CHAU vs. SMST
CHAU (Direxion Daily CSI 300 China A Share Bull 2x Shares) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - CHAU is a China Equities fund tracking the CSI 300 Index (200%), while SMST is a Inverse Equities fund actively managed by Defiance. CHAU is passively managed, while SMST is actively managed. Over the past year, CHAU returned 41.75% vs 128.37% for SMST. Their -0.20 correlation means they have often moved in opposite directions in the past. CHAU charges 1.21%/yr vs 1.29%/yr for SMST.
Performance
CHAU vs. SMST - Performance Comparison
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Returns By Period
In the year-to-date period, CHAU achieves a 3.41% return, which is significantly higher than SMST's -35.77% return.
CHAU
- 1D
- -0.55%
- 1M
- -6.06%
- 6M
- 0.47%
- YTD
- 3.41%
- 1Y
- 41.75%
- 3Y*
- 6.15%
- 5Y*
- -8.33%
- 10Y*
- 3.36%
- ALL TIME*
- -4.90%
SMST
- 1D
- 8.37%
- 1M
- 5.47%
- 6M
- -29.35%
- YTD
- -35.77%
- 1Y
- 128.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.26M | $3.47M | $3.01M | |
| $15.35M | $15.12M | $17.58M |
CHAU vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares | 3.41% | 47.73% | 15.95% |
SMST Defiance Daily Target 2X Short MSTR ETF | -35.77% | -44.36% | -91.71% |
Correlation
The correlation between CHAU and SMST is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.24 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024 | -0.20 |
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Return for Risk
CHAU vs. SMST — Risk / Return Rank
CHAU
SMST
CHAU vs. SMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) 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.
| CHAU | SMST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.27 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 2.00 | +0.10 |
| Martin ratioReturn relative to average drawdown | 5.94 | 3.68 | +2.26 |
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Drawdowns
CHAU vs. SMST - Drawdown Comparison
The maximum CHAU drawdown since its inception was -79.21%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for CHAU and SMST.
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Drawdown Indicators
| CHAU | SMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.21% | -99.25% | +20.04% |
Max Drawdown (1Y)Largest decline over 1 year | -19.27% | -85.39% | +66.12% |
Max Drawdown (3Y)Largest decline over 3 years | -59.88% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -71.83% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -78.58% | — | — |
Current DrawdownCurrent decline from peak | -58.27% | -97.48% | +39.21% |
Average DrawdownAverage peak-to-trough decline | -58.83% | -91.08% | +32.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.79% | 46.35% | -39.56% |
Volatility
CHAU vs. SMST - Volatility Comparison
The current volatility for Direxion Daily CSI 300 China A Share Bull 2x Shares (CHAU) is 17.39%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that CHAU 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.
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Volatility by Period
| CHAU | SMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.39% | 38.14% | -20.75% |
Volatility (6M)Calculated over the trailing 6-month period | 30.77% | 135.29% | -104.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.40% | 151.04% | -111.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.27% | 166.75% | -119.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.45% | 166.75% | -119.30% |
CHAU vs. SMST - Expense Ratio Comparison
CHAU has a 1.21% expense ratio, which is lower than SMST's 1.29% expense ratio.
Dividends
CHAU vs. SMST - Dividend Comparison
CHAU's dividend yield for the trailing twelve months is around 2.09%, while SMST has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CHAU Direxion Daily CSI 300 China A Share Bull 2x Shares | 2.09% | 1.97% | 2.25% | 3.97% | 0.77% | 1.73% | 0.09% | 0.58% | 0.83% |
SMST Defiance Daily Target 2X Short MSTR ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CHAU and SMST have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMST has higher volatility (38.14%) compared to CHAU (17.39%). In terms of maximum drawdown, CHAU dropped -79.21% vs SMST's -99.25%.
On 1-year performance, SMST leads with 128.37% vs 41.75% for CHAU. On fees, CHAU is cheaper at 1.21% per year. On volatility, CHAU has been the lower-risk option at 17.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMST has performed better with a 128.37% return vs 41.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CHAU is cheaper with a 1.21% expense ratio, compared with 1.29% for SMST.
CHAU has the higher dividend yield at 2.09%, compared with 0.00% for SMST.
CHAU is categorized as China Equities, while SMST is Inverse Equities. They also come from different issuers: Direxion and Defiance. Their fees differ too: 1.21% for CHAU and 1.29% for SMST.
SMST currently has the higher Sharpe Ratio (1.13 vs 1.03), 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.
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