BMNZ vs. SMST

Last updated Jun 26, 2026

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

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short BMNR ETF (BMNZ) 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, BMNZ achieves a 29.97% return, which is significantly higher than SMST's -5.14% return.

BMNZ

• 1D: 9.79%
• 1M: 76.32%
• YTD: 29.97%
• 6M: 50.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: 18.45%
• 1M: 181.70%
• YTD: -5.14%
• 6M: 2.86%
• 1Y: 236.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BMNZ vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
BMNZ Defiance Daily Target 2X Short BMNR ETF	29.97%	15.30%
SMST Defiance Daily Target 2X Short MSTR ETF	-5.14%	82.35%

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 13, 2025	0.81

Return for Risk

BMNZ vs. SMST — Risk / Return Rank

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

BMNZ

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

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 54
SMST Sortino Ratio Rank: 55
SMST Omega Ratio Rank: 54
SMST Calmar Ratio Rank: 64
SMST Martin Ratio Rank: 38

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.

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.

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.

	BMNZ	SMST	Difference
Sharpe ratio: Return per unit of total volatility	—	1.63	—
Sortino ratio: Return per unit of downside risk	—	2.35	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	2.79	—
Martin ratio: Return relative to average drawdown	—	5.52	—

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.

Drawdown Indicators

	BMNZ	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-70.80%	-99.25%	+28.45%
Max Drawdown (1Y) Largest decline over 1 year	—	-85.39%	—
Current Drawdown Current decline from peak	-27.23%	-96.27%	+69.04%
Average Drawdown Average peak-to-trough decline	-50.65%	-90.74%	+40.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	43.15%	—

Volatility

Volatility by Period

	BMNZ	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	46.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	130.40%	—
Volatility (1Y) Calculated over the trailing 1-year period	187.04%	146.32%	+40.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	187.04%	167.25%	+19.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	187.04%	167.25%	+19.79%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BMNZ and SMST in my portfolio?

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.

Which ETF is better, BMNZ or SMST?

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.

Which ETF is cheaper, BMNZ or SMST?

SMST is cheaper with a 1.29% expense ratio, compared with 1.31% for BMNZ.

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

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

What is the main difference between BMNZ and SMST?

Their fees differ too: 1.31% for BMNZ and 1.29% for SMST.