BMNZ vs. SMST
BMNZ (Defiance Daily Target 2X Short BMNR ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds from Defiance. BMNZ is passively managed, while SMST is actively managed. Their correlation of 0.81 suggests significant overlap in exposure. BMNZ charges 1.31%/yr vs 1.29%/yr for SMST.
Performance
BMNZ vs. SMST - Performance Comparison
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Returns By Period
In the year-to-date period, BMNZ achieves a 1.13% return, which is significantly higher than SMST's -45.29% return.
BMNZ
- 1D
- 22.76%
- 1M
- 77.00%
- YTD
- 1.13%
- 6M
- 35.73%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMST
- 1D
- 13.28%
- 1M
- 107.06%
- YTD
- -45.29%
- 6M
- -28.73%
- 1Y
- 71.06%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BMNZ vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BMNZ Defiance Daily Target 2X Short BMNR ETF | 1.13% | -0.49% |
SMST Defiance Daily Target 2X Short MSTR ETF | -45.29% | 59.67% |
Correlation
The correlation between BMNZ and SMST is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 14, 2025 | 0.81 |
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Return for Risk
BMNZ vs. SMST — Risk / Return Rank
BMNZ
SMST
BMNZ vs. SMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short BMNR ETF (BMNZ) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| BMNZ | SMST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 0.51 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.01 | -0.52 | +0.53 |
Drawdowns
BMNZ vs. SMST - Drawdown Comparison
The maximum BMNZ drawdown since its inception was -70.80%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for BMNZ and SMST.
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Drawdown Indicators
| BMNZ | SMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.80% | -99.25% | +28.45% |
Max Drawdown (1Y)Largest decline over 1 year | — | -85.39% | — |
Current DrawdownCurrent decline from peak | -43.38% | -97.85% | +54.47% |
Average DrawdownAverage peak-to-trough decline | -51.56% | -90.70% | +39.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 41.18% | — |
Volatility
BMNZ vs. SMST - Volatility Comparison
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Volatility by Period
| BMNZ | SMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 38.61% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 126.42% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 190.13% | 141.30% | +48.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 190.13% | 166.75% | +23.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 190.13% | 166.75% | +23.38% |
BMNZ vs. SMST - Expense Ratio Comparison
BMNZ has a 1.31% expense ratio, which is higher than SMST's 1.29% expense ratio.
Dividends
BMNZ vs. SMST - Dividend Comparison
Neither BMNZ nor SMST has paid dividends to shareholders.
Frequently Asked Questions
BMNZ and SMST have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMST is cheaper at 1.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMST is cheaper with a 1.29% expense ratio, compared with 1.31% for BMNZ.
BMNZ and SMST have nearly identical dividend yields, around 0.00%.
Their fees differ too: 1.31% for BMNZ and 1.29% for SMST.
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