ELFY vs. SMST

Last updated Jul 14, 2026

ELFY (ALPS Electrification Infrastructure ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - ELFY is a Utilities Equities fund tracking the Ladenburg Thalmann Electrification Infrastructure Index, while SMST is a Inverse Equities fund actively managed by Defiance. ELFY is passively managed, while SMST is actively managed. Over the past year, ELFY returned 32.10% vs 240.03% for SMST. At a correlation of -0.38, they often move in opposite directions. ELFY charges 0.50%/yr vs 1.29%/yr for SMST.

Performance

ELFY vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS Electrification Infrastructure ETF (ELFY) 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, ELFY achieves a 20.43% return, which is significantly higher than SMST's -27.96% return.

ELFY

• 1D: -1.17%
• 1M: -3.60%
• 6M: 15.84%
• YTD: 20.43%
• 1Y: 32.10%
• 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)

ELFY vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
ELFY ALPS Electrification Infrastructure ETF	20.43%	34.72%
SMST Defiance Daily Target 2X Short MSTR ETF	-27.96%	66.91%

Correlation

The correlation between ELFY and SMST is -0.39, 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	-0.39
Correlation (All Time) Calculated using the full available price history since Apr 10, 2025	-0.38

Return for Risk

ELFY vs. SMST — Risk / Return Rank

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

ELFY

ELFY Risk / Return Rank: 67
ELFY Sharpe Ratio Rank: 61
ELFY Sortino Ratio Rank: 58
ELFY Omega Ratio Rank: 55
ELFY Calmar Ratio Rank: 86
ELFY Martin Ratio Rank: 74

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.

ELFY vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS Electrification Infrastructure ETF (ELFY) 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.

	ELFY	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.62	-0.02
Sortino ratio: Return per unit of downside risk	2.19	2.33	-0.15
Omega ratio: Gain probability vs. loss probability	1.27	1.30	-0.03
Calmar ratio: Return relative to maximum drawdown	3.85	2.83	+1.02
Martin ratio: Return relative to average drawdown	10.78	5.47	+5.31

ELFY vs. SMST - Sharpe Ratio Comparison

The current ELFY Sharpe Ratio is 1.60, which is comparable to the SMST Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of ELFY 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

ELFY vs. SMST - Drawdown Comparison

The maximum ELFY drawdown since its inception was -8.37%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for ELFY and SMST.

Drawdown Indicators

	ELFY	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-8.37%	-99.25%	+90.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.37%	-85.39%	+77.02%
Current Drawdown Current decline from peak	-7.32%	-97.17%	+89.85%
Average Drawdown Average peak-to-trough decline	-1.79%	-90.89%	+89.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	44.09%	-41.10%

Volatility

ELFY vs. SMST - Volatility Comparison

The current volatility for ALPS Electrification Infrastructure ETF (ELFY) is 7.11%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.59%. This indicates that ELFY 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

	ELFY	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.11%	56.59%	-49.48%
Volatility (6M) Calculated over the trailing 6-month period	16.34%	135.88%	-119.54%
Volatility (1Y) Calculated over the trailing 1-year period	20.19%	149.23%	-129.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.77%	167.74%	-147.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.77%	167.74%	-147.97%

ELFY vs. SMST - Expense Ratio Comparison

ELFY has a 0.50% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

ELFY vs. SMST - Dividend Comparison

ELFY's dividend yield for the trailing twelve months is around 1.02%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
ELFY ALPS Electrification Infrastructure ETF	1.02%	0.76%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ELFY and SMST in my portfolio?

ELFY and SMST have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ELFY or SMST?

SMST has higher volatility (56.59%) compared to ELFY (7.11%). In terms of maximum drawdown, ELFY dropped -8.37% vs SMST's -99.25%.

Which ETF is better, ELFY or SMST?

On 1-year performance, SMST leads with 240.03% vs 32.10% for ELFY. On fees, ELFY is cheaper at 0.50% per year. On volatility, ELFY has been the lower-risk option at 7.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ELFY or SMST?

Over the 1-year period, SMST has performed better with a 240.03% return vs 32.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ELFY or SMST?

ELFY is cheaper with a 0.50% expense ratio, compared with 1.29% for SMST.

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

ELFY has the higher dividend yield at 1.02%, compared with 0.00% for SMST.

What is the main difference between ELFY and SMST?

ELFY is categorized as Utilities Equities, while SMST is Inverse Equities. They also come from different issuers: ALPS and Defiance. Their fees differ too: 0.50% for ELFY and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.62 vs 1.60), 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.