EZBC vs. SMST

Last updated Aug 2, 2026

EZBC (Franklin Bitcoin ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - EZBC is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while SMST is a Inverse Equities fund actively managed by Defiance. EZBC is passively managed, while SMST is actively managed. Over the past year, EZBC returned -44.53% vs 128.37% for SMST. Their -0.79 correlation means they have often moved in opposite directions in the past. EZBC charges 0.19%/yr vs 1.29%/yr for SMST.

Performance

EZBC vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Bitcoin ETF (EZBC) 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, EZBC achieves a -28.20% return, which is significantly higher than SMST's -35.77% return.

EZBC

• 1D: -2.86%
• 1M: 2.28%
• 6M: -25.05%
• YTD: -28.20%
• 1Y: -44.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.49%

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)
EZBC Franklin Bitcoin ETF	$3.11M	$3.63M	$7.00M
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

EZBC vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EZBC Franklin Bitcoin ETF	-28.20%	-6.56%	56.96%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	-44.36%	-91.71%

Correlation

The correlation between EZBC and SMST is -0.85, 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.	-0.85
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.79

The correlation between EZBC and SMST has been stable across timeframes, ranging from -0.85 to -0.79 - a consistent structural relationship.

Return for Risk

EZBC vs. SMST — Risk / Return Rank

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

EZBC

EZBC Risk / Return Rank: 1
EZBC Sharpe Ratio Rank: 1
EZBC Sortino Ratio Rank: 1
EZBC Omega Ratio Rank: 2
EZBC Calmar Ratio Rank: 2
EZBC Martin Ratio Rank: 2

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.

EZBC vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Bitcoin ETF (EZBC) 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.

	EZBC	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	1.13	-2.18
Sortino ratio: Return per unit of downside risk	-1.58	2.09	-3.68
Omega ratio: Gain probability vs. loss probability	0.83	1.27	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.87	2.00	-2.87
Martin ratio: Return relative to average drawdown	-1.34	3.68	-5.01

EZBC vs. SMST - Sharpe Ratio Comparison

The current EZBC Sharpe Ratio is -1.05, which is lower than the SMST Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of EZBC 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

EZBC vs. SMST - Drawdown Comparison

The maximum EZBC drawdown since its inception was -53.35%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for EZBC and SMST.

Drawdown Indicators

	EZBC	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-53.35%	-99.25%	+45.90%
Max Drawdown (1Y) Largest decline over 1 year	-53.35%	-85.39%	+32.04%
Current Drawdown Current decline from peak	-50.02%	-97.48%	+47.46%
Average Drawdown Average peak-to-trough decline	-18.28%	-91.08%	+72.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.65%	46.35%	-11.70%

Volatility

EZBC vs. SMST - Volatility Comparison

The current volatility for Franklin Bitcoin ETF (EZBC) is 9.03%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that EZBC 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

	EZBC	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.03%	38.14%	-29.11%
Volatility (6M) Calculated over the trailing 6-month period	33.75%	135.29%	-101.54%
Volatility (1Y) Calculated over the trailing 1-year period	44.37%	151.04%	-106.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.52%	166.75%	-117.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.52%	166.75%	-117.23%

EZBC vs. SMST - Expense Ratio Comparison

EZBC has a 0.19% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

EZBC vs. SMST - Dividend Comparison

Neither EZBC nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EZBC and SMST in my portfolio?

EZBC and SMST have a correlation of -0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EZBC or SMST?

SMST has higher volatility (38.14%) compared to EZBC (9.03%). In terms of maximum drawdown, EZBC dropped -53.35% vs SMST's -99.25%.

Which ETF is better, EZBC or SMST?

On 1-year performance, SMST leads with 128.37% vs -44.53% for EZBC. On fees, EZBC is cheaper at 0.19% per year. On volatility, EZBC has been the lower-risk option at 9.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZBC or SMST?

Over the 1-year period, SMST has performed better with a 128.37% return vs -44.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZBC or SMST?

EZBC is cheaper with a 0.19% expense ratio, compared with 1.29% for SMST.

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

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

What is the main difference between EZBC and SMST?

EZBC is categorized as Cryptocurrency, while SMST is Inverse Equities. They also come from different issuers: Franklin Templeton and Defiance. Their fees differ too: 0.19% for EZBC and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.13 vs -1.05), 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.