CVNY vs. SMST

Last updated Jul 12, 2026

CVNY (YieldMax CVNA Option Income Strategy ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - CVNY is a Derivative Income fund actively managed by YieldMax, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, CVNY returned 2.35% vs 223.04% for SMST. At a correlation of -0.32, they often move in opposite directions. CVNY charges 0.99%/yr vs 1.29%/yr for SMST.

Performance

CVNY vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax CVNA Option Income Strategy ETF (CVNY) 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, CVNY achieves a -16.60% return, which is significantly higher than SMST's -31.56% return.

CVNY

• 1D: -0.89%
• 1M: 4.17%
• 6M: -22.71%
• YTD: -16.60%
• 1Y: 2.35%
• 3Y*: —
• 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)

CVNY vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
CVNY YieldMax CVNA Option Income Strategy ETF	-16.60%	52.13%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	-5.11%

Correlation

The correlation between CVNY and SMST is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	-0.32

Return for Risk

CVNY vs. SMST — Risk / Return Rank

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

CVNY

CVNY Risk / Return Rank: 11
CVNY Sharpe Ratio Rank: 10
CVNY Sortino Ratio Rank: 12
CVNY Omega Ratio Rank: 12
CVNY Calmar Ratio Rank: 10
CVNY Martin Ratio Rank: 10

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.

CVNY vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax CVNA Option Income Strategy ETF (CVNY) 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.

	CVNY	SMST	Difference
Sharpe ratio: Return per unit of total volatility	0.04	1.37	-1.33
Sortino ratio: Return per unit of downside risk	0.40	2.22	-1.82
Omega ratio: Gain probability vs. loss probability	1.05	1.29	-0.24
Calmar ratio: Return relative to maximum drawdown	0.05	2.39	-2.34
Martin ratio: Return relative to average drawdown	0.10	4.64	-4.54

CVNY vs. SMST - Sharpe Ratio Comparison

The current CVNY Sharpe Ratio is 0.04, which is lower than the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of CVNY 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

CVNY vs. SMST - Drawdown Comparison

The maximum CVNY drawdown since its inception was -43.27%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for CVNY and SMST.

Drawdown Indicators

	CVNY	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-43.27%	-99.25%	+55.98%
Max Drawdown (1Y) Largest decline over 1 year	-36.27%	-85.39%	+49.12%
Current Drawdown Current decline from peak	-24.95%	-97.31%	+72.36%
Average Drawdown Average peak-to-trough decline	-14.22%	-90.88%	+76.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.72%	43.98%	-26.26%

Volatility

CVNY vs. SMST - Volatility Comparison

The current volatility for YieldMax CVNA Option Income Strategy ETF (CVNY) is 14.64%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that CVNY 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

	CVNY	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.64%	56.47%	-41.83%
Volatility (6M) Calculated over the trailing 6-month period	36.82%	135.94%	-99.12%
Volatility (1Y) Calculated over the trailing 1-year period	50.01%	149.09%	-99.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.54%	167.87%	-110.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.54%	167.87%	-110.33%

CVNY vs. SMST - Expense Ratio Comparison

CVNY has a 0.99% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

CVNY vs. SMST - Dividend Comparison

CVNY's dividend yield for the trailing twelve months is around 112.08%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
CVNY YieldMax CVNA Option Income Strategy ETF	112.08%	80.86%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVNY and SMST in my portfolio?

CVNY and SMST have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVNY or SMST?

SMST has higher volatility (56.47%) compared to CVNY (14.64%). In terms of maximum drawdown, CVNY dropped -43.27% vs SMST's -99.25%.

Which ETF is better, CVNY or SMST?

On 1-year performance, SMST leads with 223.04% vs 2.35% for CVNY. On fees, CVNY is cheaper at 0.99% per year. On volatility, CVNY has been the lower-risk option at 14.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNY or SMST?

Over the 1-year period, SMST has performed better with a 223.04% return vs 2.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVNY or SMST?

CVNY is cheaper with a 0.99% expense ratio, compared with 1.29% for SMST.

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

CVNY has the higher dividend yield at 112.08%, compared with 0.00% for SMST.

What is the main difference between CVNY and SMST?

CVNY is categorized as Derivative Income, while SMST is Inverse Equities. They also come from different issuers: YieldMax and Defiance. Their fees differ too: 0.99% for CVNY and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.37 vs 0.04), 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.