CHPY vs. SMST

Last updated Jun 26, 2026

CHPY (YieldMax Semiconductor Portfolio Option Income ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - CHPY is a Derivative Income fund actively managed by YieldMax, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, CHPY returned 136.97% vs 236.89% for SMST. At a correlation of -0.38, they often move in opposite directions. CHPY charges 0.99%/yr vs 1.29%/yr for SMST.

Performance

CHPY vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Semiconductor Portfolio Option Income ETF (CHPY) 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, CHPY achieves a 88.59% return, which is significantly higher than SMST's -5.14% return.

CHPY

• 1D: 3.25%
• 1M: 8.85%
• YTD: 88.59%
• 6M: 86.91%
• 1Y: 136.97%
• 3Y*: —
• 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)

CHPY vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
CHPY YieldMax Semiconductor Portfolio Option Income ETF	88.59%	56.76%
SMST Defiance Daily Target 2X Short MSTR ETF	-5.14%	35.67%

Correlation

The correlation between CHPY and SMST is -0.38, 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	-0.38
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	-0.38

Return for Risk

CHPY vs. SMST — Risk / Return Rank

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

CHPY

CHPY Risk / Return Rank: 96
CHPY Sharpe Ratio Rank: 97
CHPY Sortino Ratio Rank: 95
CHPY Omega Ratio Rank: 95
CHPY Calmar Ratio Rank: 98
CHPY Martin Ratio Rank: 97

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.

CHPY vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Semiconductor Portfolio Option Income ETF (CHPY) 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.

	CHPY	SMST	Difference
Sharpe ratio: Return per unit of total volatility	4.22	1.63	+2.59
Sortino ratio: Return per unit of downside risk	4.35	2.35	+1.99
Omega ratio: Gain probability vs. loss probability	1.65	1.30	+0.35
Calmar ratio: Return relative to maximum drawdown	11.33	2.79	+8.53
Martin ratio: Return relative to average drawdown	39.47	5.52	+33.95

CHPY vs. SMST - Sharpe Ratio Comparison

The current CHPY Sharpe Ratio is 4.22, which is higher than the SMST Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of CHPY 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

CHPY vs. SMST - Drawdown Comparison

The maximum CHPY drawdown since its inception was -12.19%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for CHPY and SMST.

Drawdown Indicators

	CHPY	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-12.19%	-99.25%	+87.06%
Max Drawdown (1Y) Largest decline over 1 year	-12.17%	-85.39%	+73.22%
Current Drawdown Current decline from peak	-3.96%	-96.27%	+92.31%
Average Drawdown Average peak-to-trough decline	-2.16%	-90.74%	+88.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	43.15%	-39.67%

Volatility

CHPY vs. SMST - Volatility Comparison

The current volatility for YieldMax Semiconductor Portfolio Option Income ETF (CHPY) is 19.30%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 46.13%. This indicates that CHPY 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

	CHPY	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.30%	46.13%	-26.83%
Volatility (6M) Calculated over the trailing 6-month period	28.01%	130.40%	-102.39%
Volatility (1Y) Calculated over the trailing 1-year period	32.65%	146.32%	-113.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.34%	167.25%	-130.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.34%	167.25%	-130.91%

CHPY vs. SMST - Expense Ratio Comparison

CHPY has a 0.99% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

CHPY vs. SMST - Dividend Comparison

CHPY's dividend yield for the trailing twelve months is around 29.89%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
CHPY YieldMax Semiconductor Portfolio Option Income ETF	29.89%	28.19%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CHPY and SMST in my portfolio?

CHPY and SMST have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHPY or SMST?

SMST has higher volatility (46.13%) compared to CHPY (19.30%). In terms of maximum drawdown, CHPY dropped -12.19% vs SMST's -99.25%.

Which ETF is better, CHPY or SMST?

On 1-year performance, SMST leads with 236.89% vs 136.97% for CHPY. On fees, CHPY is cheaper at 0.99% per year. On volatility, CHPY has been the lower-risk option at 19.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CHPY or SMST?

Over the 1-year period, SMST has performed better with a 236.89% return vs 136.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CHPY or SMST?

CHPY is cheaper with a 0.99% expense ratio, compared with 1.29% for SMST.

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

CHPY has the higher dividend yield at 29.89%, compared with 0.00% for SMST.

What is the main difference between CHPY and SMST?

CHPY is categorized as Derivative Income, while SMST is Inverse Equities. They also come from different issuers: YieldMax and Defiance. Their fees differ too: 0.99% for CHPY and 1.29% for SMST.

Which has better risk-adjusted returns?

CHPY currently has the higher Sharpe Ratio (4.22 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.