BCOR vs. SMST

Last updated Jul 17, 2026

BCOR (Grayscale Bitcoin Adopters ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - BCOR is a Blockchain fund tracking the Indxx Bitcoin Adopters Index, while SMST is a Inverse Equities fund actively managed by Defiance. BCOR is passively managed, while SMST is actively managed. Over the past year, BCOR returned -33.97% vs 257.89% for SMST. At a correlation of -0.83, they often move in opposite directions. BCOR charges 0.59%/yr vs 1.29%/yr for SMST.

Performance

BCOR vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Adopters ETF (BCOR) 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, BCOR achieves a -11.86% return, which is significantly higher than SMST's -31.71% return.

BCOR

• 1D: -3.11%
• 1M: -8.77%
• 6M: -20.29%
• YTD: -11.86%
• 1Y: -33.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: 7.64%
• 1M: 37.45%
• 6M: -8.12%
• YTD: -31.71%
• 1Y: 257.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BCOR vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
BCOR Grayscale Bitcoin Adopters ETF	-11.86%	5.68%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.71%	211.41%

Correlation

The correlation between BCOR and SMST is -0.86, 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	-0.86
Correlation (All Time) Calculated using the full available price history since Apr 30, 2025	-0.83

The correlation between BCOR and SMST has been stable across timeframes, ranging from -0.86 to -0.83 - a consistent structural relationship.

Return for Risk

BCOR vs. SMST — Risk / Return Rank

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

BCOR

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

SMST

SMST Risk / Return Rank: 63
SMST Sharpe Ratio Rank: 67
SMST Sortino Ratio Rank: 64
SMST Omega Ratio Rank: 64
SMST Calmar Ratio Rank: 75
SMST Martin Ratio Rank: 44

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.

BCOR vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Adopters ETF (BCOR) 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.

	BCOR	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.81	1.74	-2.55
Sortino ratio: Return per unit of downside risk	-1.07	2.38	-3.45
Omega ratio: Gain probability vs. loss probability	0.88	1.31	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.79	3.04	-3.83
Martin ratio: Return relative to average drawdown	-1.31	5.82	-7.12

BCOR vs. SMST - Sharpe Ratio Comparison

The current BCOR Sharpe Ratio is -0.81, which is lower than the SMST Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of BCOR 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

BCOR vs. SMST - Drawdown Comparison

The maximum BCOR drawdown since its inception was -42.99%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for BCOR and SMST.

Drawdown Indicators

	BCOR	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-42.99%	-99.25%	+56.26%
Max Drawdown (1Y) Largest decline over 1 year	-42.99%	-85.39%	+42.40%
Current Drawdown Current decline from peak	-37.66%	-97.32%	+59.66%
Average Drawdown Average peak-to-trough decline	-19.70%	-90.93%	+71.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.06%	44.56%	-18.50%

Volatility

BCOR vs. SMST - Volatility Comparison

The current volatility for Grayscale Bitcoin Adopters ETF (BCOR) is 11.25%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 55.38%. This indicates that BCOR 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

	BCOR	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.25%	55.38%	-44.13%
Volatility (6M) Calculated over the trailing 6-month period	33.48%	135.32%	-101.84%
Volatility (1Y) Calculated over the trailing 1-year period	42.11%	149.40%	-107.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.27%	167.53%	-124.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.27%	167.53%	-124.26%

BCOR vs. SMST - Expense Ratio Comparison

BCOR has a 0.59% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

BCOR vs. SMST - Dividend Comparison

BCOR's dividend yield for the trailing twelve months is around 3.58%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
BCOR Grayscale Bitcoin Adopters ETF	3.58%	3.10%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both BCOR and SMST in my portfolio?

BCOR and SMST have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BCOR or SMST?

SMST has higher volatility (55.38%) compared to BCOR (11.25%). In terms of maximum drawdown, BCOR dropped -42.99% vs SMST's -99.25%.

Which ETF is better, BCOR or SMST?

On 1-year performance, SMST leads with 257.89% vs -33.97% for BCOR. On fees, BCOR is cheaper at 0.59% per year. On volatility, BCOR has been the lower-risk option at 11.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BCOR or SMST?

Over the 1-year period, SMST has performed better with a 257.89% return vs -33.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BCOR or SMST?

BCOR is cheaper with a 0.59% expense ratio, compared with 1.29% for SMST.

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

BCOR has the higher dividend yield at 3.58%, compared with 0.00% for SMST.

What is the main difference between BCOR and SMST?

BCOR is categorized as Blockchain, while SMST is Inverse Equities. They also come from different issuers: Grayscale and Defiance. Their fees differ too: 0.59% for BCOR and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.74 vs -0.81), 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.