COIW vs. SMST

Last updated Jul 18, 2026

COIW (COIN WeeklyPay™ ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - COIW is a Derivative Income fund actively managed by Roundhill, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, COIW returned -71.27% vs 245.00% for SMST. At a correlation of -0.75, they often move in opposite directions. COIW charges 0.99%/yr vs 1.29%/yr for SMST.

Performance

COIW vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in COIN WeeklyPay™ ETF (COIW) 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, COIW achieves a -38.16% return, which is significantly lower than SMST's -33.11% return.

COIW

• 1D: -2.97%
• 1M: -6.46%
• 6M: -42.90%
• YTD: -38.16%
• 1Y: -71.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: -2.04%
• 1M: 22.85%
• 6M: -6.76%
• YTD: -33.11%
• 1Y: 245.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

COIW vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
COIW COIN WeeklyPay™ ETF	-38.16%	-25.92%
SMST Defiance Daily Target 2X Short MSTR ETF	-33.11%	-6.07%

Correlation

The correlation between COIW and SMST is -0.78, 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	-0.78
Correlation (All Time) Calculated using the full available price history since Feb 19, 2025	-0.75

The correlation between COIW and SMST has been stable across timeframes, ranging from -0.78 to -0.75 - a consistent structural relationship.

Return for Risk

COIW vs. SMST — Risk / Return Rank

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

COIW

COIW Risk / Return Rank: 2
COIW Sharpe Ratio Rank: 2
COIW Sortino Ratio Rank: 2
COIW Omega Ratio Rank: 2
COIW Calmar Ratio Rank: 1
COIW Martin Ratio Rank: 2

SMST

SMST Risk / Return Rank: 64
SMST Sharpe Ratio Rank: 67
SMST Sortino Ratio Rank: 67
SMST Omega Ratio Rank: 67
SMST Calmar Ratio Rank: 75
SMST Martin Ratio Rank: 44

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.

COIW vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for COIN WeeklyPay™ ETF (COIW) 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.

	COIW	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	1.65	-2.52
Sortino ratio: Return per unit of downside risk	-1.57	2.34	-3.91
Omega ratio: Gain probability vs. loss probability	0.83	1.30	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.95	2.89	-3.84
Martin ratio: Return relative to average drawdown	-1.35	5.51	-6.86

COIW vs. SMST - Sharpe Ratio Comparison

The current COIW Sharpe Ratio is -0.87, which is lower than the SMST Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of COIW 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

COIW vs. SMST - Drawdown Comparison

The maximum COIW drawdown since its inception was -75.01%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for COIW and SMST.

Drawdown Indicators

	COIW	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-75.01%	-99.25%	+24.24%
Max Drawdown (1Y) Largest decline over 1 year	-75.01%	-85.39%	+10.38%
Current Drawdown Current decline from peak	-72.00%	-97.37%	+25.37%
Average Drawdown Average peak-to-trough decline	-40.87%	-90.95%	+50.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.78%	44.71%	+8.07%

Volatility

COIW vs. SMST - Volatility Comparison

The current volatility for COIN WeeklyPay™ ETF (COIW) is 19.80%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 54.45%. This indicates that COIW 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

	COIW	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.80%	54.45%	-34.65%
Volatility (6M) Calculated over the trailing 6-month period	64.31%	135.13%	-70.82%
Volatility (1Y) Calculated over the trailing 1-year period	82.05%	149.28%	-67.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.57%	167.36%	-77.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.57%	167.36%	-77.79%

COIW vs. SMST - Expense Ratio Comparison

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

Dividends

COIW vs. SMST - Dividend Comparison

COIW's dividend yield for the trailing twelve months is around 229.45%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
COIW COIN WeeklyPay™ ETF	229.45%	120.37%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both COIW and SMST in my portfolio?

COIW and SMST have a correlation of -0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COIW or SMST?

SMST has higher volatility (54.45%) compared to COIW (19.80%). In terms of maximum drawdown, COIW dropped -75.01% vs SMST's -99.25%.

Which ETF is better, COIW or SMST?

On 1-year performance, SMST leads with 245.00% vs -71.27% for COIW. On fees, COIW is cheaper at 0.99% per year. On volatility, COIW has been the lower-risk option at 19.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COIW or SMST?

Over the 1-year period, SMST has performed better with a 245.00% return vs -71.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COIW or SMST?

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

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

COIW has the higher dividend yield at 229.45%, compared with 0.00% for SMST.

What is the main difference between COIW and SMST?

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

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.65 vs -0.87), 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.