FDRV vs. SMST

Last updated Jul 15, 2026

FDRV (Fidelity Electric Vehicles and Future Transportation ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - FDRV is a Transportation Equities fund actively managed by Fidelity, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, FDRV returned 21.64% vs 223.39% for SMST. At a correlation of -0.44, they often move in opposite directions. FDRV charges 0.39%/yr vs 1.29%/yr for SMST.

Performance

FDRV vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Electric Vehicles and Future Transportation ETF (FDRV) 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, FDRV achieves a 13.58% return, which is significantly higher than SMST's -36.68% return.

FDRV

• 1D: 0.75%
• 1M: -6.00%
• 6M: 6.50%
• YTD: 13.58%
• 1Y: 21.64%
• 3Y*: -2.23%
• 5Y*: —
• 10Y*: —

SMST

• 1D: -12.10%
• 1M: 26.91%
• 6M: -13.52%
• YTD: -36.68%
• 1Y: 223.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FDRV vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FDRV Fidelity Electric Vehicles and Future Transportation ETF	13.58%	24.32%	3.08%
SMST Defiance Daily Target 2X Short MSTR ETF	-36.68%	-44.36%	-91.71%

Correlation

The correlation between FDRV and SMST is -0.41, 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	-0.41
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.44

Return for Risk

FDRV vs. SMST — Risk / Return Rank

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

FDRV

FDRV Risk / Return Rank: 28
FDRV Sharpe Ratio Rank: 26
FDRV Sortino Ratio Rank: 26
FDRV Omega Ratio Rank: 26
FDRV Calmar Ratio Rank: 34
FDRV Martin Ratio Rank: 30

SMST

SMST Risk / Return Rank: 56
SMST Sharpe Ratio Rank: 55
SMST Sortino Ratio Rank: 60
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 66
SMST Martin Ratio Rank: 40

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.

FDRV vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Electric Vehicles and Future Transportation ETF (FDRV) 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.

	FDRV	SMST	Difference
Sharpe ratio: Return per unit of total volatility	0.79	1.51	-0.72
Sortino ratio: Return per unit of downside risk	1.21	2.28	-1.07
Omega ratio: Gain probability vs. loss probability	1.15	1.30	-0.14
Calmar ratio: Return relative to maximum drawdown	1.39	2.63	-1.24
Martin ratio: Return relative to average drawdown	3.52	5.07	-1.55

FDRV vs. SMST - Sharpe Ratio Comparison

The current FDRV Sharpe Ratio is 0.79, which is lower than the SMST Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of FDRV 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

FDRV vs. SMST - Drawdown Comparison

The maximum FDRV drawdown since its inception was -63.89%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for FDRV and SMST.

Drawdown Indicators

	FDRV	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-63.89%	-99.25%	+35.36%
Max Drawdown (1Y) Largest decline over 1 year	-15.62%	-85.39%	+69.77%
Max Drawdown (3Y) Largest decline over 3 years	-48.45%	—	—
Current Drawdown Current decline from peak	-37.16%	-97.51%	+60.35%
Average Drawdown Average peak-to-trough decline	-42.14%	-90.91%	+48.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.16%	44.25%	-38.09%

Volatility

FDRV vs. SMST - Volatility Comparison

The current volatility for Fidelity Electric Vehicles and Future Transportation ETF (FDRV) is 10.12%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 57.45%. This indicates that FDRV 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

	FDRV	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.12%	57.45%	-47.33%
Volatility (6M) Calculated over the trailing 6-month period	22.43%	136.03%	-113.60%
Volatility (1Y) Calculated over the trailing 1-year period	27.53%	149.51%	-121.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.26%	167.79%	-135.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.26%	167.79%	-135.53%

FDRV vs. SMST - Expense Ratio Comparison

FDRV has a 0.39% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

FDRV vs. SMST - Dividend Comparison

FDRV's dividend yield for the trailing twelve months is around 1.26%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FDRV Fidelity Electric Vehicles and Future Transportation ETF	1.26%	1.14%	0.43%	0.24%	0.33%	0.04%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDRV and SMST in my portfolio?

FDRV and SMST have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDRV or SMST?

SMST has higher volatility (57.45%) compared to FDRV (10.12%). In terms of maximum drawdown, FDRV dropped -63.89% vs SMST's -99.25%.

Which ETF is better, FDRV or SMST?

On 1-year performance, SMST leads with 223.39% vs 21.64% for FDRV. On fees, FDRV is cheaper at 0.39% per year. On volatility, FDRV has been the lower-risk option at 10.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDRV or SMST?

Over the 1-year period, SMST has performed better with a 223.39% return vs 21.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDRV or SMST?

FDRV is cheaper with a 0.39% expense ratio, compared with 1.29% for SMST.

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

FDRV has the higher dividend yield at 1.26%, compared with 0.00% for SMST.

What is the main difference between FDRV and SMST?

FDRV is categorized as Transportation Equities, while SMST is Inverse Equities. They also come from different issuers: Fidelity and Defiance. Their fees differ too: 0.39% for FDRV and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.51 vs 0.79), 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.