EPMB vs. SMST

Last updated Jul 12, 2026

EPMB (Harbor Mid Cap Core ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - EPMB is a Mid Cap Blend Equities fund actively managed by Harbor, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, EPMB returned 24.21% vs 223.04% for SMST. At a correlation of -0.32, they often move in opposite directions. EPMB charges 0.88%/yr vs 1.29%/yr for SMST.

Performance

EPMB vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Mid Cap Core ETF (EPMB) 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, EPMB achieves a 15.66% return, which is significantly higher than SMST's -31.56% return.

EPMB

• 1D: 0.38%
• 1M: 1.12%
• 6M: 10.59%
• YTD: 15.66%
• 1Y: 24.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: -1.67%
• 1M: 37.17%
• 6M: -24.18%
• YTD: -31.56%
• 1Y: 223.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EPMB vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
EPMB Harbor Mid Cap Core ETF	15.66%	15.95%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	211.41%

Correlation

The correlation between EPMB and SMST is -0.33, 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	-0.33
Correlation (All Time) Calculated using the full available price history since May 2, 2025	-0.32

Return for Risk

EPMB vs. SMST — Risk / Return Rank

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

EPMB

EPMB Risk / Return Rank: 63
EPMB Sharpe Ratio Rank: 60
EPMB Sortino Ratio Rank: 65
EPMB Omega Ratio Rank: 57
EPMB Calmar Ratio Rank: 65
EPMB Martin Ratio Rank: 68

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 49
SMST Sortino Ratio Rank: 58
SMST Omega Ratio Rank: 58
SMST Calmar Ratio Rank: 60
SMST Martin Ratio Rank: 38

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.

EPMB vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Mid Cap Core ETF (EPMB) 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.

	EPMB	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.37	+0.22
Sortino ratio: Return per unit of downside risk	2.40	2.22	+0.18
Omega ratio: Gain probability vs. loss probability	1.28	1.29	-0.01
Calmar ratio: Return relative to maximum drawdown	2.60	2.39	+0.20
Martin ratio: Return relative to average drawdown	9.85	4.64	+5.21

EPMB vs. SMST - Sharpe Ratio Comparison

The current EPMB Sharpe Ratio is 1.59, which is comparable to the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of EPMB 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

EPMB vs. SMST - Drawdown Comparison

The maximum EPMB drawdown since its inception was -8.95%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for EPMB and SMST.

Drawdown Indicators

	EPMB	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-8.95%	-99.25%	+90.30%
Max Drawdown (1Y) Largest decline over 1 year	-8.95%	-85.39%	+76.44%
Current Drawdown Current decline from peak	-0.85%	-97.31%	+96.46%
Average Drawdown Average peak-to-trough decline	-1.44%	-90.88%	+89.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	43.98%	-41.62%

Volatility

EPMB vs. SMST - Volatility Comparison

The current volatility for Harbor Mid Cap Core ETF (EPMB) is 4.21%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that EPMB 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

	EPMB	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	56.47%	-52.26%
Volatility (6M) Calculated over the trailing 6-month period	10.85%	135.94%	-125.09%
Volatility (1Y) Calculated over the trailing 1-year period	14.61%	149.09%	-134.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.69%	167.87%	-153.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.69%	167.87%	-153.18%

EPMB vs. SMST - Expense Ratio Comparison

EPMB has a 0.88% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

EPMB vs. SMST - Dividend Comparison

EPMB's dividend yield for the trailing twelve months is around 1.55%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
EPMB Harbor Mid Cap Core ETF	1.55%	1.79%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both EPMB and SMST in my portfolio?

EPMB and SMST have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPMB or SMST?

SMST has higher volatility (56.47%) compared to EPMB (4.21%). In terms of maximum drawdown, EPMB dropped -8.95% vs SMST's -99.25%.

Which ETF is better, EPMB or SMST?

On 1-year performance, SMST leads with 223.04% vs 24.21% for EPMB. On fees, EPMB is cheaper at 0.88% per year. On volatility, EPMB has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPMB or SMST?

Over the 1-year period, SMST has performed better with a 223.04% return vs 24.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPMB or SMST?

EPMB is cheaper with a 0.88% expense ratio, compared with 1.29% for SMST.

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

EPMB has the higher dividend yield at 1.55%, compared with 0.00% for SMST.

What is the main difference between EPMB and SMST?

EPMB is categorized as Mid Cap Blend Equities, while SMST is Inverse Equities. They also come from different issuers: Harbor and Defiance. Their fees differ too: 0.88% for EPMB and 1.29% for SMST.

Which has better risk-adjusted returns?

EPMB currently has the higher Sharpe Ratio (1.59 vs 1.37), 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.