CNBS vs. SMST

Last updated Jul 12, 2026

CNBS (Amplify Seymour Cannabis ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - CNBS is a Cannabis fund actively managed by Amplify, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, CNBS returned 43.24% vs 223.04% for SMST. At a correlation of -0.21, they often move in opposite directions. CNBS charges 0.75%/yr vs 1.29%/yr for SMST.

Performance

CNBS vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Seymour Cannabis ETF (CNBS) 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, CNBS achieves a -6.55% return, which is significantly higher than SMST's -31.56% return.

CNBS

• 1D: 0.36%
• 1M: -9.18%
• 6M: -7.50%
• YTD: -6.55%
• 1Y: 43.24%
• 3Y*: -7.39%
• 5Y*: -33.44%
• 10Y*: —

SMST

• 1D: -1.67%
• 1M: 37.17%
• 6M: -24.18%
• YTD: -31.56%
• 1Y: 223.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CNBS vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CNBS Amplify Seymour Cannabis ETF	-6.55%	15.33%	-33.01%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	-44.36%	-91.71%

Correlation

The correlation between CNBS and SMST is -0.27, 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	-0.27
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.21

Return for Risk

CNBS vs. SMST — Risk / Return Rank

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

CNBS

CNBS Risk / Return Rank: 23
CNBS Sharpe Ratio Rank: 16
CNBS Sortino Ratio Rank: 32
CNBS Omega Ratio Rank: 29
CNBS Calmar Ratio Rank: 21
CNBS Martin Ratio Rank: 17

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 49
SMST Sortino Ratio Rank: 58
SMST Omega Ratio Rank: 58
SMST Calmar Ratio Rank: 60
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.

CNBS vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Seymour Cannabis ETF (CNBS) 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.

	CNBS	SMST	Difference
Sharpe ratio: Return per unit of total volatility	0.37	1.37	-1.00
Sortino ratio: Return per unit of downside risk	1.43	2.22	-0.78
Omega ratio: Gain probability vs. loss probability	1.17	1.29	-0.12
Calmar ratio: Return relative to maximum drawdown	0.76	2.39	-1.63
Martin ratio: Return relative to average drawdown	1.33	4.64	-3.31

CNBS vs. SMST - Sharpe Ratio Comparison

The current CNBS Sharpe Ratio is 0.37, which is lower than the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of CNBS 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

CNBS vs. SMST - Drawdown Comparison

The maximum CNBS drawdown since its inception was -95.71%, roughly equal to the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for CNBS and SMST.

Drawdown Indicators

	CNBS	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-95.71%	-99.25%	+3.54%
Max Drawdown (1Y) Largest decline over 1 year	-51.25%	-85.39%	+34.14%
Max Drawdown (3Y) Largest decline over 3 years	-73.41%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-92.83%	—	—
Current Drawdown Current decline from peak	-91.86%	-97.31%	+5.45%
Average Drawdown Average peak-to-trough decline	-71.51%	-90.88%	+19.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.27%	43.98%	-14.71%

Volatility

CNBS vs. SMST - Volatility Comparison

The current volatility for Amplify Seymour Cannabis ETF (CNBS) is 15.13%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that CNBS 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

	CNBS	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.13%	56.47%	-41.34%
Volatility (6M) Calculated over the trailing 6-month period	53.16%	135.94%	-82.78%
Volatility (1Y) Calculated over the trailing 1-year period	106.03%	149.09%	-43.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.19%	167.87%	-102.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.29%	167.87%	-106.58%

CNBS vs. SMST - Expense Ratio Comparison

CNBS has a 0.75% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

CNBS vs. SMST - Dividend Comparison

Neither CNBS nor SMST has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CNBS Amplify Seymour Cannabis ETF	0.00%	0.00%	43.54%	0.00%	0.00%	0.00%	0.58%	0.58%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CNBS and SMST in my portfolio?

CNBS and SMST have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNBS or SMST?

SMST has higher volatility (56.47%) compared to CNBS (15.13%). In terms of maximum drawdown, CNBS dropped -95.71% vs SMST's -99.25%.

Which ETF is better, CNBS or SMST?

On 1-year performance, SMST leads with 223.04% vs 43.24% for CNBS. On fees, CNBS is cheaper at 0.75% per year. On volatility, CNBS has been the lower-risk option at 15.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNBS or SMST?

Over the 1-year period, SMST has performed better with a 223.04% return vs 43.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNBS or SMST?

CNBS is cheaper with a 0.75% expense ratio, compared with 1.29% for SMST.

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

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

What is the main difference between CNBS and SMST?

CNBS is categorized as Cannabis, while SMST is Inverse Equities. They also come from different issuers: Amplify and Defiance. Their fees differ too: 0.75% for CNBS and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.37 vs 0.37), 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.