BUFQ vs. SMST

Last updated Jul 15, 2026

BUFQ (FT Vest Laddered Nasdaq Buffer ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - BUFQ is a Nasdaq-100 fund tracking the NASDAQ 100 Index - USD, while SMST is a Inverse Equities fund actively managed by Defiance. BUFQ is passively managed, while SMST is actively managed. Over the past year, BUFQ returned 17.44% vs 223.39% for SMST. At a correlation of -0.48, they often move in opposite directions. BUFQ charges 1.10%/yr vs 1.29%/yr for SMST.

Performance

BUFQ vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Laddered Nasdaq Buffer ETF (BUFQ) 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, BUFQ achieves a 9.18% return, which is significantly higher than SMST's -36.68% return.

BUFQ

• 1D: 0.57%
• 1M: 0.49%
• 6M: 8.18%
• YTD: 9.18%
• 1Y: 17.44%
• 3Y*: 15.65%
• 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)

BUFQ vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BUFQ FT Vest Laddered Nasdaq Buffer ETF	9.18%	14.03%	5.05%
SMST Defiance Daily Target 2X Short MSTR ETF	-36.68%	-44.36%	-91.71%

Correlation

The correlation between BUFQ and SMST is -0.48, 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	-0.48
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.48

Return for Risk

BUFQ vs. SMST — Risk / Return Rank

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

BUFQ

BUFQ Risk / Return Rank: 83
BUFQ Sharpe Ratio Rank: 80
BUFQ Sortino Ratio Rank: 83
BUFQ Omega Ratio Rank: 83
BUFQ Calmar Ratio Rank: 79
BUFQ Martin Ratio Rank: 90

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.

BUFQ vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Laddered Nasdaq Buffer ETF (BUFQ) 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.

	BUFQ	SMST	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.51	+0.51
Sortino ratio: Return per unit of downside risk	2.97	2.28	+0.69
Omega ratio: Gain probability vs. loss probability	1.39	1.30	+0.10
Calmar ratio: Return relative to maximum drawdown	3.25	2.63	+0.61
Martin ratio: Return relative to average drawdown	15.81	5.07	+10.74

BUFQ vs. SMST - Sharpe Ratio Comparison

The current BUFQ Sharpe Ratio is 2.02, which is higher than the SMST Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of BUFQ 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

BUFQ vs. SMST - Drawdown Comparison

The maximum BUFQ drawdown since its inception was -15.74%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for BUFQ and SMST.

Drawdown Indicators

	BUFQ	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-15.74%	-99.25%	+83.51%
Max Drawdown (1Y) Largest decline over 1 year	-5.39%	-85.39%	+80.00%
Max Drawdown (3Y) Largest decline over 3 years	-15.74%	—	—
Current Drawdown Current decline from peak	-0.41%	-97.51%	+97.10%
Average Drawdown Average peak-to-trough decline	-2.27%	-90.91%	+88.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	44.25%	-43.14%

Volatility

BUFQ vs. SMST - Volatility Comparison

The current volatility for FT Vest Laddered Nasdaq Buffer ETF (BUFQ) is 3.12%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 57.45%. This indicates that BUFQ 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

	BUFQ	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	57.45%	-54.33%
Volatility (6M) Calculated over the trailing 6-month period	6.99%	136.03%	-129.04%
Volatility (1Y) Calculated over the trailing 1-year period	8.66%	149.51%	-140.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.28%	167.79%	-154.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.28%	167.79%	-154.51%

BUFQ vs. SMST - Expense Ratio Comparison

BUFQ has a 1.10% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

BUFQ vs. SMST - Dividend Comparison

Neither BUFQ nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BUFQ and SMST in my portfolio?

BUFQ and SMST have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFQ or SMST?

SMST has higher volatility (57.45%) compared to BUFQ (3.12%). In terms of maximum drawdown, BUFQ dropped -15.74% vs SMST's -99.25%.

Which ETF is better, BUFQ or SMST?

On 1-year performance, SMST leads with 223.39% vs 17.44% for BUFQ. On fees, BUFQ is cheaper at 1.10% per year. On volatility, BUFQ has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFQ or SMST?

Over the 1-year period, SMST has performed better with a 223.39% return vs 17.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFQ or SMST?

BUFQ is cheaper with a 1.10% expense ratio, compared with 1.29% for SMST.

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

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

What is the main difference between BUFQ and SMST?

BUFQ is categorized as Nasdaq-100, while SMST is Inverse Equities. They also come from different issuers: FT Vest and Defiance. Their fees differ too: 1.10% for BUFQ and 1.29% for SMST.

Which has better risk-adjusted returns?

BUFQ currently has the higher Sharpe Ratio (2.02 vs 1.51), 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.