CSNR vs. SMST

Last updated Aug 2, 2026

CSNR (Cohen & Steers Natural Resources Active ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - CSNR is a Natural Resources fund actively managed by Cohen & Steers, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, CSNR returned 37.74% vs 128.37% for SMST. Their -0.30 correlation means they have often moved in opposite directions in the past. CSNR charges 0.50%/yr vs 1.29%/yr for SMST.

Performance

CSNR vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cohen & Steers Natural Resources Active ETF (CSNR) 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, CSNR achieves a 16.85% return, which is significantly higher than SMST's -35.77% return.

CSNR

• 1D: -0.69%
• 1M: 6.16%
• 6M: 5.05%
• YTD: 16.85%
• 1Y: 37.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 30.42%

SMST

• 1D: 8.37%
• 1M: 5.47%
• 6M: -29.35%
• YTD: -35.77%
• 1Y: 128.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -83.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CSNR Cohen & Steers Natural Resources Active ETF	$443.17K	$375.51K	$755.16K
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

CSNR vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
CSNR Cohen & Steers Natural Resources Active ETF	16.85%	26.83%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	-0.43%

Correlation

The correlation between CSNR and SMST is -0.28, 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.	-0.28
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	-0.30

Return for Risk

CSNR vs. SMST — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CSNR

CSNR Risk / Return Rank: 81
CSNR Sharpe Ratio Rank: 86
CSNR Sortino Ratio Rank: 81
CSNR Omega Ratio Rank: 84
CSNR Calmar Ratio Rank: 81
CSNR Martin Ratio Rank: 74

SMST

SMST Risk / Return Rank: 52
SMST Sharpe Ratio Rank: 45
SMST Sortino Ratio Rank: 62
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 56
SMST Martin Ratio Rank: 36

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CSNR vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cohen & Steers Natural Resources Active ETF (CSNR) 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.

	CSNR	SMST	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.13	+0.93
Sortino ratio: Return per unit of downside risk	2.67	2.09	+0.58
Omega ratio: Gain probability vs. loss probability	1.36	1.27	+0.09
Calmar ratio: Return relative to maximum drawdown	2.96	2.00	+0.96
Martin ratio: Return relative to average drawdown	9.36	3.68	+5.68

CSNR vs. SMST - Sharpe Ratio Comparison

The current CSNR Sharpe Ratio is 2.06, which is higher than the SMST Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of CSNR 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

CSNR vs. SMST - Drawdown Comparison

The maximum CSNR drawdown since its inception was -15.33%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for CSNR and SMST.

Drawdown Indicators

	CSNR	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-15.33%	-99.25%	+83.92%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-85.39%	+72.96%
Current Drawdown Current decline from peak	-5.49%	-97.48%	+91.99%
Average Drawdown Average peak-to-trough decline	-2.49%	-91.08%	+88.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	46.35%	-42.42%

Volatility

CSNR vs. SMST - Volatility Comparison

The current volatility for Cohen & Steers Natural Resources Active ETF (CSNR) is 4.09%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that CSNR 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

	CSNR	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	38.14%	-34.05%
Volatility (6M) Calculated over the trailing 6-month period	14.39%	135.29%	-120.90%
Volatility (1Y) Calculated over the trailing 1-year period	17.87%	151.04%	-133.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.67%	166.75%	-147.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.67%	166.75%	-147.08%

CSNR vs. SMST - Expense Ratio Comparison

CSNR has a 0.50% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

CSNR vs. SMST - Dividend Comparison

CSNR's dividend yield for the trailing twelve months is around 1.88%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
CSNR Cohen & Steers Natural Resources Active ETF	1.88%	2.39%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSNR and SMST in my portfolio?

CSNR and SMST have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSNR or SMST?

SMST has higher volatility (38.14%) compared to CSNR (4.09%). In terms of maximum drawdown, CSNR dropped -15.33% vs SMST's -99.25%.

Which ETF is better, CSNR or SMST?

On 1-year performance, SMST leads with 128.37% vs 37.74% for CSNR. On fees, CSNR is cheaper at 0.50% per year. On volatility, CSNR has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSNR or SMST?

Over the 1-year period, SMST has performed better with a 128.37% return vs 37.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSNR or SMST?

CSNR is cheaper with a 0.50% expense ratio, compared with 1.29% for SMST.

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

CSNR has the higher dividend yield at 1.88%, compared with 0.00% for SMST.

What is the main difference between CSNR and SMST?

CSNR is categorized as Natural Resources, while SMST is Inverse Equities. They also come from different issuers: Cohen & Steers and Defiance. Their fees differ too: 0.50% for CSNR and 1.29% for SMST.

Which has better risk-adjusted returns?

CSNR currently has the higher Sharpe Ratio (2.06 vs 1.13), 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.