CVNX vs. SMST

Last updated Jun 26, 2026

CVNX (Defiance Daily Target 2X Long CVNA ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - CVNX is a Leveraged Equities fund actively managed by Defiance, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, CVNX returned -26.14% vs 236.89% for SMST. At a correlation of -0.26, they often move in opposite directions. CVNX charges 1.31%/yr vs 1.29%/yr for SMST.

Performance

CVNX vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long CVNA ETF (CVNX) 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, CVNX achieves a -46.52% return, which is significantly lower than SMST's -5.14% return.

CVNX

• 1D: 0.00%
• 1M: -3.27%
• YTD: -46.52%
• 6M: -51.31%
• 1Y: -26.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: 18.45%
• 1M: 181.70%
• YTD: -5.14%
• 6M: 2.86%
• 1Y: 236.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVNX vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
CVNX Defiance Daily Target 2X Long CVNA ETF	-46.52%	29.94%
SMST Defiance Daily Target 2X Short MSTR ETF	-5.14%	201.40%

Correlation

The correlation between CVNX and SMST is -0.27, 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	-0.27
Correlation (All Time) Calculated using the full available price history since May 29, 2025	-0.26

Return for Risk

CVNX vs. SMST — Risk / Return Rank

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

CVNX

CVNX Risk / Return Rank: 9
CVNX Sharpe Ratio Rank: 7
CVNX Sortino Ratio Rank: 11
CVNX Omega Ratio Rank: 12
CVNX Calmar Ratio Rank: 6
CVNX Martin Ratio Rank: 6

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 54
SMST Sortino Ratio Rank: 55
SMST Omega Ratio Rank: 54
SMST Calmar Ratio Rank: 64
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.

CVNX vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long CVNA ETF (CVNX) 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.

	CVNX	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.22	1.63	-1.86
Sortino ratio: Return per unit of downside risk	0.47	2.35	-1.88
Omega ratio: Gain probability vs. loss probability	1.06	1.30	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.38	2.79	-3.17
Martin ratio: Return relative to average drawdown	-0.68	5.52	-6.20

CVNX vs. SMST - Sharpe Ratio Comparison

The current CVNX Sharpe Ratio is -0.22, which is lower than the SMST Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of CVNX 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

CVNX vs. SMST - Drawdown Comparison

The maximum CVNX drawdown since its inception was -69.62%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for CVNX and SMST.

Drawdown Indicators

	CVNX	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-69.62%	-99.25%	+29.63%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-85.39%	+15.77%
Current Drawdown Current decline from peak	-57.59%	-96.27%	+38.68%
Average Drawdown Average peak-to-trough decline	-30.99%	-90.74%	+59.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.56%	43.15%	-4.59%

Volatility

CVNX vs. SMST - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long CVNA ETF (CVNX) is 23.33%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 46.13%. This indicates that CVNX 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

	CVNX	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.33%	46.13%	-22.80%
Volatility (6M) Calculated over the trailing 6-month period	83.66%	130.40%	-46.74%
Volatility (1Y) Calculated over the trailing 1-year period	116.72%	146.32%	-29.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	115.20%	167.25%	-52.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.20%	167.25%	-52.05%

CVNX vs. SMST - Expense Ratio Comparison

CVNX has a 1.31% expense ratio, which is higher than SMST's 1.29% expense ratio.

Dividends

CVNX vs. SMST - Dividend Comparison

Neither CVNX nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CVNX and SMST in my portfolio?

CVNX and SMST have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVNX or SMST?

SMST has higher volatility (46.13%) compared to CVNX (23.33%). In terms of maximum drawdown, CVNX dropped -69.62% vs SMST's -99.25%.

Which ETF is better, CVNX or SMST?

On 1-year performance, SMST leads with 236.89% vs -26.14% for CVNX. On fees, SMST is cheaper at 1.29% per year. On volatility, CVNX has been the lower-risk option at 23.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNX or SMST?

Over the 1-year period, SMST has performed better with a 236.89% return vs -26.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVNX or SMST?

SMST is cheaper with a 1.29% expense ratio, compared with 1.31% for CVNX.

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

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

What is the main difference between CVNX and SMST?

CVNX is categorized as Leveraged Equities, while SMST is Inverse Equities. Their fees differ too: 1.31% for CVNX and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.63 vs -0.22), 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.