CRCD vs. SMST
CRCD (T-REX 2X Inverse CRCL Daily Target ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds. Both are actively managed. A 0.63 correlation means they provide meaningful diversification when combined. CRCD charges 1.50%/yr vs 1.29%/yr for SMST.
Performance
CRCD vs. SMST - Performance Comparison
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Returns By Period
In the year-to-date period, CRCD achieves a -88.01% return, which is significantly lower than SMST's -49.49% return.
CRCD
- 1D
- 20.12%
- 1M
- 35.97%
- YTD
- -88.01%
- 6M
- -87.46%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMST
- 1D
- 13.96%
- 1M
- 85.04%
- YTD
- -49.49%
- 6M
- -27.60%
- 1Y
- 73.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CRCD vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CRCD T-REX 2X Inverse CRCL Daily Target ETF | -88.01% | 43.19% |
SMST Defiance Daily Target 2X Short MSTR ETF | -49.49% | 188.65% |
Correlation
The correlation between CRCD and SMST is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 29, 2025 | 0.63 |
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Return for Risk
CRCD vs. SMST — Risk / Return Rank
CRCD
SMST
CRCD vs. SMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Inverse CRCL Daily Target ETF (CRCD) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| CRCD | SMST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 0.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.45 | -0.52 | +0.07 |
Drawdowns
CRCD vs. SMST - Drawdown Comparison
The maximum CRCD drawdown since its inception was -96.95%, roughly equal to the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for CRCD and SMST.
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Drawdown Indicators
| CRCD | SMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.95% | -99.25% | +2.30% |
Max Drawdown (1Y)Largest decline over 1 year | — | -85.39% | — |
Current DrawdownCurrent decline from peak | -94.31% | -98.02% | +3.71% |
Average DrawdownAverage peak-to-trough decline | -54.51% | -90.67% | +36.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 40.73% | — |
Volatility
CRCD vs. SMST - Volatility Comparison
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Volatility by Period
| CRCD | SMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 37.33% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 126.48% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 204.54% | 140.93% | +63.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 204.54% | 166.79% | +37.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 204.54% | 166.79% | +37.75% |
CRCD vs. SMST - Expense Ratio Comparison
CRCD has a 1.50% expense ratio, which is higher than SMST's 1.29% expense ratio.
Dividends
CRCD vs. SMST - Dividend Comparison
Neither CRCD nor SMST has paid dividends to shareholders.
Frequently Asked Questions
CRCD and SMST have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMST is cheaper at 1.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMST is cheaper with a 1.29% expense ratio, compared with 1.50% for CRCD.
CRCD and SMST have nearly identical dividend yields, around 0.00%.
They also come from different issuers: T-Rex and Defiance. Their fees differ too: 1.50% for CRCD and 1.29% for SMST.
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