BITY vs. SMST

Last updated Jul 14, 2026

BITY (Amplify Bitcoin 2% Monthly Option Income ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - BITY is a Derivative Income fund actively managed by Amplify, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, BITY returned -46.57% vs 240.03% for SMST. At a correlation of -0.82, they often move in opposite directions. BITY charges 0.65%/yr vs 1.29%/yr for SMST.

Performance

BITY vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Bitcoin 2% Monthly Option Income ETF (BITY) and Defiance Daily Target 2X Short MSTR ETF (SMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BITY having a -27.84% return and SMST slightly lower at -27.96%.

BITY

• 1D: -3.03%
• 1M: -3.75%
• 6M: -31.18%
• YTD: -27.84%
• 1Y: -46.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: 5.26%
• 1M: 44.38%
• 6M: -15.07%
• YTD: -27.96%
• 1Y: 240.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITY vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
BITY Amplify Bitcoin 2% Monthly Option Income ETF	-27.84%	-7.84%
SMST Defiance Daily Target 2X Short MSTR ETF	-27.96%	190.00%

Correlation

The correlation between BITY and SMST is -0.83, 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	-0.84
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025	-0.82

The correlation between BITY and SMST has been stable across timeframes, ranging from -0.83 to -0.82 - a consistent structural relationship.

Return for Risk

BITY vs. SMST — Risk / Return Rank

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

BITY

BITY Risk / Return Rank: 1
BITY Sharpe Ratio Rank: 1
BITY Sortino Ratio Rank: 1
BITY Omega Ratio Rank: 1
BITY Calmar Ratio Rank: 1
BITY Martin Ratio Rank: 1

SMST

SMST Risk / Return Rank: 60
SMST Sharpe Ratio Rank: 62
SMST Sortino Ratio Rank: 63
SMST Omega Ratio Rank: 63
SMST Calmar Ratio Rank: 71
SMST Martin Ratio Rank: 43

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.

BITY vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Bitcoin 2% Monthly Option Income ETF (BITY) 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.

	BITY	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-1.13	1.62	-2.75
Sortino ratio: Return per unit of downside risk	-1.73	2.33	-4.06
Omega ratio: Gain probability vs. loss probability	0.81	1.30	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.92	2.83	-3.75
Martin ratio: Return relative to average drawdown	-1.52	5.47	-6.99

BITY vs. SMST - Sharpe Ratio Comparison

The current BITY Sharpe Ratio is -1.13, which is lower than the SMST Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of BITY 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

BITY vs. SMST - Drawdown Comparison

The maximum BITY drawdown since its inception was -50.87%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for BITY and SMST.

Drawdown Indicators

	BITY	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-50.87%	-99.25%	+48.38%
Max Drawdown (1Y) Largest decline over 1 year	-50.87%	-85.39%	+34.52%
Current Drawdown Current decline from peak	-48.85%	-97.17%	+48.32%
Average Drawdown Average peak-to-trough decline	-22.05%	-90.89%	+68.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.65%	44.09%	-13.44%

Volatility

BITY vs. SMST - Volatility Comparison

The current volatility for Amplify Bitcoin 2% Monthly Option Income ETF (BITY) is 11.12%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.59%. This indicates that BITY 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

	BITY	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.12%	56.59%	-45.47%
Volatility (6M) Calculated over the trailing 6-month period	32.34%	135.88%	-103.54%
Volatility (1Y) Calculated over the trailing 1-year period	41.37%	149.23%	-107.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.36%	167.74%	-128.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.36%	167.74%	-128.38%

BITY vs. SMST - Expense Ratio Comparison

BITY has a 0.65% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

BITY vs. SMST - Dividend Comparison

BITY's dividend yield for the trailing twelve months is around 40.57%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
BITY Amplify Bitcoin 2% Monthly Option Income ETF	40.57%	21.53%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITY and SMST in my portfolio?

BITY and SMST have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITY or SMST?

SMST has higher volatility (56.59%) compared to BITY (11.12%). In terms of maximum drawdown, BITY dropped -50.87% vs SMST's -99.25%.

Which ETF is better, BITY or SMST?

On 1-year performance, SMST leads with 240.03% vs -46.57% for BITY. On fees, BITY is cheaper at 0.65% per year. On volatility, BITY has been the lower-risk option at 11.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITY or SMST?

Over the 1-year period, SMST has performed better with a 240.03% return vs -46.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITY or SMST?

BITY is cheaper with a 0.65% expense ratio, compared with 1.29% for SMST.

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

BITY has the higher dividend yield at 40.57%, compared with 0.00% for SMST.

What is the main difference between BITY and SMST?

BITY is categorized as Derivative Income, while SMST is Inverse Equities. They also come from different issuers: Amplify and Defiance. Their fees differ too: 0.65% for BITY and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.62 vs -1.13), 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.