CEPI vs. SMST

Last updated Jul 16, 2026

CEPI (REX Crypto Equity Premium Income ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - CEPI is a 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, CEPI returned 19.84% vs 213.47% for SMST. At a correlation of -0.68, they often move in opposite directions. CEPI charges 0.85%/yr vs 1.29%/yr for SMST.

Performance

CEPI vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX Crypto Equity Premium Income ETF (CEPI) 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, CEPI achieves a 18.12% return, which is significantly higher than SMST's -36.56% return.

CEPI

• 1D: 0.44%
• 1M: -4.42%
• 6M: 12.00%
• YTD: 18.12%
• 1Y: 19.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: 0.19%
• 1M: 44.40%
• 6M: -6.67%
• YTD: -36.56%
• 1Y: 213.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CEPI vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CEPI REX Crypto Equity Premium Income ETF	18.12%	10.75%	-7.02%
SMST Defiance Daily Target 2X Short MSTR ETF	-36.56%	-44.36%	27.91%

Correlation

The correlation between CEPI and SMST is -0.68, 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	-0.68
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	-0.68

The correlation between CEPI and SMST has been stable across timeframes, ranging from -0.68 to -0.68 - a consistent structural relationship.

Return for Risk

CEPI vs. SMST — Risk / Return Rank

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

CEPI

CEPI Risk / Return Rank: 23
CEPI Sharpe Ratio Rank: 24
CEPI Sortino Ratio Rank: 24
CEPI Omega Ratio Rank: 25
CEPI Calmar Ratio Rank: 23
CEPI Martin Ratio Rank: 22

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 50
SMST Sortino Ratio Rank: 57
SMST Omega Ratio Rank: 58
SMST Calmar Ratio Rank: 62
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.

CEPI vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX Crypto Equity Premium Income ETF (CEPI) 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.

	CEPI	SMST	Difference
Sharpe ratio: Return per unit of total volatility	0.71	1.44	-0.73
Sortino ratio: Return per unit of downside risk	1.12	2.25	-1.13
Omega ratio: Gain probability vs. loss probability	1.14	1.29	-0.15
Calmar ratio: Return relative to maximum drawdown	0.89	2.52	-1.63
Martin ratio: Return relative to average drawdown	2.09	4.83	-2.74

CEPI vs. SMST - Sharpe Ratio Comparison

The current CEPI Sharpe Ratio is 0.71, which is lower than the SMST Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of CEPI 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

CEPI vs. SMST - Drawdown Comparison

The maximum CEPI drawdown since its inception was -29.48%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for CEPI and SMST.

Drawdown Indicators

	CEPI	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-29.48%	-99.25%	+69.77%
Max Drawdown (1Y) Largest decline over 1 year	-22.47%	-85.39%	+62.92%
Current Drawdown Current decline from peak	-5.20%	-97.51%	+92.31%
Average Drawdown Average peak-to-trough decline	-8.28%	-90.92%	+82.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.52%	44.41%	-34.89%

Volatility

CEPI vs. SMST - Volatility Comparison

The current volatility for REX Crypto Equity Premium Income ETF (CEPI) is 7.26%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.99%. This indicates that CEPI 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

	CEPI	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.26%	56.99%	-49.73%
Volatility (6M) Calculated over the trailing 6-month period	22.09%	135.90%	-113.81%
Volatility (1Y) Calculated over the trailing 1-year period	27.90%	149.26%	-121.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.44%	167.61%	-136.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.44%	167.61%	-136.17%

CEPI vs. SMST - Expense Ratio Comparison

CEPI has a 0.85% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

CEPI vs. SMST - Dividend Comparison

CEPI's dividend yield for the trailing twelve months is around 46.66%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
CEPI REX Crypto Equity Premium Income ETF	46.66%	50.78%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CEPI and SMST in my portfolio?

CEPI and SMST have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEPI or SMST?

SMST has higher volatility (56.99%) compared to CEPI (7.26%). In terms of maximum drawdown, CEPI dropped -29.48% vs SMST's -99.25%.

Which ETF is better, CEPI or SMST?

On 1-year performance, SMST leads with 213.47% vs 19.84% for CEPI. On fees, CEPI is cheaper at 0.85% per year. On volatility, CEPI has been the lower-risk option at 7.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CEPI or SMST?

Over the 1-year period, SMST has performed better with a 213.47% return vs 19.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CEPI or SMST?

CEPI is cheaper with a 0.85% expense ratio, compared with 1.29% for SMST.

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

CEPI has the higher dividend yield at 46.66%, compared with 0.00% for SMST.

What is the main difference between CEPI and SMST?

CEPI is categorized as Cryptocurrency, while SMST is Inverse Equities. They also come from different issuers: REX and Defiance. Their fees differ too: 0.85% for CEPI and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.44 vs 0.71), 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.