BTCL vs. SMST

Last updated Jul 11, 2026

BTCL (T-REX 2X Long Bitcoin Daily Target ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - BTCL is a Leveraged Cryptocurrency fund actively managed by REX, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, BTCL returned -80.17% vs 223.04% for SMST. At a correlation of -0.78, they often move in opposite directions. BTCL charges 0.95%/yr vs 1.29%/yr for SMST.

Performance

BTCL vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Long Bitcoin Daily Target ETF (BTCL) 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, BTCL achieves a -56.85% return, which is significantly lower than SMST's -31.56% return.

BTCL

• 1D: 1.63%
• 1M: -1.34%
• 6M: -59.23%
• YTD: -56.85%
• 1Y: -80.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: -1.67%
• 1M: 37.17%
• 6M: -24.18%
• YTD: -31.56%
• 1Y: 223.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCL vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	-56.85%	-39.52%	109.78%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	-44.36%	-91.71%

Correlation

The correlation between BTCL and SMST is -0.84, 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 Aug 21, 2024	-0.78

The correlation between BTCL and SMST has been stable across timeframes, ranging from -0.84 to -0.78 - a consistent structural relationship.

Return for Risk

BTCL vs. SMST — Risk / Return Rank

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

BTCL

BTCL Risk / Return Rank: 1
BTCL Sharpe Ratio Rank: 2
BTCL Sortino Ratio Rank: 1
BTCL Omega Ratio Rank: 1
BTCL Calmar Ratio Rank: 1
BTCL Martin Ratio Rank: 2

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 49
SMST Sortino Ratio Rank: 58
SMST Omega Ratio Rank: 58
SMST Calmar Ratio Rank: 60
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.

BTCL vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Long Bitcoin Daily Target ETF (BTCL) 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.

	BTCL	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	1.37	-2.26
Sortino ratio: Return per unit of downside risk	-1.72	2.22	-3.93
Omega ratio: Gain probability vs. loss probability	0.81	1.29	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.94	2.39	-3.33
Martin ratio: Return relative to average drawdown	-1.39	4.64	-6.03

BTCL vs. SMST - Sharpe Ratio Comparison

The current BTCL Sharpe Ratio is -0.89, which is lower than the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of BTCL 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

BTCL vs. SMST - Drawdown Comparison

The maximum BTCL drawdown since its inception was -84.01%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for BTCL and SMST.

Drawdown Indicators

	BTCL	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-84.01%	-99.25%	+15.24%
Max Drawdown (1Y) Largest decline over 1 year	-84.01%	-85.39%	+1.38%
Current Drawdown Current decline from peak	-81.24%	-97.31%	+16.07%
Average Drawdown Average peak-to-trough decline	-36.47%	-90.88%	+54.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.65%	43.98%	+12.67%

Volatility

BTCL vs. SMST - Volatility Comparison

The current volatility for T-REX 2X Long Bitcoin Daily Target ETF (BTCL) is 22.10%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that BTCL 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

	BTCL	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.10%	56.47%	-34.37%
Volatility (6M) Calculated over the trailing 6-month period	70.22%	135.94%	-65.72%
Volatility (1Y) Calculated over the trailing 1-year period	88.74%	149.09%	-60.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.19%	167.87%	-70.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.19%	167.87%	-70.68%

BTCL vs. SMST - Expense Ratio Comparison

BTCL has a 0.95% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

BTCL vs. SMST - Dividend Comparison

BTCL's dividend yield for the trailing twelve months is around 3.93%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024
BTCL T-REX 2X Long Bitcoin Daily Target ETF	3.93%	1.70%	4.35%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTCL and SMST in my portfolio?

BTCL and SMST have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTCL or SMST?

SMST has higher volatility (56.47%) compared to BTCL (22.10%). In terms of maximum drawdown, BTCL dropped -84.01% vs SMST's -99.25%.

Which ETF is better, BTCL or SMST?

On 1-year performance, SMST leads with 223.04% vs -80.17% for BTCL. On fees, BTCL is cheaper at 0.95% per year. On volatility, BTCL has been the lower-risk option at 22.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCL or SMST?

Over the 1-year period, SMST has performed better with a 223.04% return vs -80.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCL or SMST?

BTCL is cheaper with a 0.95% expense ratio, compared with 1.29% for SMST.

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

BTCL has the higher dividend yield at 3.93%, compared with 0.00% for SMST.

What is the main difference between BTCL and SMST?

BTCL is categorized as Leveraged Cryptocurrency, while SMST is Inverse Equities. They also come from different issuers: REX and Defiance. Their fees differ too: 0.95% for BTCL and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.37 vs -0.89), 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.