DPST vs. SMST

Last updated Jul 17, 2026

DPST (Direxion Daily Regional Banks Bull 3X Shares) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - DPST is a Leveraged Equities fund tracking the Solactive US Regional Banks Total Return Index (300%), while SMST is a Inverse Equities fund actively managed by Defiance. DPST is passively managed, while SMST is actively managed. Over the past year, DPST returned 66.24% vs 257.89% for SMST. At a correlation of -0.24, they often move in opposite directions. DPST charges 0.99%/yr vs 1.29%/yr for SMST.

Performance

DPST vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Regional Banks Bull 3X Shares (DPST) 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, DPST achieves a 57.62% return, which is significantly higher than SMST's -31.71% return.

DPST

• 1D: 8.17%
• 1M: 24.29%
• 6M: 36.47%
• YTD: 57.62%
• 1Y: 66.24%
• 3Y*: 36.52%
• 5Y*: -13.46%
• 10Y*: -11.04%

SMST

• 1D: 7.64%
• 1M: 37.45%
• 6M: -8.12%
• YTD: -31.71%
• 1Y: 257.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DPST vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DPST Direxion Daily Regional Banks Bull 3X Shares	57.62%	-5.90%	22.19%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.71%	-44.36%	-91.71%

Correlation

The correlation between DPST and SMST is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.24

Return for Risk

DPST vs. SMST — Risk / Return Rank

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

DPST

DPST Risk / Return Rank: 35
DPST Sharpe Ratio Rank: 33
DPST Sortino Ratio Rank: 36
DPST Omega Ratio Rank: 38
DPST Calmar Ratio Rank: 38
DPST Martin Ratio Rank: 32

SMST

SMST Risk / Return Rank: 63
SMST Sharpe Ratio Rank: 67
SMST Sortino Ratio Rank: 64
SMST Omega Ratio Rank: 64
SMST Calmar Ratio Rank: 75
SMST Martin Ratio Rank: 44

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.

DPST vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Regional Banks Bull 3X Shares (DPST) 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.

	DPST	SMST	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.74	-0.77
Sortino ratio: Return per unit of downside risk	1.60	2.38	-0.78
Omega ratio: Gain probability vs. loss probability	1.21	1.31	-0.10
Calmar ratio: Return relative to maximum drawdown	1.65	3.04	-1.40
Martin ratio: Return relative to average drawdown	3.66	5.82	-2.15

DPST vs. SMST - Sharpe Ratio Comparison

The current DPST Sharpe Ratio is 0.97, which is lower than the SMST Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of DPST 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

DPST vs. SMST - Drawdown Comparison

The maximum DPST drawdown since its inception was -97.73%, roughly equal to the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for DPST and SMST.

Drawdown Indicators

	DPST	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-97.73%	-99.25%	+1.52%
Max Drawdown (1Y) Largest decline over 1 year	-40.44%	-85.39%	+44.95%
Max Drawdown (3Y) Largest decline over 3 years	-68.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-93.99%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-97.73%	—	—
Current Drawdown Current decline from peak	-90.35%	-97.32%	+6.97%
Average Drawdown Average peak-to-trough decline	-64.41%	-90.93%	+26.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.13%	44.56%	-26.43%

Volatility

DPST vs. SMST - Volatility Comparison

The current volatility for Direxion Daily Regional Banks Bull 3X Shares (DPST) is 17.28%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 55.38%. This indicates that DPST 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

	DPST	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.28%	55.38%	-38.10%
Volatility (6M) Calculated over the trailing 6-month period	49.06%	135.32%	-86.26%
Volatility (1Y) Calculated over the trailing 1-year period	68.32%	149.40%	-81.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.67%	167.53%	-78.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.18%	167.53%	-73.35%

DPST vs. SMST - Expense Ratio Comparison

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

Dividends

DPST vs. SMST - Dividend Comparison

DPST's dividend yield for the trailing twelve months is around 1.39%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DPST Direxion Daily Regional Banks Bull 3X Shares	1.39%	2.18%	1.55%	1.78%	1.51%	0.58%	0.90%	1.29%	2.18%	0.30%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DPST and SMST in my portfolio?

DPST and SMST have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DPST or SMST?

SMST has higher volatility (55.38%) compared to DPST (17.28%). In terms of maximum drawdown, DPST dropped -97.73% vs SMST's -99.25%.

Which ETF is better, DPST or SMST?

On 1-year performance, SMST leads with 257.89% vs 66.24% for DPST. On fees, DPST is cheaper at 0.99% per year. On volatility, DPST has been the lower-risk option at 17.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DPST or SMST?

Over the 1-year period, SMST has performed better with a 257.89% return vs 66.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DPST or SMST?

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

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

DPST has the higher dividend yield at 1.39%, compared with 0.00% for SMST.

What is the main difference between DPST and SMST?

DPST is categorized as Leveraged Equities, while SMST is Inverse Equities. They also come from different issuers: Direxion and Defiance. Their fees differ too: 0.99% for DPST and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.74 vs 0.97), 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.