratio, compared with 1.29% for SMST.

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

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

What is the main difference between BBHL and SMST?

BBHL is categorized as Large Cap Growth Equities, while SMST is Inverse Equities. They also come from different issuers: BBH and Defiance. Their fees differ too: 0.71% for BBHL and 1.29% for SMST.