BSJR vs. SMST

Last updated Jul 14, 2026

BSJR (Invesco BulletShares 2027 High Yield Corporate Bond ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - BSJR is a High Yield Bonds fund tracking the NASDAQ BulletShares USD High Yield Corporate Bond 2027 Index, while SMST is a Inverse Equities fund actively managed by Defiance. BSJR is passively managed, while SMST is actively managed. Over the past year, BSJR returned 4.43% vs 240.03% for SMST. At a correlation of -0.37, they often move in opposite directions. BSJR charges 0.42%/yr vs 1.29%/yr for SMST.

Performance

BSJR vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) 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, BSJR achieves a 1.63% return, which is significantly higher than SMST's -27.96% return.

BSJR

• 1D: -0.03%
• 1M: 0.27%
• 6M: 1.41%
• YTD: 1.63%
• 1Y: 4.43%
• 3Y*: 7.53%
• 5Y*: 3.28%
• 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)

BSJR vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BSJR Invesco BulletShares 2027 High Yield Corporate Bond ETF	1.63%	7.41%	2.31%
SMST Defiance Daily Target 2X Short MSTR ETF	-27.96%	-44.36%	-91.71%

Correlation

The correlation between BSJR and SMST is -0.39, 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	-0.39
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.37

Return for Risk

BSJR vs. SMST — Risk / Return Rank

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

BSJR

BSJR Risk / Return Rank: 90
BSJR Sharpe Ratio Rank: 88
BSJR Sortino Ratio Rank: 92
BSJR Omega Ratio Rank: 90
BSJR Calmar Ratio Rank: 86
BSJR Martin Ratio Rank: 93

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.

BSJR vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) 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.

	BSJR	SMST	Difference
Sharpe ratio: Return per unit of total volatility	2.27	1.62	+0.65
Sortino ratio: Return per unit of downside risk	3.58	2.33	+1.25
Omega ratio: Gain probability vs. loss probability	1.45	1.30	+0.15
Calmar ratio: Return relative to maximum drawdown	3.82	2.83	+0.99
Martin ratio: Return relative to average drawdown	18.56	5.47	+13.09

BSJR vs. SMST - Sharpe Ratio Comparison

The current BSJR Sharpe Ratio is 2.27, which is higher than the SMST Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of BSJR 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

BSJR vs. SMST - Drawdown Comparison

The maximum BSJR drawdown since its inception was -22.58%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for BSJR and SMST.

Drawdown Indicators

	BSJR	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-22.58%	-99.25%	+76.67%
Max Drawdown (1Y) Largest decline over 1 year	-1.16%	-85.39%	+84.23%
Max Drawdown (3Y) Largest decline over 3 years	-3.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.37%	—	—
Current Drawdown Current decline from peak	-0.08%	-97.17%	+97.09%
Average Drawdown Average peak-to-trough decline	-3.20%	-90.89%	+87.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	44.09%	-43.85%

Volatility

BSJR vs. SMST - Volatility Comparison

The current volatility for Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) is 0.52%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.59%. This indicates that BSJR 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

	BSJR	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	56.59%	-56.07%
Volatility (6M) Calculated over the trailing 6-month period	1.52%	135.88%	-134.36%
Volatility (1Y) Calculated over the trailing 1-year period	1.96%	149.23%	-147.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.73%	167.74%	-161.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.30%	167.74%	-158.44%

BSJR vs. SMST - Expense Ratio Comparison

BSJR has a 0.42% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

BSJR vs. SMST - Dividend Comparison

BSJR's dividend yield for the trailing twelve months is around 5.66%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSJR Invesco BulletShares 2027 High Yield Corporate Bond ETF	5.66%	6.19%	6.75%	6.48%	5.37%	4.49%	4.53%	1.20%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSJR and SMST in my portfolio?

BSJR and SMST have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSJR or SMST?

SMST has higher volatility (56.59%) compared to BSJR (0.52%). In terms of maximum drawdown, BSJR dropped -22.58% vs SMST's -99.25%.

Which ETF is better, BSJR or SMST?

On 1-year performance, SMST leads with 240.03% vs 4.43% for BSJR. On fees, BSJR is cheaper at 0.42% per year. On volatility, BSJR has been the lower-risk option at 0.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSJR or SMST?

Over the 1-year period, SMST has performed better with a 240.03% return vs 4.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSJR or SMST?

BSJR is cheaper with a 0.42% expense ratio, compared with 1.29% for SMST.

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

BSJR has the higher dividend yield at 5.66%, compared with 0.00% for SMST.

What is the main difference between BSJR and SMST?

BSJR is categorized as High Yield Bonds, while SMST is Inverse Equities. They also come from different issuers: Invesco and Defiance. Their fees differ too: 0.42% for BSJR and 1.29% for SMST.

Which has better risk-adjusted returns?

BSJR currently has the higher Sharpe Ratio (2.27 vs 1.62), 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.