CRPT vs. SMST

Last updated Jul 12, 2026

CRPT (First Trust SkyBridge Crypto Industry & Digital Economy ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - CRPT is a Technology Equities fund actively managed by First Trust, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, CRPT returned -50.03% vs 223.04% for SMST. At a correlation of -0.82, they often move in opposite directions. CRPT charges 0.85%/yr vs 1.29%/yr for SMST.

Performance

CRPT vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) 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, CRPT achieves a -19.39% return, which is significantly higher than SMST's -31.56% return.

CRPT

• 1D: -0.49%
• 1M: -9.02%
• 6M: -26.71%
• YTD: -19.39%
• 1Y: -50.03%
• 3Y*: 18.07%
• 5Y*: —
• 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)

CRPT vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CRPT First Trust SkyBridge Crypto Industry & Digital Economy ETF	-19.39%	-9.54%	41.37%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	-44.36%	-91.71%

Correlation

The correlation between CRPT and SMST is -0.88, 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	-0.88
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.82

The correlation between CRPT and SMST has been stable across timeframes, ranging from -0.88 to -0.82 - a consistent structural relationship.

Return for Risk

CRPT vs. SMST — Risk / Return Rank

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

CRPT

CRPT Risk / Return Rank: 2
CRPT Sharpe Ratio Rank: 3
CRPT Sortino Ratio Rank: 3
CRPT Omega Ratio Rank: 3
CRPT Calmar Ratio Rank: 1
CRPT Martin Ratio Rank: 2

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.

CRPT vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) 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.

	CRPT	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	1.37	-2.22
Sortino ratio: Return per unit of downside risk	-1.21	2.22	-3.42
Omega ratio: Gain probability vs. loss probability	0.86	1.29	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.88	2.39	-3.27
Martin ratio: Return relative to average drawdown	-1.38	4.64	-6.02

CRPT vs. SMST - Sharpe Ratio Comparison

The current CRPT Sharpe Ratio is -0.85, which is lower than the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of CRPT 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

CRPT vs. SMST - Drawdown Comparison

The maximum CRPT drawdown since its inception was -88.34%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for CRPT and SMST.

Drawdown Indicators

	CRPT	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-88.34%	-99.25%	+10.91%
Max Drawdown (1Y) Largest decline over 1 year	-56.46%	-85.39%	+28.93%
Max Drawdown (3Y) Largest decline over 3 years	-56.46%	—	—
Current Drawdown Current decline from peak	-53.21%	-97.31%	+44.10%
Average Drawdown Average peak-to-trough decline	-52.57%	-90.88%	+38.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.74%	43.98%	-8.24%

Volatility

CRPT vs. SMST - Volatility Comparison

The current volatility for First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) is 16.25%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that CRPT 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

	CRPT	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.25%	56.47%	-40.22%
Volatility (6M) Calculated over the trailing 6-month period	46.78%	135.94%	-89.16%
Volatility (1Y) Calculated over the trailing 1-year period	58.50%	149.09%	-90.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.51%	167.87%	-95.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.51%	167.87%	-95.36%

CRPT vs. SMST - Expense Ratio Comparison

CRPT has a 0.85% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

CRPT vs. SMST - Dividend Comparison

CRPT's dividend yield for the trailing twelve months is around 0.93%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
CRPT First Trust SkyBridge Crypto Industry & Digital Economy ETF	0.93%	0.75%	1.84%	0.00%	0.03%	1.16%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CRPT and SMST in my portfolio?

CRPT and SMST have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CRPT or SMST?

SMST has higher volatility (56.47%) compared to CRPT (16.25%). In terms of maximum drawdown, CRPT dropped -88.34% vs SMST's -99.25%.

Which ETF is better, CRPT or SMST?

On 1-year performance, SMST leads with 223.04% vs -50.03% for CRPT. On fees, CRPT is cheaper at 0.85% per year. On volatility, CRPT has been the lower-risk option at 16.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CRPT or SMST?

Over the 1-year period, SMST has performed better with a 223.04% return vs -50.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CRPT or SMST?

CRPT is cheaper with a 0.85% expense ratio, compared with 1.29% for SMST.

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

CRPT has the higher dividend yield at 0.93%, compared with 0.00% for SMST.

What is the main difference between CRPT and SMST?

CRPT is categorized as Technology Equities, while SMST is Inverse Equities. They also come from different issuers: First Trust and Defiance. Their fees differ too: 0.85% for CRPT and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.37 vs -0.85), 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.