CNAV vs. SMST

Last updated Jun 26, 2026

CNAV (Mohr Company Nav ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - CNAV is a Large Cap Blend Equities fund actively managed by Mohr, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, CNAV returned 76.91% vs 236.89% for SMST. At a correlation of -0.40, they often move in opposite directions. CNAV charges 1.31%/yr vs 1.29%/yr for SMST.

Performance

CNAV vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mohr Company Nav ETF (CNAV) 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, CNAV achieves a 51.25% return, which is significantly higher than SMST's -5.14% return.

CNAV

• 1D: 4.10%
• 1M: 9.21%
• YTD: 51.25%
• 6M: 48.47%
• 1Y: 76.91%
• 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)

CNAV vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CNAV Mohr Company Nav ETF	51.25%	16.80%	6.05%
SMST Defiance Daily Target 2X Short MSTR ETF	-5.14%	-44.36%	-86.20%

Correlation

The correlation between CNAV and SMST is -0.37, 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	-0.37
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	-0.40

Return for Risk

CNAV vs. SMST — Risk / Return Rank

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

CNAV

CNAV Risk / Return Rank: 89
CNAV Sharpe Ratio Rank: 90
CNAV Sortino Ratio Rank: 82
CNAV Omega Ratio Rank: 85
CNAV Calmar Ratio Rank: 93
CNAV Martin Ratio Rank: 94

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.

CNAV vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mohr Company Nav ETF (CNAV) 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.

	CNAV	SMST	Difference
Sharpe ratio: Return per unit of total volatility	2.65	1.63	+1.02
Sortino ratio: Return per unit of downside risk	3.18	2.35	+0.83
Omega ratio: Gain probability vs. loss probability	1.44	1.30	+0.14
Calmar ratio: Return relative to maximum drawdown	5.96	2.79	+3.17
Martin ratio: Return relative to average drawdown	23.29	5.52	+17.77

CNAV vs. SMST - Sharpe Ratio Comparison

The current CNAV Sharpe Ratio is 2.65, which is higher than the SMST Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of CNAV 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

CNAV vs. SMST - Drawdown Comparison

The maximum CNAV drawdown since its inception was -30.06%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for CNAV and SMST.

Drawdown Indicators

	CNAV	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-30.06%	-99.25%	+69.19%
Max Drawdown (1Y) Largest decline over 1 year	-12.97%	-85.39%	+72.42%
Current Drawdown Current decline from peak	-3.01%	-96.27%	+93.26%
Average Drawdown Average peak-to-trough decline	-5.38%	-90.74%	+85.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	43.15%	-39.84%

Volatility

CNAV vs. SMST - Volatility Comparison

The current volatility for Mohr Company Nav ETF (CNAV) is 16.44%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 46.13%. This indicates that CNAV 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

	CNAV	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.44%	46.13%	-29.69%
Volatility (6M) Calculated over the trailing 6-month period	25.82%	130.40%	-104.58%
Volatility (1Y) Calculated over the trailing 1-year period	29.20%	146.32%	-117.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.11%	167.25%	-138.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.11%	167.25%	-138.14%

CNAV vs. SMST - Expense Ratio Comparison

CNAV has a 1.31% expense ratio, which is higher than SMST's 1.29% expense ratio.

Dividends

CNAV vs. SMST - Dividend Comparison

Neither CNAV nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CNAV and SMST in my portfolio?

CNAV and SMST have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNAV or SMST?

SMST has higher volatility (46.13%) compared to CNAV (16.44%). In terms of maximum drawdown, CNAV dropped -30.06% vs SMST's -99.25%.

Which ETF is better, CNAV or SMST?

On 1-year performance, SMST leads with 236.89% vs 76.91% for CNAV. On fees, SMST is cheaper at 1.29% per year. On volatility, CNAV has been the lower-risk option at 16.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNAV or SMST?

Over the 1-year period, SMST has performed better with a 236.89% return vs 76.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNAV or SMST?

SMST is cheaper with a 1.29% expense ratio, compared with 1.31% for CNAV.

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

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

What is the main difference between CNAV and SMST?

CNAV is categorized as Large Cap Blend Equities, while SMST is Inverse Equities. They also come from different issuers: Mohr and Defiance. Their fees differ too: 1.31% for CNAV and 1.29% for SMST.

Which has better risk-adjusted returns?

CNAV currently has the higher Sharpe Ratio (2.65 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.