BCCC vs. SMST

Last updated Jul 11, 2026

BCCC (Global X Bitcoin Covered Call ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - BCCC is a Cryptocurrency fund actively managed by Global X, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, BCCC returned -34.03% vs 223.04% for SMST. At a correlation of -0.82, they often move in opposite directions. BCCC charges 0.75%/yr vs 1.29%/yr for SMST.

Performance

BCCC vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Bitcoin Covered Call ETF (BCCC) 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, BCCC achieves a -22.30% return, which is significantly higher than SMST's -31.56% return.

BCCC

• 1D: 0.25%
• 1M: 1.59%
• 6M: -24.48%
• YTD: -22.30%
• 1Y: -34.03%
• 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)

BCCC vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
BCCC Global X Bitcoin Covered Call ETF	-22.30%	-7.02%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	243.32%

Correlation

The correlation between BCCC and SMST is -0.82, 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	-0.82
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	-0.82

The correlation between BCCC and SMST has been stable across timeframes, ranging from -0.82 to -0.82 - a consistent structural relationship.

Return for Risk

BCCC vs. SMST — Risk / Return Rank

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

BCCC

BCCC Risk / Return Rank: 2
BCCC Sharpe Ratio Rank: 2
BCCC Sortino Ratio Rank: 3
BCCC Omega Ratio Rank: 2
BCCC Calmar Ratio Rank: 3
BCCC Martin Ratio Rank: 2

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.

BCCC vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Bitcoin Covered Call ETF (BCCC) 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.

	BCCC	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.92	1.37	-2.29
Sortino ratio: Return per unit of downside risk	-1.21	2.22	-3.42
Omega ratio: Gain probability vs. loss probability	0.85	1.29	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.78	2.39	-3.18
Martin ratio: Return relative to average drawdown	-1.34	4.64	-5.98

BCCC vs. SMST - Sharpe Ratio Comparison

The current BCCC Sharpe Ratio is -0.92, which is lower than the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of BCCC 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

BCCC vs. SMST - Drawdown Comparison

The maximum BCCC drawdown since its inception was -41.79%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for BCCC and SMST.

Drawdown Indicators

	BCCC	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-41.79%	-99.25%	+57.46%
Max Drawdown (1Y) Largest decline over 1 year	-41.79%	-85.39%	+43.60%
Current Drawdown Current decline from peak	-37.90%	-97.31%	+59.41%
Average Drawdown Average peak-to-trough decline	-18.82%	-90.88%	+72.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.46%	43.98%	-19.52%

Volatility

BCCC vs. SMST - Volatility Comparison

The current volatility for Global X Bitcoin Covered Call ETF (BCCC) is 7.93%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that BCCC 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

	BCCC	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.93%	56.47%	-48.54%
Volatility (6M) Calculated over the trailing 6-month period	29.17%	135.94%	-106.77%
Volatility (1Y) Calculated over the trailing 1-year period	35.57%	149.09%	-113.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.79%	167.87%	-133.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.79%	167.87%	-133.08%

BCCC vs. SMST - Expense Ratio Comparison

BCCC has a 0.75% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

BCCC vs. SMST - Dividend Comparison

BCCC's dividend yield for the trailing twelve months is around 61.96%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
BCCC Global X Bitcoin Covered Call ETF	61.96%	29.55%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both BCCC and SMST in my portfolio?

BCCC and SMST have a correlation of -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BCCC or SMST?

SMST has higher volatility (56.47%) compared to BCCC (7.93%). In terms of maximum drawdown, BCCC dropped -41.79% vs SMST's -99.25%.

Which ETF is better, BCCC or SMST?

On 1-year performance, SMST leads with 223.04% vs -34.03% for BCCC. On fees, BCCC is cheaper at 0.75% per year. On volatility, BCCC has been the lower-risk option at 7.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BCCC or SMST?

Over the 1-year period, SMST has performed better with a 223.04% return vs -34.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BCCC or SMST?

BCCC is cheaper with a 0.75% expense ratio, compared with 1.29% for SMST.

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

BCCC has the higher dividend yield at 61.96%, compared with 0.00% for SMST.

What is the main difference between BCCC and SMST?

BCCC is categorized as Cryptocurrency, while SMST is Inverse Equities. They also come from different issuers: Global X and Defiance. Their fees differ too: 0.75% for BCCC and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.37 vs -0.92), 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.