DXJS vs. SMST

Last updated Jul 14, 2026

DXJS (WisdomTree Japan Hedged SmallCap Equity Fund) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - DXJS is a Japan Equities fund tracking the WisdomTree Japan Hedged SmallCap Equity Index, while SMST is a Inverse Equities fund actively managed by Defiance. DXJS is passively managed, while SMST is actively managed. At a correlation of -0.15, they often move in opposite directions. DXJS charges 0.58%/yr vs 1.29%/yr for SMST.

Performance

DXJS vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) and Defiance Daily Target 2X Short MSTR ETF (SMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DXJS

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

DXJS vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DXJS WisdomTree Japan Hedged SmallCap Equity Fund	23.30%	37.08%	8.38%
SMST Defiance Daily Target 2X Short MSTR ETF	-27.96%	-44.36%	-91.71%

Correlation

The correlation between DXJS and SMST is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.15

Return for Risk

DXJS vs. SMST — Risk / Return Rank

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

DXJS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

DXJS vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) 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.

	DXJS	SMST	Difference
Sharpe ratio: Return per unit of total volatility	—	1.62	—
Sortino ratio: Return per unit of downside risk	—	2.33	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	2.83	—
Martin ratio: Return relative to average drawdown	—	5.47	—

Drawdowns

Drawdown Indicators

	DXJS	SMST	Difference
Max Drawdown Largest peak-to-trough decline	—	-99.25%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-85.39%	—
Current Drawdown Current decline from peak	—	-97.17%	—
Average Drawdown Average peak-to-trough decline	—	-90.89%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	44.09%	—

Volatility

Volatility by Period

	DXJS	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	56.59%	—
Volatility (6M) Calculated over the trailing 6-month period	—	135.88%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	149.23%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	167.74%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	167.74%	—

DXJS vs. SMST - Expense Ratio Comparison

DXJS has a 0.58% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

DXJS vs. SMST - Dividend Comparison

Neither DXJS nor SMST has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXJS WisdomTree Japan Hedged SmallCap Equity Fund	0.53%	1.78%	4.02%	2.71%	2.63%	2.96%	3.04%	2.17%	2.06%	1.53%	1.66%	3.61%
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 DXJS and SMST in my portfolio?

DXJS and SMST have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DXJS or SMST?

On fees, DXJS is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DXJS or SMST?

DXJS is cheaper with a 0.58% expense ratio, compared with 1.29% for SMST.

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

DXJS has the higher dividend yield at 0.53%, compared with 0.00% for SMST.

What is the main difference between DXJS and SMST?

DXJS is categorized as Japan Equities, while SMST is Inverse Equities. They also come from different issuers: WisdomTree and Defiance. Their fees differ too: 0.58% for DXJS and 1.29% for SMST.