DXIV vs. SMST

Last updated Jul 17, 2026

DXIV (Dimensional International Vector Equity ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - DXIV is a Foreign Small & Mid Cap Equities fund actively managed by Dimensional Fund Advisors, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, DXIV returned 25.39% vs 257.89% for SMST. At a correlation of -0.30, they often move in opposite directions. DXIV charges 0.30%/yr vs 1.29%/yr for SMST.

Performance

DXIV vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional International Vector Equity ETF (DXIV) 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, DXIV achieves a 10.36% return, which is significantly higher than SMST's -31.71% return.

DXIV

• 1D: -0.85%
• 1M: -1.10%
• 6M: 6.93%
• YTD: 10.36%
• 1Y: 25.39%
• 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)

DXIV vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DXIV Dimensional International Vector Equity ETF	10.36%	39.12%	-3.78%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.71%	-44.36%	-91.29%

Correlation

The correlation between DXIV and SMST is -0.34, 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	-0.34
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	-0.30

Return for Risk

DXIV vs. SMST — Risk / Return Rank

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

DXIV

DXIV Risk / Return Rank: 66
DXIV Sharpe Ratio Rank: 70
DXIV Sortino Ratio Rank: 68
DXIV Omega Ratio Rank: 68
DXIV Calmar Ratio Rank: 58
DXIV Martin Ratio Rank: 64

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.

DXIV vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional International Vector Equity ETF (DXIV) 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.

	DXIV	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.74	+0.06
Sortino ratio: Return per unit of downside risk	2.49	2.38	+0.11
Omega ratio: Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	2.35	3.04	-0.69
Martin ratio: Return relative to average drawdown	9.02	5.82	+3.20

DXIV vs. SMST - Sharpe Ratio Comparison

The current DXIV Sharpe Ratio is 1.80, which is comparable to the SMST Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of DXIV 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

DXIV vs. SMST - Drawdown Comparison

The maximum DXIV drawdown since its inception was -13.71%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for DXIV and SMST.

Drawdown Indicators

	DXIV	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-13.71%	-99.25%	+85.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.84%	-85.39%	+74.55%
Current Drawdown Current decline from peak	-1.76%	-97.32%	+95.56%
Average Drawdown Average peak-to-trough decline	-2.44%	-90.93%	+88.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	44.56%	-41.74%

Volatility

DXIV vs. SMST - Volatility Comparison

The current volatility for Dimensional International Vector Equity ETF (DXIV) is 4.20%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 55.38%. This indicates that DXIV 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

	DXIV	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	55.38%	-51.18%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	135.32%	-123.21%
Volatility (1Y) Calculated over the trailing 1-year period	14.16%	149.40%	-135.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.43%	167.53%	-152.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.43%	167.53%	-152.10%

DXIV vs. SMST - Expense Ratio Comparison

DXIV has a 0.30% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

DXIV vs. SMST - Dividend Comparison

DXIV's dividend yield for the trailing twelve months is around 2.40%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024
DXIV Dimensional International Vector Equity ETF	2.40%	2.50%	0.64%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DXIV and SMST in my portfolio?

DXIV and SMST have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DXIV or SMST?

SMST has higher volatility (55.38%) compared to DXIV (4.20%). In terms of maximum drawdown, DXIV dropped -13.71% vs SMST's -99.25%.

Which ETF is better, DXIV or SMST?

On 1-year performance, SMST leads with 257.89% vs 25.39% for DXIV. On fees, DXIV is cheaper at 0.30% per year. On volatility, DXIV has been the lower-risk option at 4.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DXIV or SMST?

Over the 1-year period, SMST has performed better with a 257.89% return vs 25.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DXIV or SMST?

DXIV is cheaper with a 0.30% expense ratio, compared with 1.29% for SMST.

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

DXIV has the higher dividend yield at 2.40%, compared with 0.00% for SMST.

What is the main difference between DXIV and SMST?

DXIV is categorized as Foreign Small & Mid Cap Equities, while SMST is Inverse Equities. They also come from different issuers: Dimensional Fund Advisors and Defiance. Their fees differ too: 0.30% for DXIV and 1.29% for SMST.

Which has better risk-adjusted returns?

DXIV currently has the higher Sharpe Ratio (1.80 vs 1.74), 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.