FLBR vs. SMST

Last updated Jul 17, 2026

FLBR (Franklin FTSE Brazil ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - FLBR is a Latin America Equities fund tracking the FTSE Brazil RIC Capped Index, while SMST is a Inverse Equities fund actively managed by Defiance. FLBR is passively managed, while SMST is actively managed. Over the past year, FLBR returned 38.57% vs 257.89% for SMST. At a correlation of -0.24, they often move in opposite directions. FLBR charges 0.19%/yr vs 1.29%/yr for SMST.

Performance

FLBR vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Brazil ETF (FLBR) 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, FLBR achieves a 17.38% return, which is significantly higher than SMST's -31.71% return.

FLBR

• 1D: -1.56%
• 1M: 2.53%
• 6M: 10.92%
• YTD: 17.38%
• 1Y: 38.57%
• 3Y*: 11.60%
• 5Y*: 6.82%
• 10Y*: —

SMST

• 1D: 7.64%
• 1M: 37.45%
• 6M: -8.12%
• YTD: -31.71%
• 1Y: 257.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLBR vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLBR Franklin FTSE Brazil ETF	17.38%	45.57%	-20.43%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.71%	-44.36%	-91.71%

Correlation

The correlation between FLBR and SMST is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.24

Return for Risk

FLBR vs. SMST — Risk / Return Rank

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

FLBR

FLBR Risk / Return Rank: 51
FLBR Sharpe Ratio Rank: 56
FLBR Sortino Ratio Rank: 52
FLBR Omega Ratio Rank: 53
FLBR Calmar Ratio Rank: 51
FLBR Martin Ratio Rank: 41

SMST

SMST Risk / Return Rank: 63
SMST Sharpe Ratio Rank: 67
SMST Sortino Ratio Rank: 64
SMST Omega Ratio Rank: 64
SMST Calmar Ratio Rank: 75
SMST Martin Ratio Rank: 44

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.

FLBR vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Brazil ETF (FLBR) 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.

	FLBR	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.74	-0.21
Sortino ratio: Return per unit of downside risk	2.08	2.38	-0.30
Omega ratio: Gain probability vs. loss probability	1.27	1.31	-0.04
Calmar ratio: Return relative to maximum drawdown	2.11	3.04	-0.93
Martin ratio: Return relative to average drawdown	5.38	5.82	-0.44

FLBR vs. SMST - Sharpe Ratio Comparison

The current FLBR Sharpe Ratio is 1.53, which is comparable to the SMST Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of FLBR 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

FLBR vs. SMST - Drawdown Comparison

The maximum FLBR drawdown since its inception was -57.42%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for FLBR and SMST.

Drawdown Indicators

	FLBR	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-57.42%	-99.25%	+41.83%
Max Drawdown (1Y) Largest decline over 1 year	-18.38%	-85.39%	+67.01%
Max Drawdown (3Y) Largest decline over 3 years	-28.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.31%	—	—
Current Drawdown Current decline from peak	-14.19%	-97.32%	+83.13%
Average Drawdown Average peak-to-trough decline	-18.58%	-90.93%	+72.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.19%	44.56%	-37.37%

Volatility

FLBR vs. SMST - Volatility Comparison

The current volatility for Franklin FTSE Brazil ETF (FLBR) is 5.80%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 55.38%. This indicates that FLBR 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

	FLBR	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	55.38%	-49.58%
Volatility (6M) Calculated over the trailing 6-month period	20.24%	135.32%	-115.08%
Volatility (1Y) Calculated over the trailing 1-year period	25.26%	149.40%	-124.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.62%	167.53%	-139.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.94%	167.53%	-134.59%

FLBR vs. SMST - Expense Ratio Comparison

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

Dividends

FLBR vs. SMST - Dividend Comparison

FLBR's dividend yield for the trailing twelve months is around 5.86%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLBR Franklin FTSE Brazil ETF	5.86%	7.71%	7.68%	8.84%	11.99%	8.71%	2.32%	3.42%	3.72%	0.42%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLBR and SMST in my portfolio?

FLBR and SMST have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLBR or SMST?

SMST has higher volatility (55.38%) compared to FLBR (5.80%). In terms of maximum drawdown, FLBR dropped -57.42% vs SMST's -99.25%.

Which ETF is better, FLBR or SMST?

On 1-year performance, SMST leads with 257.89% vs 38.57% for FLBR. On fees, FLBR is cheaper at 0.19% per year. On volatility, FLBR has been the lower-risk option at 5.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLBR or SMST?

Over the 1-year period, SMST has performed better with a 257.89% return vs 38.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLBR or SMST?

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

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

FLBR has the higher dividend yield at 5.86%, compared with 0.00% for SMST.

What is the main difference between FLBR and SMST?

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

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.74 vs 1.53), 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.