BOEG vs. SMST

Last updated Jul 15, 2026

BOEG (Leverage Shares 2X Long BA Daily ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - BOEG is a Leveraged Equities fund actively managed by Leverage Shares, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, BOEG returned -28.91% vs 223.39% for SMST. At a correlation of -0.33, they often move in opposite directions. BOEG charges 0.75%/yr vs 1.29%/yr for SMST.

Performance

BOEG vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long BA Daily ETF (BOEG) 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, BOEG achieves a -11.21% return, which is significantly higher than SMST's -36.68% return.

BOEG

• 1D: 1.46%
• 1M: -3.29%
• 6M: -29.42%
• YTD: -11.21%
• 1Y: -28.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: -12.10%
• 1M: 26.91%
• 6M: -13.52%
• YTD: -36.68%
• 1Y: 223.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BOEG vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
BOEG Leverage Shares 2X Long BA Daily ETF	-11.21%	6.85%
SMST Defiance Daily Target 2X Short MSTR ETF	-36.68%	235.62%

Correlation

The correlation between BOEG and SMST is -0.34, 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	-0.34
Correlation (All Time) Calculated using the full available price history since Jun 13, 2025	-0.33

Return for Risk

BOEG vs. SMST — Risk / Return Rank

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

BOEG

BOEG Risk / Return Rank: 5
BOEG Sharpe Ratio Rank: 5
BOEG Sortino Ratio Rank: 6
BOEG Omega Ratio Rank: 6
BOEG Calmar Ratio Rank: 4
BOEG Martin Ratio Rank: 3

SMST

SMST Risk / Return Rank: 56
SMST Sharpe Ratio Rank: 55
SMST Sortino Ratio Rank: 60
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 66
SMST Martin Ratio Rank: 40

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.

BOEG vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long BA Daily ETF (BOEG) 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.

	BOEG	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.45	1.51	-1.96
Sortino ratio: Return per unit of downside risk	-0.33	2.28	-2.61
Omega ratio: Gain probability vs. loss probability	0.96	1.30	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.62	2.63	-3.26
Martin ratio: Return relative to average drawdown	-1.18	5.07	-6.25

BOEG vs. SMST - Sharpe Ratio Comparison

The current BOEG Sharpe Ratio is -0.45, which is lower than the SMST Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of BOEG 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

BOEG vs. SMST - Drawdown Comparison

The maximum BOEG drawdown since its inception was -46.47%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for BOEG and SMST.

Drawdown Indicators

	BOEG	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-46.47%	-99.25%	+52.78%
Max Drawdown (1Y) Largest decline over 1 year	-46.47%	-85.39%	+38.92%
Current Drawdown Current decline from peak	-33.34%	-97.51%	+64.17%
Average Drawdown Average peak-to-trough decline	-20.12%	-90.91%	+70.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.55%	44.25%	-19.70%

Volatility

BOEG vs. SMST - Volatility Comparison

The current volatility for Leverage Shares 2X Long BA Daily ETF (BOEG) is 18.23%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 57.45%. This indicates that BOEG 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

	BOEG	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.23%	57.45%	-39.22%
Volatility (6M) Calculated over the trailing 6-month period	47.52%	136.03%	-88.51%
Volatility (1Y) Calculated over the trailing 1-year period	64.01%	149.51%	-85.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.93%	167.79%	-103.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.93%	167.79%	-103.86%

BOEG vs. SMST - Expense Ratio Comparison

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

Dividends

BOEG vs. SMST - Dividend Comparison

Neither BOEG nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BOEG and SMST in my portfolio?

BOEG and SMST have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOEG or SMST?

SMST has higher volatility (57.45%) compared to BOEG (18.23%). In terms of maximum drawdown, BOEG dropped -46.47% vs SMST's -99.25%.

Which ETF is better, BOEG or SMST?

On 1-year performance, SMST leads with 223.39% vs -28.91% for BOEG. On fees, BOEG is cheaper at 0.75% per year. On volatility, BOEG has been the lower-risk option at 18.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOEG or SMST?

Over the 1-year period, SMST has performed better with a 223.39% return vs -28.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOEG or SMST?

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

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

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

What is the main difference between BOEG and SMST?

BOEG is categorized as Leveraged Equities, while SMST is Inverse Equities. They also come from different issuers: Leverage Shares and Defiance. Their fees differ too: 0.75% for BOEG and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.51 vs -0.45), 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.