EMCR vs. SMST
EMCR (Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - EMCR is a Emerging Markets Equities fund tracking the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index - Benchmark TR Net, while SMST is a Inverse Equities fund actively managed by Defiance. EMCR is passively managed, while SMST is actively managed. Over the past year, EMCR returned 33.48% vs 240.03% for SMST. At a correlation of -0.39, they often move in opposite directions. EMCR charges 0.15%/yr vs 1.29%/yr for SMST.
Performance
EMCR vs. SMST - Performance Comparison
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Returns By Period
In the year-to-date period, EMCR achieves a 15.90% return, which is significantly higher than SMST's -27.96% return.
EMCR
- 1D
- -3.22%
- 1M
- -3.09%
- 6M
- 9.60%
- YTD
- 15.90%
- 1Y
- 33.48%
- 3Y*
- 19.46%
- 5Y*
- 7.99%
- 10Y*
- —
SMST
- 1D
- 5.26%
- 1M
- 44.38%
- 6M
- -15.07%
- YTD
- -27.96%
- 1Y
- 240.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EMCR vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | 15.90% | 33.25% | 0.15% |
SMST Defiance Daily Target 2X Short MSTR ETF | -27.96% | -44.36% | -91.71% |
Correlation
The correlation between EMCR 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 Aug 21, 2024 | -0.39 |
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Return for Risk
EMCR vs. SMST — Risk / Return Rank
EMCR
SMST
EMCR vs. SMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) 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.
| EMCR | SMST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.30 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | 2.83 | -0.40 |
| Martin ratioReturn relative to average drawdown | 8.51 | 5.47 | +3.04 |
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Drawdowns
EMCR vs. SMST - Drawdown Comparison
The maximum EMCR drawdown since its inception was -34.28%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for EMCR and SMST.
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Drawdown Indicators
| EMCR | SMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.28% | -99.25% | +64.97% |
Max Drawdown (1Y)Largest decline over 1 year | -13.84% | -85.39% | +71.55% |
Max Drawdown (3Y)Largest decline over 3 years | -18.38% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -34.28% | — | — |
Current DrawdownCurrent decline from peak | -7.49% | -97.17% | +89.68% |
Average DrawdownAverage peak-to-trough decline | -9.26% | -90.89% | +81.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.94% | 44.09% | -40.15% |
Volatility
EMCR vs. SMST - Volatility Comparison
The current volatility for Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR) is 10.61%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.59%. This indicates that EMCR 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.
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Volatility by Period
| EMCR | SMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.61% | 56.59% | -45.98% |
Volatility (6M)Calculated over the trailing 6-month period | 20.64% | 135.88% | -115.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.78% | 149.23% | -126.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.99% | 167.74% | -147.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.22% | 167.74% | -147.52% |
EMCR vs. SMST - Expense Ratio Comparison
EMCR has a 0.15% expense ratio, which is lower than SMST's 1.29% expense ratio.
Dividends
EMCR vs. SMST - Dividend Comparison
EMCR's dividend yield for the trailing twelve months is around 1.51%, while SMST has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF | 1.51% | 2.43% | 6.62% | 1.95% | 3.05% | 1.83% | 1.75% | 3.15% | 0.19% |
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% |
Frequently Asked Questions
EMCR 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.
SMST has higher volatility (56.59%) compared to EMCR (10.61%). In terms of maximum drawdown, EMCR dropped -34.28% vs SMST's -99.25%.
On 1-year performance, SMST leads with 240.03% vs 33.48% for EMCR. On fees, EMCR is cheaper at 0.15% per year. On volatility, EMCR has been the lower-risk option at 10.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMST has performed better with a 240.03% return vs 33.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMCR is cheaper with a 0.15% expense ratio, compared with 1.29% for SMST.
EMCR has the higher dividend yield at 1.51%, compared with 0.00% for SMST.
EMCR is categorized as Emerging Markets Equities, while SMST is Inverse Equities. They also come from different issuers: Deutsche Bank and Defiance. Their fees differ too: 0.15% for EMCR and 1.29% for SMST.
SMST currently has the higher Sharpe Ratio (1.62 vs 1.48), 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.
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