BETH vs. SMST
BETH (ProShares Bitcoin & Ether Market Cap Weight Strategy ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - BETH is a Cryptocurrency fund actively managed by ProShares, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, BETH returned -46.96% vs 128.37% for SMST. Their -0.79 correlation means they have often moved in opposite directions in the past. BETH charges 0.95%/yr vs 1.29%/yr for SMST.
Performance
BETH vs. SMST - Performance Comparison
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Returns By Period
In the year-to-date period, BETH achieves a -31.24% return, which is significantly higher than SMST's -35.77% return.
BETH
- 1D
- -2.97%
- 1M
- 2.90%
- 6M
- -27.29%
- YTD
- -31.24%
- 1Y
- -46.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 17.40%
SMST
- 1D
- 8.37%
- 1M
- 5.47%
- 6M
- -29.35%
- YTD
- -35.77%
- 1Y
- 128.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $25.58K | $35.12K | $73.06K | |
| $15.35M | $15.12M | $17.58M |
BETH vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF | -31.24% | -11.20% | 46.05% |
SMST Defiance Daily Target 2X Short MSTR ETF | -35.77% | -44.36% | -91.71% |
Correlation
The correlation between BETH and SMST is -0.85, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.85 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024 | -0.79 |
The correlation between BETH and SMST has been stable across timeframes, ranging from -0.85 to -0.79 - a consistent structural relationship.
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Return for Risk
BETH vs. SMST — Risk / Return Rank
BETH
SMST
BETH vs. SMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) 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.
| BETH | SMST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -3.67 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.27 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 2.00 | -2.86 |
| Martin ratioReturn relative to average drawdown | -1.31 | 3.68 | -4.99 |
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Drawdowns
BETH vs. SMST - Drawdown Comparison
The maximum BETH drawdown since its inception was -57.12%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for BETH and SMST.
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Drawdown Indicators
| BETH | SMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.12% | -99.25% | +42.13% |
Max Drawdown (1Y)Largest decline over 1 year | -57.12% | -85.39% | +28.27% |
Current DrawdownCurrent decline from peak | -53.54% | -97.48% | +43.94% |
Average DrawdownAverage peak-to-trough decline | -19.65% | -91.08% | +71.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.38% | 46.35% | -8.97% |
Volatility
BETH vs. SMST - Volatility Comparison
The current volatility for ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) is 9.61%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that BETH 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.
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Volatility by Period
| BETH | SMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.61% | 38.14% | -28.53% |
Volatility (6M)Calculated over the trailing 6-month period | 35.71% | 135.29% | -99.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.67% | 151.04% | -103.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.63% | 166.75% | -116.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.63% | 166.75% | -116.12% |
BETH vs. SMST - Expense Ratio Comparison
BETH has a 0.95% expense ratio, which is lower than SMST's 1.29% expense ratio.
Dividends
BETH vs. SMST - Dividend Comparison
BETH's dividend yield for the trailing twelve months is around 53.99%, while SMST has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF | 41.98% | 57.68% | 19.71% | 0.36% |
SMST Defiance Daily Target 2X Short MSTR ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BETH and SMST have a correlation of -0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMST has higher volatility (38.14%) compared to BETH (9.61%). In terms of maximum drawdown, BETH dropped -57.12% vs SMST's -99.25%.
On 1-year performance, SMST leads with 128.37% vs -46.96% for BETH. On fees, BETH is cheaper at 0.95% per year. On volatility, BETH has been the lower-risk option at 9.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMST has performed better with a 128.37% return vs -46.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BETH is cheaper with a 0.95% expense ratio, compared with 1.29% for SMST.
BETH has the higher dividend yield at 41.98%, compared with 0.00% for SMST.
BETH is categorized as Cryptocurrency, while SMST is Inverse Equities. They also come from different issuers: ProShares and Defiance. Their fees differ too: 0.95% for BETH and 1.29% for SMST.
SMST currently has the higher Sharpe Ratio (1.13 vs -1.03), 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.
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