FEBU vs. SMST

Last updated Jun 26, 2026

FEBU (AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - FEBU is a Defined Outcome fund actively managed by Allianz, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, FEBU returned 15.46% vs 236.89% for SMST. At a correlation of -0.48, they often move in opposite directions. FEBU charges 0.74%/yr vs 1.29%/yr for SMST.

Performance

FEBU vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU) 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, FEBU achieves a 5.65% return, which is significantly higher than SMST's -5.14% return.

FEBU

• 1D: 0.02%
• 1M: -1.85%
• YTD: 5.65%
• 6M: 4.39%
• 1Y: 15.46%
• 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)

FEBU vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
FEBU AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF	5.65%	10.69%
SMST Defiance Daily Target 2X Short MSTR ETF	-5.14%	-8.84%

Correlation

The correlation between FEBU and SMST is -0.48, 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	-0.48
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025	-0.48

Return for Risk

FEBU vs. SMST — Risk / Return Rank

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

FEBU

FEBU Risk / Return Rank: 54
FEBU Sharpe Ratio Rank: 51
FEBU Sortino Ratio Rank: 49
FEBU Omega Ratio Rank: 49
FEBU Calmar Ratio Rank: 60
FEBU Martin Ratio Rank: 60

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.

FEBU vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU) 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.

	FEBU	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.63	-0.06
Sortino ratio: Return per unit of downside risk	2.19	2.35	-0.17
Omega ratio: Gain probability vs. loss probability	1.28	1.30	-0.02
Calmar ratio: Return relative to maximum drawdown	2.59	2.79	-0.20
Martin ratio: Return relative to average drawdown	9.47	5.52	+3.95

FEBU vs. SMST - Sharpe Ratio Comparison

The current FEBU Sharpe Ratio is 1.58, which is comparable to the SMST Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of FEBU 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

FEBU vs. SMST - Drawdown Comparison

The maximum FEBU drawdown since its inception was -11.73%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for FEBU and SMST.

Drawdown Indicators

	FEBU	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-11.73%	-99.25%	+87.52%
Max Drawdown (1Y) Largest decline over 1 year	-5.99%	-85.39%	+79.40%
Current Drawdown Current decline from peak	-2.92%	-96.27%	+93.35%
Average Drawdown Average peak-to-trough decline	-1.89%	-90.74%	+88.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	43.15%	-41.51%

Volatility

FEBU vs. SMST - Volatility Comparison

The current volatility for AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU) is 3.65%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 46.13%. This indicates that FEBU 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

	FEBU	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	46.13%	-42.48%
Volatility (6M) Calculated over the trailing 6-month period	7.39%	130.40%	-123.01%
Volatility (1Y) Calculated over the trailing 1-year period	9.85%	146.32%	-136.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.60%	167.25%	-155.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.60%	167.25%	-155.65%

FEBU vs. SMST - Expense Ratio Comparison

FEBU has a 0.74% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

FEBU vs. SMST - Dividend Comparison

Neither FEBU nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FEBU and SMST in my portfolio?

FEBU and SMST have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEBU or SMST?

SMST has higher volatility (46.13%) compared to FEBU (3.65%). In terms of maximum drawdown, FEBU dropped -11.73% vs SMST's -99.25%.

Which ETF is better, FEBU or SMST?

On 1-year performance, SMST leads with 236.89% vs 15.46% for FEBU. On fees, FEBU is cheaper at 0.74% per year. On volatility, FEBU has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEBU or SMST?

Over the 1-year period, SMST has performed better with a 236.89% return vs 15.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEBU or SMST?

FEBU is cheaper with a 0.74% expense ratio, compared with 1.29% for SMST.

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

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

What is the main difference between FEBU and SMST?

FEBU is categorized as Defined Outcome, while SMST is Inverse Equities. They also come from different issuers: Allianz and Defiance. Their fees differ too: 0.74% for FEBU and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.63 vs 1.58), 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.