DNOV vs. SMST

Last updated Jul 14, 2026

DNOV (FT Vest U.S. Equity Deep Buffer ETF - November) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - DNOV is a Defined Outcome fund tracking the S&P 500, while SMST is a Inverse Equities fund actively managed by Defiance. DNOV is passively managed, while SMST is actively managed. Over the past year, DNOV returned 14.66% vs 240.03% for SMST. At a correlation of -0.43, they often move in opposite directions. DNOV charges 0.85%/yr vs 1.29%/yr for SMST.

Performance

DNOV vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) 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, DNOV achieves a 5.46% return, which is significantly higher than SMST's -27.96% return.

DNOV

• 1D: -0.23%
• 1M: 0.98%
• 6M: 4.57%
• YTD: 5.46%
• 1Y: 14.66%
• 3Y*: 12.03%
• 5Y*: 8.17%
• 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)

DNOV vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DNOV FT Vest U.S. Equity Deep Buffer ETF - November	5.46%	13.93%	2.27%
SMST Defiance Daily Target 2X Short MSTR ETF	-27.96%	-44.36%	-91.71%

Correlation

The correlation between DNOV and SMST is -0.45, 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	-0.45
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.43

Return for Risk

DNOV vs. SMST — Risk / Return Rank

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

DNOV

DNOV Risk / Return Rank: 91
DNOV Sharpe Ratio Rank: 93
DNOV Sortino Ratio Rank: 94
DNOV Omega Ratio Rank: 94
DNOV Calmar Ratio Rank: 82
DNOV Martin Ratio Rank: 93

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.

DNOV vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) 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.

	DNOV	SMST	Difference
Sharpe ratio: Return per unit of total volatility	2.62	1.62	+1.00
Sortino ratio: Return per unit of downside risk	3.96	2.33	+1.63
Omega ratio: Gain probability vs. loss probability	1.55	1.30	+0.24
Calmar ratio: Return relative to maximum drawdown	3.52	2.83	+0.69
Martin ratio: Return relative to average drawdown	18.69	5.47	+13.22

DNOV vs. SMST - Sharpe Ratio Comparison

The current DNOV Sharpe Ratio is 2.62, which is higher than the SMST Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of DNOV 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

DNOV vs. SMST - Drawdown Comparison

The maximum DNOV drawdown since its inception was -15.03%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for DNOV and SMST.

Drawdown Indicators

	DNOV	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-15.03%	-99.25%	+84.22%
Max Drawdown (1Y) Largest decline over 1 year	-4.18%	-85.39%	+81.21%
Max Drawdown (3Y) Largest decline over 3 years	-9.98%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.98%	—	—
Current Drawdown Current decline from peak	-0.23%	-97.17%	+96.94%
Average Drawdown Average peak-to-trough decline	-1.98%	-90.89%	+88.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	44.09%	-43.30%

Volatility

DNOV vs. SMST - Volatility Comparison

The current volatility for FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) is 1.34%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.59%. This indicates that DNOV 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

	DNOV	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	56.59%	-55.25%
Volatility (6M) Calculated over the trailing 6-month period	4.35%	135.88%	-131.53%
Volatility (1Y) Calculated over the trailing 1-year period	5.62%	149.23%	-143.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.63%	167.74%	-160.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.98%	167.74%	-158.76%

DNOV vs. SMST - Expense Ratio Comparison

DNOV has a 0.85% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

DNOV vs. SMST - Dividend Comparison

Neither DNOV nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DNOV and SMST in my portfolio?

DNOV and SMST have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DNOV or SMST?

SMST has higher volatility (56.59%) compared to DNOV (1.34%). In terms of maximum drawdown, DNOV dropped -15.03% vs SMST's -99.25%.

Which ETF is better, DNOV or SMST?

On 1-year performance, SMST leads with 240.03% vs 14.66% for DNOV. On fees, DNOV is cheaper at 0.85% per year. On volatility, DNOV has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DNOV or SMST?

Over the 1-year period, SMST has performed better with a 240.03% return vs 14.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DNOV or SMST?

DNOV is cheaper with a 0.85% expense ratio, compared with 1.29% for SMST.

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

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

What is the main difference between DNOV and SMST?

DNOV is categorized as Defined Outcome, while SMST is Inverse Equities. They also come from different issuers: FT Vest and Defiance. Their fees differ too: 0.85% for DNOV and 1.29% for SMST.

Which has better risk-adjusted returns?

DNOV currently has the higher Sharpe Ratio (2.62 vs 1.62), 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.