COPA vs. SMST

Last updated Jul 15, 2026

COPA (Themes Copper Miners ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - COPA is a Copper fund tracking the BITA Global Copper Mining Select Index, while SMST is a Inverse Equities fund actively managed by Defiance. COPA is passively managed, while SMST is actively managed. Over the past year, COPA returned 81.98% vs 223.39% for SMST. At a correlation of -0.30, they often move in opposite directions. COPA charges 0.35%/yr vs 1.29%/yr for SMST.

Performance

COPA vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Copper Miners ETF (COPA) 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, COPA achieves a 12.61% return, which is significantly higher than SMST's -36.68% return.

COPA

• 1D: 5.49%
• 1M: -6.21%
• 6M: 3.49%
• YTD: 12.61%
• 1Y: 81.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: -12.10%
• 1M: 26.91%
• 6M: -13.52%
• YTD: -36.68%
• 1Y: 223.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

COPA vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
COPA Themes Copper Miners ETF	12.61%	100.86%	-13.18%
SMST Defiance Daily Target 2X Short MSTR ETF	-36.68%	-44.36%	-88.74%

Correlation

The correlation between COPA and SMST is -0.31, 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	-0.31
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	-0.30

Return for Risk

COPA vs. SMST — Risk / Return Rank

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

COPA

COPA Risk / Return Rank: 68
COPA Sharpe Ratio Rank: 76
COPA Sortino Ratio Rank: 63
COPA Omega Ratio Rank: 63
COPA Calmar Ratio Rank: 72
COPA Martin Ratio Rank: 63

SMST

SMST Risk / Return Rank: 56
SMST Sharpe Ratio Rank: 55
SMST Sortino Ratio Rank: 60
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 66
SMST Martin Ratio Rank: 40

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.

COPA vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Copper Miners ETF (COPA) 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.

	COPA	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.51	+0.43
Sortino ratio: Return per unit of downside risk	2.36	2.28	+0.08
Omega ratio: Gain probability vs. loss probability	1.31	1.30	+0.01
Calmar ratio: Return relative to maximum drawdown	2.94	2.63	+0.30
Martin ratio: Return relative to average drawdown	8.83	5.07	+3.75

COPA vs. SMST - Sharpe Ratio Comparison

The current COPA Sharpe Ratio is 1.94, which is comparable to the SMST Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of COPA 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

COPA vs. SMST - Drawdown Comparison

The maximum COPA drawdown since its inception was -34.72%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for COPA and SMST.

Drawdown Indicators

	COPA	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-34.72%	-99.25%	+64.53%
Max Drawdown (1Y) Largest decline over 1 year	-28.05%	-85.39%	+57.34%
Current Drawdown Current decline from peak	-12.83%	-97.51%	+84.68%
Average Drawdown Average peak-to-trough decline	-9.71%	-90.91%	+81.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.32%	44.25%	-34.93%

Volatility

COPA vs. SMST - Volatility Comparison

The current volatility for Themes Copper Miners ETF (COPA) is 15.02%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 57.45%. This indicates that COPA 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

	COPA	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.02%	57.45%	-42.43%
Volatility (6M) Calculated over the trailing 6-month period	36.89%	136.03%	-99.14%
Volatility (1Y) Calculated over the trailing 1-year period	42.47%	149.51%	-107.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.50%	167.79%	-128.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.50%	167.79%	-128.29%

COPA vs. SMST - Expense Ratio Comparison

COPA has a 0.35% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

COPA vs. SMST - Dividend Comparison

COPA's dividend yield for the trailing twelve months is around 3.78%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024
COPA Themes Copper Miners ETF	3.78%	4.26%	1.33%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both COPA and SMST in my portfolio?

COPA and SMST have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COPA or SMST?

SMST has higher volatility (57.45%) compared to COPA (15.02%). In terms of maximum drawdown, COPA dropped -34.72% vs SMST's -99.25%.

Which ETF is better, COPA or SMST?

On 1-year performance, SMST leads with 223.39% vs 81.98% for COPA. On fees, COPA is cheaper at 0.35% per year. On volatility, COPA has been the lower-risk option at 15.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COPA or SMST?

Over the 1-year period, SMST has performed better with a 223.39% return vs 81.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COPA or SMST?

COPA is cheaper with a 0.35% expense ratio, compared with 1.29% for SMST.

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

COPA has the higher dividend yield at 3.78%, compared with 0.00% for SMST.

What is the main difference between COPA and SMST?

COPA is categorized as Copper, while SMST is Inverse Equities. They also come from different issuers: Themes and Defiance. Their fees differ too: 0.35% for COPA and 1.29% for SMST.

Which has better risk-adjusted returns?

COPA currently has the higher Sharpe Ratio (1.94 vs 1.51), 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.