CRPT vs. SMST
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 -47.83% vs 128.37% for SMST. Their -0.82 correlation means they have often moved in opposite directions in the past. CRPT charges 0.85%/yr vs 1.29%/yr for SMST.
Performance
CRPT vs. SMST - Performance Comparison
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Returns By Period
In the year-to-date period, CRPT achieves a -25.52% return, which is significantly higher than SMST's -35.77% return.
CRPT
- 1D
- -3.54%
- 1M
- -8.13%
- 6M
- -26.74%
- YTD
- -25.52%
- 1Y
- -47.83%
- 3Y*
- 15.05%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -9.95%
SMST
- 1D
- 8.37%
- 1M
- 5.47%
- 6M
- -29.35%
- YTD
- -35.77%
- 1Y
- 128.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.58M | $1.12M | $1.35M | |
| $15.35M | $15.12M | $17.58M |
CRPT vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CRPT First Trust SkyBridge Crypto Industry & Digital Economy ETF | -25.52% | -9.54% | 41.37% |
SMST Defiance Daily Target 2X Short MSTR ETF | -35.77% | -44.36% | -91.71% |
Correlation
The correlation between CRPT and SMST is -0.89, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.89 |
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 -0.89 to -0.82 - a consistent structural relationship.
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Return for Risk
CRPT vs. SMST — Risk / Return Rank
CRPT
SMST
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 ratioReturn per unit of total volatility | -2.00 | ||
| Sortino ratioReturn per unit of downside risk | -3.37 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.27 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.00 | -2.94 |
| Martin ratioReturn relative to average drawdown | -1.44 | 3.68 | -5.11 |
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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.
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Drawdown Indicators
| CRPT | SMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.34% | -99.25% | +10.91% |
Max Drawdown (1Y)Largest decline over 1 year | -55.40% | -85.39% | +29.99% |
Max Drawdown (3Y)Largest decline over 3 years | -56.62% | — | — |
Current DrawdownCurrent decline from peak | -56.77% | -97.48% | +40.71% |
Average DrawdownAverage peak-to-trough decline | -52.60% | -91.08% | +38.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.32% | 46.35% | -10.03% |
Volatility
CRPT vs. SMST - Volatility Comparison
The current volatility for First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) is 16.68%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. 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.
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Volatility by Period
| CRPT | SMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.68% | 38.14% | -21.46% |
Volatility (6M)Calculated over the trailing 6-month period | 47.05% | 135.29% | -88.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.08% | 151.04% | -90.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.41% | 166.75% | -94.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.41% | 166.75% | -94.34% |
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 1.01%, while SMST has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CRPT First Trust SkyBridge Crypto Industry & Digital Economy ETF | 1.01% | 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
CRPT and SMST have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMST has higher volatility (38.14%) compared to CRPT (16.68%). In terms of maximum drawdown, CRPT dropped -88.34% vs SMST's -99.25%.
On 1-year performance, SMST leads with 128.37% vs -47.83% for CRPT. On fees, CRPT is cheaper at 0.85% per year. On volatility, CRPT has been the lower-risk option at 16.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMST has performed better with a 128.37% return vs -47.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CRPT is cheaper with a 0.85% expense ratio, compared with 1.29% for SMST.
CRPT has the higher dividend yield at 1.01%, compared with 0.00% for 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.
SMST currently has the higher Sharpe Ratio (1.13 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.
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