BUYW vs. SMST

Last updated Jun 26, 2026

BUYW (Main Buywrite ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - BUYW is a Derivative Income fund actively managed by Main Funds, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, BUYW returned 8.84% vs 236.89% for SMST. At a correlation of -0.35, they often move in opposite directions. Both charge a 1.29% expense ratio.

Performance

BUYW vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Main Buywrite ETF (BUYW) 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, BUYW achieves a 3.48% return, which is significantly higher than SMST's -5.14% return.

BUYW

• 1D: 0.36%
• 1M: 0.09%
• YTD: 3.48%
• 6M: 3.41%
• 1Y: 8.84%
• 3Y*: 8.72%
• 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)

BUYW vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BUYW Main Buywrite ETF	3.48%	9.08%	2.98%
SMST Defiance Daily Target 2X Short MSTR ETF	-5.14%	-44.36%	-91.71%

Correlation

The correlation between BUYW and SMST is -0.32, 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	-0.32
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.35

Return for Risk

BUYW vs. SMST — Risk / Return Rank

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

BUYW

BUYW Risk / Return Rank: 74
BUYW Sharpe Ratio Rank: 64
BUYW Sortino Ratio Rank: 70
BUYW Omega Ratio Rank: 70
BUYW Calmar Ratio Rank: 76
BUYW Martin Ratio Rank: 91

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.

BUYW vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Main Buywrite ETF (BUYW) 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.

	BUYW	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.63	+0.20
Sortino ratio: Return per unit of downside risk	2.75	2.35	+0.40
Omega ratio: Gain probability vs. loss probability	1.36	1.30	+0.06
Calmar ratio: Return relative to maximum drawdown	3.43	2.79	+0.64
Martin ratio: Return relative to average drawdown	18.26	5.52	+12.75

BUYW vs. SMST - Sharpe Ratio Comparison

The current BUYW Sharpe Ratio is 1.83, which is comparable to the SMST Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of BUYW 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

BUYW vs. SMST - Drawdown Comparison

The maximum BUYW drawdown since its inception was -9.36%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for BUYW and SMST.

Drawdown Indicators

	BUYW	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-9.36%	-99.25%	+89.89%
Max Drawdown (1Y) Largest decline over 1 year	-2.59%	-85.39%	+82.80%
Max Drawdown (3Y) Largest decline over 3 years	-9.36%	—	—
Current Drawdown Current decline from peak	-0.26%	-96.27%	+96.01%
Average Drawdown Average peak-to-trough decline	-0.60%	-90.74%	+90.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	43.15%	-42.66%

Volatility

BUYW vs. SMST - Volatility Comparison

The current volatility for Main Buywrite ETF (BUYW) is 1.41%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 46.13%. This indicates that BUYW 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

	BUYW	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	46.13%	-44.72%
Volatility (6M) Calculated over the trailing 6-month period	3.90%	130.40%	-126.50%
Volatility (1Y) Calculated over the trailing 1-year period	4.84%	146.32%	-141.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.43%	167.25%	-158.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.43%	167.25%	-158.82%

BUYW vs. SMST - Expense Ratio Comparison

Both BUYW and SMST have an expense ratio of 1.29%.

Dividends

BUYW vs. SMST - Dividend Comparison

BUYW's dividend yield for the trailing twelve months is around 5.95%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
BUYW Main Buywrite ETF	5.95%	5.89%	5.93%	5.95%	0.50%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BUYW and SMST in my portfolio?

BUYW and SMST have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUYW or SMST?

SMST has higher volatility (46.13%) compared to BUYW (1.41%). In terms of maximum drawdown, BUYW dropped -9.36% vs SMST's -99.25%.

Which ETF is better, BUYW or SMST?

On 1-year performance, SMST leads with 236.89% vs 8.84% for BUYW. Both ETFs have the same 1.29% expense ratio. On volatility, BUYW has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUYW or SMST?

Over the 1-year period, SMST has performed better with a 236.89% return vs 8.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUYW or SMST?

BUYW and SMST have the same expense ratio: 1.29% per year.

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

BUYW has the higher dividend yield at 5.95%, compared with 0.00% for SMST.

What is the main difference between BUYW and SMST?

BUYW is categorized as Derivative Income, while SMST is Inverse Equities. They also come from different issuers: Main Funds and Defiance.

Which has better risk-adjusted returns?

BUYW currently has the higher Sharpe Ratio (1.83 vs 1.63), 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.