DVY vs. SMST

Last updated Jun 26, 2026

DVY (iShares Select Dividend ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - DVY is a Large Cap Value Equities fund tracking the Dow Jones U.S. Select Dividend Index, while SMST is a Inverse Equities fund actively managed by Defiance. DVY is passively managed, while SMST is actively managed. Over the past year, DVY returned 24.49% vs 236.89% for SMST. At a correlation of -0.22, they often move in opposite directions. DVY charges 0.39%/yr vs 1.29%/yr for SMST.

Performance

DVY vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Select Dividend ETF (DVY) 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, DVY achieves a 12.97% return, which is significantly higher than SMST's -5.14% return.

DVY

• 1D: 0.72%
• 1M: 1.93%
• YTD: 12.97%
• 6M: 11.84%
• 1Y: 24.49%
• 3Y*: 16.32%
• 5Y*: 9.79%
• 10Y*: 10.66%

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)

DVY vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DVY iShares Select Dividend ETF	12.97%	11.60%	3.23%
SMST Defiance Daily Target 2X Short MSTR ETF	-5.14%	-44.36%	-91.71%

Correlation

The correlation between DVY and SMST is -0.17, 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	-0.17
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.22

Return for Risk

DVY vs. SMST — Risk / Return Rank

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

DVY

DVY Risk / Return Rank: 78
DVY Sharpe Ratio Rank: 80
DVY Sortino Ratio Rank: 83
DVY Omega Ratio Rank: 74
DVY Calmar Ratio Rank: 79
DVY Martin Ratio Rank: 76

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.

DVY vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Select Dividend ETF (DVY) 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.

	DVY	SMST	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.63	+0.57
Sortino ratio: Return per unit of downside risk	3.19	2.35	+0.84
Omega ratio: Gain probability vs. loss probability	1.38	1.30	+0.08
Calmar ratio: Return relative to maximum drawdown	3.57	2.79	+0.78
Martin ratio: Return relative to average drawdown	12.47	5.52	+6.96

DVY vs. SMST - Sharpe Ratio Comparison

The current DVY Sharpe Ratio is 2.20, which is higher than the SMST Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of DVY 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

DVY vs. SMST - Drawdown Comparison

The maximum DVY drawdown since its inception was -62.59%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for DVY and SMST.

Drawdown Indicators

	DVY	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-62.59%	-99.25%	+36.66%
Max Drawdown (1Y) Largest decline over 1 year	-6.89%	-85.39%	+78.50%
Max Drawdown (3Y) Largest decline over 3 years	-16.00%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.54%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.59%	—	—
Current Drawdown Current decline from peak	-0.38%	-96.27%	+95.89%
Average Drawdown Average peak-to-trough decline	-8.77%	-90.74%	+81.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	43.15%	-41.18%

Volatility

DVY vs. SMST - Volatility Comparison

The current volatility for iShares Select Dividend ETF (DVY) is 3.36%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 46.13%. This indicates that DVY 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

	DVY	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	46.13%	-42.77%
Volatility (6M) Calculated over the trailing 6-month period	7.80%	130.40%	-122.60%
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	146.32%	-135.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.14%	167.25%	-152.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	167.25%	-149.24%

DVY vs. SMST - Expense Ratio Comparison

DVY has a 0.39% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

DVY vs. SMST - Dividend Comparison

DVY's dividend yield for the trailing twelve months is around 3.35%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVY iShares Select Dividend ETF	3.35%	3.65%	3.65%	3.82%	3.43%	3.12%	3.66%	3.41%	3.58%	3.00%	3.04%	3.45%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DVY and SMST in my portfolio?

DVY and SMST have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVY or SMST?

SMST has higher volatility (46.13%) compared to DVY (3.36%). In terms of maximum drawdown, DVY dropped -62.59% vs SMST's -99.25%.

Which ETF is better, DVY or SMST?

On 1-year performance, SMST leads with 236.89% vs 24.49% for DVY. On fees, DVY is cheaper at 0.39% per year. On volatility, DVY has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVY or SMST?

Over the 1-year period, SMST has performed better with a 236.89% return vs 24.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVY or SMST?

DVY is cheaper with a 0.39% expense ratio, compared with 1.29% for SMST.

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

DVY has the higher dividend yield at 3.35%, compared with 0.00% for SMST.

What is the main difference between DVY and SMST?

DVY is categorized as Large Cap Value Equities, while SMST is Inverse Equities. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.39% for DVY and 1.29% for SMST.

Which has better risk-adjusted returns?

DVY currently has the higher Sharpe Ratio (2.20 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.