DVDN vs. SMST

Last updated Jul 17, 2026

DVDN (Kingsbarn Dividend Opportunity ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - DVDN is a Large Cap Value Equities fund actively managed by Kingsbarn, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, DVDN returned -18.23% vs 257.89% for SMST. At a correlation of -0.26, they often move in opposite directions. DVDN charges 1.72%/yr vs 1.29%/yr for SMST.

Performance

DVDN vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kingsbarn Dividend Opportunity ETF (DVDN) 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, DVDN achieves a -8.25% return, which is significantly higher than SMST's -31.71% return.

DVDN

• 1D: 1.35%
• 1M: 0.83%
• 6M: -11.96%
• YTD: -8.25%
• 1Y: -18.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

DVDN vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DVDN Kingsbarn Dividend Opportunity ETF	-8.25%	-17.23%	-2.16%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.71%	-44.36%	-91.71%

Correlation

The correlation between DVDN and SMST is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.26

Return for Risk

DVDN vs. SMST — Risk / Return Rank

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

DVDN

DVDN Risk / Return Rank: 3
DVDN Sharpe Ratio Rank: 1
DVDN Sortino Ratio Rank: 2
DVDN Omega Ratio Rank: 2
DVDN Calmar Ratio Rank: 3
DVDN Martin Ratio Rank: 3

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.

DVDN vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kingsbarn Dividend Opportunity ETF (DVDN) 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.

	DVDN	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	1.74	-2.77
Sortino ratio: Return per unit of downside risk	-1.37	2.38	-3.75
Omega ratio: Gain probability vs. loss probability	0.84	1.31	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.72	3.04	-3.76
Martin ratio: Return relative to average drawdown	-1.20	5.82	-7.01

DVDN vs. SMST - Sharpe Ratio Comparison

The current DVDN Sharpe Ratio is -1.03, which is lower than the SMST Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of DVDN 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

DVDN vs. SMST - Drawdown Comparison

The maximum DVDN drawdown since its inception was -34.59%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for DVDN and SMST.

Drawdown Indicators

	DVDN	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-34.59%	-99.25%	+64.66%
Max Drawdown (1Y) Largest decline over 1 year	-25.34%	-85.39%	+60.05%
Current Drawdown Current decline from peak	-30.63%	-97.32%	+66.69%
Average Drawdown Average peak-to-trough decline	-13.46%	-90.93%	+77.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.27%	44.56%	-29.29%

Volatility

DVDN vs. SMST - Volatility Comparison

The current volatility for Kingsbarn Dividend Opportunity ETF (DVDN) is 3.98%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 55.38%. This indicates that DVDN 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

	DVDN	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	55.38%	-51.40%
Volatility (6M) Calculated over the trailing 6-month period	14.66%	135.32%	-120.66%
Volatility (1Y) Calculated over the trailing 1-year period	17.85%	149.40%	-131.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.68%	167.53%	-148.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	167.53%	-148.85%

DVDN vs. SMST - Expense Ratio Comparison

DVDN has a 1.72% expense ratio, which is higher than SMST's 1.29% expense ratio.

Dividends

DVDN vs. SMST - Dividend Comparison

DVDN's dividend yield for the trailing twelve months is around 14.67%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
DVDN Kingsbarn Dividend Opportunity ETF	14.67%	17.27%	14.43%	2.74%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DVDN and SMST in my portfolio?

DVDN and SMST have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVDN or SMST?

SMST has higher volatility (55.38%) compared to DVDN (3.98%). In terms of maximum drawdown, DVDN dropped -34.59% vs SMST's -99.25%.

Which ETF is better, DVDN or SMST?

On 1-year performance, SMST leads with 257.89% vs -18.23% for DVDN. On fees, SMST is cheaper at 1.29% per year. On volatility, DVDN has been the lower-risk option at 3.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVDN or SMST?

Over the 1-year period, SMST has performed better with a 257.89% return vs -18.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVDN or SMST?

SMST is cheaper with a 1.29% expense ratio, compared with 1.72% for DVDN.

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

DVDN has the higher dividend yield at 14.67%, compared with 0.00% for SMST.

What is the main difference between DVDN and SMST?

DVDN is categorized as Large Cap Value Equities, while SMST is Inverse Equities. They also come from different issuers: Kingsbarn and Defiance. Their fees differ too: 1.72% for DVDN and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.74 vs -1.03), 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.