ETHA vs. SMST

Last updated Aug 2, 2026

ETHA (iShares Ethereum Trust ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - ETHA is a Cryptocurrency fund tracking the CME CF Ether Dollar Reference Rate - New York Variant, while SMST is a Inverse Equities fund actively managed by Defiance. ETHA is passively managed, while SMST is actively managed. Over the past year, ETHA returned -46.93% vs 128.37% for SMST. Their -0.69 correlation means they have often moved in opposite directions in the past. ETHA charges 0.25%/yr vs 1.29%/yr for SMST.

Performance

ETHA vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Ethereum Trust ETF (ETHA) and Defiance Daily Target 2X Short MSTR ETF (SMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ETHA having a -37.27% return and SMST slightly higher at -35.77%.

ETHA

• 1D: -3.03%
• 1M: 9.41%
• 6M: -30.24%
• YTD: -37.27%
• 1Y: -46.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -27.02%

SMST

• 1D: 8.37%
• 1M: 5.47%
• 6M: -29.35%
• YTD: -35.77%
• 1Y: 128.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -83.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETHA iShares Ethereum Trust ETF	$448.76M	$415.35M	$407.71M
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

ETHA vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHA iShares Ethereum Trust ETF	-37.27%	-11.31%	28.18%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	-44.36%	-91.71%

Correlation

The correlation between ETHA and SMST is -0.80, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.80
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.69

The correlation between ETHA and SMST shifts across timeframes, from -0.80 (1 year) to -0.69 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ETHA vs. SMST — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETHA

ETHA Risk / Return Rank: 3
ETHA Sharpe Ratio Rank: 3
ETHA Sortino Ratio Rank: 3
ETHA Omega Ratio Rank: 4
ETHA Calmar Ratio Rank: 3
ETHA Martin Ratio Rank: 4

SMST

SMST Risk / Return Rank: 52
SMST Sharpe Ratio Rank: 45
SMST Sortino Ratio Rank: 62
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 56
SMST Martin Ratio Rank: 36

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ETHA vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) 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.

	ETHA	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	1.13	-1.88
Sortino ratio: Return per unit of downside risk	-0.98	2.09	-3.07
Omega ratio: Gain probability vs. loss probability	0.89	1.27	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.74	2.00	-2.74
Martin ratio: Return relative to average drawdown	-1.11	3.68	-4.79

ETHA vs. SMST - Sharpe Ratio Comparison

The current ETHA Sharpe Ratio is -0.75, which is lower than the SMST Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of ETHA 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

ETHA vs. SMST - Drawdown Comparison

The maximum ETHA drawdown since its inception was -67.91%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for ETHA and SMST.

Drawdown Indicators

	ETHA	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-67.91%	-99.25%	+31.34%
Max Drawdown (1Y) Largest decline over 1 year	-67.91%	-85.39%	+17.48%
Current Drawdown Current decline from peak	-61.55%	-97.48%	+35.93%
Average Drawdown Average peak-to-trough decline	-35.20%	-91.08%	+55.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.37%	46.35%	-0.98%

Volatility

ETHA vs. SMST - Volatility Comparison

The current volatility for iShares Ethereum Trust ETF (ETHA) is 13.47%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that ETHA 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

	ETHA	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.47%	38.14%	-24.67%
Volatility (6M) Calculated over the trailing 6-month period	46.10%	135.29%	-89.19%
Volatility (1Y) Calculated over the trailing 1-year period	67.46%	151.04%	-83.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.53%	166.75%	-95.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.53%	166.75%	-95.22%

ETHA vs. SMST - Expense Ratio Comparison

ETHA has a 0.25% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

ETHA vs. SMST - Dividend Comparison

Neither ETHA nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETHA and SMST in my portfolio?

ETHA and SMST have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHA or SMST?

SMST has higher volatility (38.14%) compared to ETHA (13.47%). In terms of maximum drawdown, ETHA dropped -67.91% vs SMST's -99.25%.

Which ETF is better, ETHA or SMST?

On 1-year performance, SMST leads with 128.37% vs -46.93% for ETHA. On fees, ETHA is cheaper at 0.25% per year. On volatility, ETHA has been the lower-risk option at 13.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHA or SMST?

Over the 1-year period, SMST has performed better with a 128.37% return vs -46.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHA or SMST?

ETHA is cheaper with a 0.25% expense ratio, compared with 1.29% for SMST.

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

ETHA and SMST have nearly identical dividend yields, around 0.00%.

What is the main difference between ETHA and SMST?

ETHA is categorized as Cryptocurrency, while SMST is Inverse Equities. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.25% for ETHA and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.13 vs -0.75), 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.