DECW vs. SMST

Last updated Jun 26, 2026

DECW (Allianzim U.S. Large Cap Buffer20 Dec ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - DECW is a Options Trading fund actively managed by Allianz, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, DECW returned 13.21% vs 236.89% for SMST. At a correlation of -0.45, they often move in opposite directions. DECW charges 0.74%/yr vs 1.29%/yr for SMST.

Performance

DECW vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) 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, DECW achieves a 4.30% return, which is significantly higher than SMST's -5.14% return.

DECW

• 1D: 0.01%
• 1M: -0.30%
• YTD: 4.30%
• 6M: 3.89%
• 1Y: 13.21%
• 3Y*: 10.72%
• 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)

DECW vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DECW Allianzim U.S. Large Cap Buffer20 Dec ETF	4.30%	11.57%	1.35%
SMST Defiance Daily Target 2X Short MSTR ETF	-5.14%	-44.36%	-91.71%

Correlation

The correlation between DECW and SMST is -0.50, 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	-0.50
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.45

Return for Risk

DECW vs. SMST — Risk / Return Rank

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

DECW

DECW Risk / Return Rank: 85
DECW Sharpe Ratio Rank: 84
DECW Sortino Ratio Rank: 88
DECW Omega Ratio Rank: 87
DECW Calmar Ratio Rank: 76
DECW Martin Ratio Rank: 89

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.

DECW vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) 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.

	DECW	SMST	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.63	+0.73
Sortino ratio: Return per unit of downside risk	3.51	2.35	+1.15
Omega ratio: Gain probability vs. loss probability	1.47	1.30	+0.17
Calmar ratio: Return relative to maximum drawdown	3.44	2.79	+0.65
Martin ratio: Return relative to average drawdown	17.22	5.52	+11.71

DECW vs. SMST - Sharpe Ratio Comparison

The current DECW Sharpe Ratio is 2.36, which is higher than the SMST Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of DECW 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

DECW vs. SMST - Drawdown Comparison

The maximum DECW drawdown since its inception was -8.76%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for DECW and SMST.

Drawdown Indicators

	DECW	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-8.76%	-99.25%	+90.49%
Max Drawdown (1Y) Largest decline over 1 year	-3.86%	-85.39%	+81.53%
Max Drawdown (3Y) Largest decline over 3 years	-8.76%	—	—
Current Drawdown Current decline from peak	-0.73%	-96.27%	+95.54%
Average Drawdown Average peak-to-trough decline	-0.86%	-90.74%	+89.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	43.15%	-42.38%

Volatility

DECW vs. SMST - Volatility Comparison

The current volatility for Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) is 1.54%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 46.13%. This indicates that DECW 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

	DECW	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	46.13%	-44.59%
Volatility (6M) Calculated over the trailing 6-month period	4.11%	130.40%	-126.29%
Volatility (1Y) Calculated over the trailing 1-year period	5.62%	146.32%	-140.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.09%	167.25%	-160.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.09%	167.25%	-160.16%

DECW vs. SMST - Expense Ratio Comparison

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

Dividends

DECW vs. SMST - Dividend Comparison

Neither DECW nor SMST has paid dividends to shareholders.

Position	TTM	2025	2024
DECW Allianzim U.S. Large Cap Buffer20 Dec ETF	0.00%	0.00%	1.17%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DECW and SMST in my portfolio?

DECW and SMST have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DECW or SMST?

SMST has higher volatility (46.13%) compared to DECW (1.54%). In terms of maximum drawdown, DECW dropped -8.76% vs SMST's -99.25%.

Which ETF is better, DECW or SMST?

On 1-year performance, SMST leads with 236.89% vs 13.21% for DECW. On fees, DECW is cheaper at 0.74% per year. On volatility, DECW has been the lower-risk option at 1.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECW or SMST?

Over the 1-year period, SMST has performed better with a 236.89% return vs 13.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECW or SMST?

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

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

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

What is the main difference between DECW and SMST?

DECW is categorized as Options Trading, while SMST is Inverse Equities. They also come from different issuers: Allianz and Defiance. Their fees differ too: 0.74% for DECW and 1.29% for SMST.

Which has better risk-adjusted returns?

DECW currently has the higher Sharpe Ratio (2.36 vs 1.63), 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.