CRCD vs. SMST

Last updated Jun 24, 2026

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 0.64 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

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Inverse CRCL Daily Target ETF (CRCD) 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, CRCD achieves a -84.31% return, which is significantly lower than SMST's -32.44% return.

CRCD

• 1D: 10.68%
• 1M: 87.15%
• YTD: -84.31%
• 6M: -83.01%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: 9.85%
• 1M: 101.03%
• YTD: -32.44%
• 6M: -27.49%
• 1Y: 112.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CRCD vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
CRCD T-REX 2X Inverse CRCL Daily Target ETF	-84.31%	38.83%
SMST Defiance Daily Target 2X Short MSTR ETF	-32.44%	172.30%

Correlation

The correlation between CRCD and SMST is 0.64, 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 26, 2025	0.64

Return for Risk

CRCD vs. SMST — Risk / Return Rank

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

CRCD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SMST

SMST Risk / Return Rank: 30
SMST Sharpe Ratio Rank: 24
SMST Sortino Ratio Rank: 39
SMST Omega Ratio Rank: 38
SMST Calmar Ratio Rank: 29
SMST Martin Ratio Rank: 22

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.

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.

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.

	CRCD	SMST	Difference
Sharpe ratio: Return per unit of total volatility	—	0.79	—
Sortino ratio: Return per unit of downside risk	—	1.86	—
Omega ratio: Gain probability vs. loss probability	—	1.23	—
Calmar ratio: Return relative to maximum drawdown	—	1.33	—
Martin ratio: Return relative to average drawdown	—	2.63	—

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.

Drawdown Indicators

	CRCD	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-96.95%	-99.25%	+2.30%
Max Drawdown (1Y) Largest decline over 1 year	—	-85.39%	—
Current Drawdown Current decline from peak	-92.56%	-97.35%	+4.79%
Average Drawdown Average peak-to-trough decline	-57.30%	-90.72%	+33.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	43.37%	—

Volatility

Volatility by Period

	CRCD	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	42.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	128.39%	—
Volatility (1Y) Calculated over the trailing 1-year period	200.81%	144.30%	+56.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	200.81%	166.48%	+34.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	200.81%	166.48%	+34.33%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CRCD and SMST in my portfolio?

CRCD and SMST have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CRCD or SMST?

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.

Which ETF is cheaper, CRCD or SMST?

SMST is cheaper with a 1.29% expense ratio, compared with 1.50% for CRCD.

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

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

What is the main difference between CRCD and SMST?

They also come from different issuers: T-Rex and Defiance. Their fees differ too: 1.50% for CRCD and 1.29% for SMST.