BCTK vs. SMST

Last updated Aug 2, 2026

BCTK (Baron Technology ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - BCTK is a Technology Equities fund actively managed by Baron Capital, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Their -0.45 correlation means they have often moved in opposite directions in the past. BCTK charges 0.75%/yr vs 1.29%/yr for SMST.

Performance

BCTK vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron Technology ETF (BCTK) 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, BCTK achieves a 12.33% return, which is significantly higher than SMST's -35.77% return.

BCTK

• 1D: 1.16%
• 1M: -7.64%
• 6M: 13.55%
• YTD: 12.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

SMST

• 1D: 8.37%
• 1M: 5.47%
• 6M: -29.35%
• YTD: -35.77%
• 1Y: 128.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -83.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BCTK Baron Technology ETF	$575.68K	$431.57K	$642.86K
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

BCTK vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
BCTK Baron Technology ETF	12.33%	0.84%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	28.57%

Correlation

The correlation between BCTK and SMST is -0.45, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 15, 2025	-0.45

Return for Risk

BCTK vs. SMST — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BCTK

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SMST

SMST Risk / Return Rank: 52
SMST Sharpe Ratio Rank: 45
SMST Sortino Ratio Rank: 62
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 56
SMST Martin Ratio Rank: 36

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BCTK vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron Technology ETF (BCTK) 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.

	BCTK	SMST	Difference
Sharpe ratio: Return per unit of total volatility	—	1.13	—
Sortino ratio: Return per unit of downside risk	—	2.09	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	2.00	—
Martin ratio: Return relative to average drawdown	—	3.68	—

Drawdowns

BCTK vs. SMST - Drawdown Comparison

The maximum BCTK drawdown since its inception was -18.63%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for BCTK and SMST.

Drawdown Indicators

	BCTK	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-18.63%	-99.25%	+80.62%
Max Drawdown (1Y) Largest decline over 1 year	—	-85.39%	—
Current Drawdown Current decline from peak	-13.13%	-97.48%	+84.35%
Average Drawdown Average peak-to-trough decline	-4.08%	-91.08%	+87.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	46.35%	—

Volatility

Volatility by Period

	BCTK	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	38.14%	—
Volatility (6M) Calculated over the trailing 6-month period	—	135.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	31.80%	151.04%	-119.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.80%	166.75%	-134.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.80%	166.75%	-134.95%

BCTK vs. SMST - Expense Ratio Comparison

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

Dividends

BCTK vs. SMST - Dividend Comparison

Neither BCTK nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BCTK and SMST in my portfolio?

BCTK and SMST have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BCTK or SMST?

On fees, BCTK is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BCTK or SMST?

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

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

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

What is the main difference between BCTK and SMST?

BCTK is categorized as Technology Equities, while SMST is Inverse Equities. They also come from different issuers: Baron Capital and Defiance. Their fees differ too: 0.75% for BCTK and 1.29% for SMST.