EZPZ vs. SMST

Last updated Jun 26, 2026

EZPZ (Franklin Crypto Index ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - EZPZ is a Cryptocurrency fund tracking the CF Institutional Digital Asset Index – US-Settlement Price, while SMST is a Inverse Equities fund actively managed by Defiance. EZPZ is passively managed, while SMST is actively managed. Over the past year, EZPZ returned -45.61% vs 236.89% for SMST. At a correlation of -0.82, they often move in opposite directions. EZPZ charges 0.19%/yr vs 1.29%/yr for SMST.

Performance

EZPZ vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Crypto Index ETF (EZPZ) 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, EZPZ achieves a -35.48% return, which is significantly lower than SMST's -5.14% return.

EZPZ

• 1D: -0.75%
• 1M: -22.22%
• YTD: -35.48%
• 6M: -35.51%
• 1Y: -45.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: 18.45%
• 1M: 181.70%
• YTD: -5.14%
• 6M: 2.86%
• 1Y: 236.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EZPZ vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
EZPZ Franklin Crypto Index ETF	-35.48%	-10.11%
SMST Defiance Daily Target 2X Short MSTR ETF	-5.14%	-13.59%

Correlation

The correlation between EZPZ and SMST is -0.84, 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	-0.84
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	-0.82

The correlation between EZPZ and SMST has been stable across timeframes, ranging from -0.84 to -0.82 - a consistent structural relationship.

Return for Risk

EZPZ vs. SMST — Risk / Return Rank

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

EZPZ

EZPZ Risk / Return Rank: 2
EZPZ Sharpe Ratio Rank: 2
EZPZ Sortino Ratio Rank: 2
EZPZ Omega Ratio Rank: 3
EZPZ Calmar Ratio Rank: 3
EZPZ Martin Ratio Rank: 2

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 54
SMST Sortino Ratio Rank: 55
SMST Omega Ratio Rank: 54
SMST Calmar Ratio Rank: 64
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.

EZPZ vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Crypto Index ETF (EZPZ) 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.

	EZPZ	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	1.63	-2.59
Sortino ratio: Return per unit of downside risk	-1.41	2.35	-3.76
Omega ratio: Gain probability vs. loss probability	0.84	1.30	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.81	2.79	-3.60
Martin ratio: Return relative to average drawdown	-1.38	5.52	-6.89

EZPZ vs. SMST - Sharpe Ratio Comparison

The current EZPZ Sharpe Ratio is -0.96, which is lower than the SMST Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of EZPZ 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

EZPZ vs. SMST - Drawdown Comparison

The maximum EZPZ drawdown since its inception was -56.49%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for EZPZ and SMST.

Drawdown Indicators

	EZPZ	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-56.49%	-99.25%	+42.76%
Max Drawdown (1Y) Largest decline over 1 year	-56.49%	-85.39%	+28.90%
Current Drawdown Current decline from peak	-56.49%	-96.27%	+39.78%
Average Drawdown Average peak-to-trough decline	-23.07%	-90.74%	+67.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.13%	43.15%	-10.02%

Volatility

EZPZ vs. SMST - Volatility Comparison

The current volatility for Franklin Crypto Index ETF (EZPZ) is 14.51%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 46.13%. This indicates that EZPZ 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

	EZPZ	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.51%	46.13%	-31.62%
Volatility (6M) Calculated over the trailing 6-month period	37.07%	130.40%	-93.33%
Volatility (1Y) Calculated over the trailing 1-year period	47.79%	146.32%	-98.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.86%	167.25%	-119.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.86%	167.25%	-119.39%

EZPZ vs. SMST - Expense Ratio Comparison

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

Dividends

EZPZ vs. SMST - Dividend Comparison

Neither EZPZ nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EZPZ and SMST in my portfolio?

EZPZ and SMST have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EZPZ or SMST?

SMST has higher volatility (46.13%) compared to EZPZ (14.51%). In terms of maximum drawdown, EZPZ dropped -56.49% vs SMST's -99.25%.

Which ETF is better, EZPZ or SMST?

On 1-year performance, SMST leads with 236.89% vs -45.61% for EZPZ. On fees, EZPZ is cheaper at 0.19% per year. On volatility, EZPZ has been the lower-risk option at 14.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZPZ or SMST?

Over the 1-year period, SMST has performed better with a 236.89% return vs -45.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZPZ or SMST?

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

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

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

What is the main difference between EZPZ and SMST?

EZPZ 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 EZPZ and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.63 vs -0.96), 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.