EETH vs. SMST

Last updated Jul 14, 2026

EETH (ProShares Ether Strategy ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - EETH is a Cryptocurrency fund actively managed by ProShares, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, EETH returned -43.94% vs 240.03% for SMST. At a correlation of -0.69, they often move in opposite directions. EETH charges 0.95%/yr vs 1.29%/yr for SMST.

Performance

EETH vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ether Strategy ETF (EETH) 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, EETH achieves a -41.54% return, which is significantly lower than SMST's -27.96% return.

EETH

• 1D: -1.10%
• 1M: 6.25%
• 6M: -43.87%
• YTD: -41.54%
• 1Y: -43.94%
• 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)

EETH vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EETH ProShares Ether Strategy ETF	-41.54%	-17.19%	24.52%
SMST Defiance Daily Target 2X Short MSTR ETF	-27.96%	-44.36%	-91.71%

Correlation

The correlation between EETH and SMST is -0.78, 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	-0.78
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.69

The correlation between EETH and SMST has been stable across timeframes, ranging from -0.78 to -0.69 - a consistent structural relationship.

Return for Risk

EETH vs. SMST — Risk / Return Rank

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

EETH

EETH Risk / Return Rank: 4
EETH Sharpe Ratio Rank: 4
EETH Sortino Ratio Rank: 4
EETH Omega Ratio Rank: 5
EETH Calmar Ratio Rank: 4
EETH Martin Ratio Rank: 4

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.

EETH vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ether Strategy ETF (EETH) 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.

	EETH	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.64	1.62	-2.27
Sortino ratio: Return per unit of downside risk	-0.72	2.33	-3.05
Omega ratio: Gain probability vs. loss probability	0.92	1.30	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.64	2.83	-3.47
Martin ratio: Return relative to average drawdown	-1.00	5.47	-6.47

EETH vs. SMST - Sharpe Ratio Comparison

The current EETH Sharpe Ratio is -0.64, which is lower than the SMST Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of EETH 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

EETH vs. SMST - Drawdown Comparison

The maximum EETH drawdown since its inception was -69.22%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for EETH and SMST.

Drawdown Indicators

	EETH	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-69.22%	-99.25%	+30.03%
Max Drawdown (1Y) Largest decline over 1 year	-69.22%	-85.39%	+16.17%
Current Drawdown Current decline from peak	-64.90%	-97.17%	+32.27%
Average Drawdown Average peak-to-trough decline	-30.86%	-90.89%	+60.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.15%	44.09%	+0.06%

Volatility

EETH vs. SMST - Volatility Comparison

The current volatility for ProShares Ether Strategy ETF (EETH) is 16.05%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.59%. This indicates that EETH 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

	EETH	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.05%	56.59%	-40.54%
Volatility (6M) Calculated over the trailing 6-month period	47.07%	135.88%	-88.81%
Volatility (1Y) Calculated over the trailing 1-year period	68.70%	149.23%	-80.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.77%	167.74%	-98.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.77%	167.74%	-98.97%

EETH vs. SMST - Expense Ratio Comparison

EETH has a 0.95% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

EETH vs. SMST - Dividend Comparison

EETH's dividend yield for the trailing twelve months is around 90.85%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
EETH ProShares Ether Strategy ETF	90.85%	56.98%	10.82%	0.52%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EETH and SMST in my portfolio?

EETH and SMST have a correlation of -0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EETH or SMST?

SMST has higher volatility (56.59%) compared to EETH (16.05%). In terms of maximum drawdown, EETH dropped -69.22% vs SMST's -99.25%.

Which ETF is better, EETH or SMST?

On 1-year performance, SMST leads with 240.03% vs -43.94% for EETH. On fees, EETH is cheaper at 0.95% per year. On volatility, EETH has been the lower-risk option at 16.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EETH or SMST?

Over the 1-year period, SMST has performed better with a 240.03% return vs -43.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EETH or SMST?

EETH is cheaper with a 0.95% expense ratio, compared with 1.29% for SMST.

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

EETH has the higher dividend yield at 90.85%, compared with 0.00% for SMST.

What is the main difference between EETH and SMST?

EETH is categorized as Cryptocurrency, while SMST is Inverse Equities. They also come from different issuers: ProShares and Defiance. Their fees differ too: 0.95% for EETH and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.62 vs -0.64), 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.