DECU vs. SMST

Last updated Jul 14, 2026

DECU (AllianzIM U.S. Equity Buffer15 Uncapped Dec ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - DECU is a Defined Outcome fund actively managed by AllianzIM, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, DECU returned 14.31% vs 240.03% for SMST. At a correlation of -0.47, they often move in opposite directions. DECU charges 0.74%/yr vs 1.29%/yr for SMST.

Performance

DECU vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped Dec ETF (DECU) 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, DECU achieves a 6.80% return, which is significantly higher than SMST's -27.96% return.

DECU

• 1D: -0.63%
• 1M: 0.70%
• 6M: 5.34%
• YTD: 6.80%
• 1Y: 14.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: 5.26%
• 1M: 44.38%
• 6M: -15.07%
• YTD: -27.96%
• 1Y: 240.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DECU vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DECU AllianzIM U.S. Equity Buffer15 Uncapped Dec ETF	6.80%	11.52%	-2.03%
SMST Defiance Daily Target 2X Short MSTR ETF	-27.96%	-44.36%	36.50%

Correlation

The correlation between DECU and SMST is -0.47, 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	-0.47
Correlation (All Time) Calculated using the full available price history since Dec 2, 2024	-0.47

Return for Risk

DECU vs. SMST — Risk / Return Rank

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

DECU

DECU Risk / Return Rank: 57
DECU Sharpe Ratio Rank: 55
DECU Sortino Ratio Rank: 53
DECU Omega Ratio Rank: 53
DECU Calmar Ratio Rank: 64
DECU Martin Ratio Rank: 61

SMST

SMST Risk / Return Rank: 60
SMST Sharpe Ratio Rank: 62
SMST Sortino Ratio Rank: 63
SMST Omega Ratio Rank: 63
SMST Calmar Ratio Rank: 71
SMST Martin Ratio Rank: 43

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.

DECU vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped Dec ETF (DECU) 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.

	DECU	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.62	-0.13
Sortino ratio: Return per unit of downside risk	2.08	2.33	-0.25
Omega ratio: Gain probability vs. loss probability	1.27	1.30	-0.04
Calmar ratio: Return relative to maximum drawdown	2.54	2.83	-0.29
Martin ratio: Return relative to average drawdown	8.64	5.47	+3.17

DECU vs. SMST - Sharpe Ratio Comparison

The current DECU Sharpe Ratio is 1.49, which is comparable to the SMST Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of DECU 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

DECU vs. SMST - Drawdown Comparison

The maximum DECU drawdown since its inception was -10.66%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for DECU and SMST.

Drawdown Indicators

	DECU	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-10.66%	-99.25%	+88.59%
Max Drawdown (1Y) Largest decline over 1 year	-5.65%	-85.39%	+79.74%
Current Drawdown Current decline from peak	-1.34%	-97.17%	+95.83%
Average Drawdown Average peak-to-trough decline	-1.73%	-90.89%	+89.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	44.09%	-42.43%

Volatility

DECU vs. SMST - Volatility Comparison

The current volatility for AllianzIM U.S. Equity Buffer15 Uncapped Dec ETF (DECU) is 3.73%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.59%. This indicates that DECU 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

	DECU	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	56.59%	-52.86%
Volatility (6M) Calculated over the trailing 6-month period	7.33%	135.88%	-128.55%
Volatility (1Y) Calculated over the trailing 1-year period	9.67%	149.23%	-139.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.80%	167.74%	-156.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.80%	167.74%	-156.94%

DECU vs. SMST - Expense Ratio Comparison

DECU has a 0.74% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

DECU vs. SMST - Dividend Comparison

Neither DECU nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DECU and SMST in my portfolio?

DECU and SMST have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DECU or SMST?

SMST has higher volatility (56.59%) compared to DECU (3.73%). In terms of maximum drawdown, DECU dropped -10.66% vs SMST's -99.25%.

Which ETF is better, DECU or SMST?

On 1-year performance, SMST leads with 240.03% vs 14.31% for DECU. On fees, DECU is cheaper at 0.74% per year. On volatility, DECU has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECU or SMST?

Over the 1-year period, SMST has performed better with a 240.03% return vs 14.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECU or SMST?

DECU is cheaper with a 0.74% expense ratio, compared with 1.29% for SMST.

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

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

What is the main difference between DECU and SMST?

DECU is categorized as Defined Outcome, while SMST is Inverse Equities. They also come from different issuers: AllianzIM and Defiance. Their fees differ too: 0.74% for DECU and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.62 vs 1.49), 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.