FLJJ vs. SMST

Last updated Aug 2, 2026

FLJJ (Allianzim U.S. Large Cap 6 Month Floor5 Jan/Jul ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - FLJJ is a Options Trading fund actively managed by Allianz, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, FLJJ returned 11.66% vs 128.37% for SMST. Their -0.43 correlation means they have often moved in opposite directions in the past. FLJJ charges 0.74%/yr vs 1.29%/yr for SMST.

Performance

FLJJ vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap 6 Month Floor5 Jan/Jul ETF (FLJJ) 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, FLJJ achieves a 5.93% return, which is significantly higher than SMST's -35.77% return.

FLJJ

• 1D: 0.42%
• 1M: 0.48%
• 6M: 5.19%
• YTD: 5.93%
• 1Y: 11.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.77%

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)
FLJJ Allianzim U.S. Large Cap 6 Month Floor5 Jan/Jul ETF	$52.96K	$36.05K	$176.13K
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

FLJJ vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLJJ Allianzim U.S. Large Cap 6 Month Floor5 Jan/Jul ETF	5.93%	11.35%	5.21%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	-44.36%	-91.71%

Correlation

The correlation between FLJJ and SMST is -0.46, 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.	-0.46
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.43

Return for Risk

FLJJ vs. SMST — Risk / Return Rank

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

FLJJ

FLJJ Risk / Return Rank: 89
FLJJ Sharpe Ratio Rank: 91
FLJJ Sortino Ratio Rank: 93
FLJJ Omega Ratio Rank: 92
FLJJ Calmar Ratio Rank: 80
FLJJ Martin Ratio Rank: 91

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.

FLJJ vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap 6 Month Floor5 Jan/Jul ETF (FLJJ) 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.

	FLJJ	SMST	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.13	+1.23
Sortino ratio: Return per unit of downside risk	3.47	2.09	+1.38
Omega ratio: Gain probability vs. loss probability	1.46	1.27	+0.20
Calmar ratio: Return relative to maximum drawdown	2.88	2.00	+0.88
Martin ratio: Return relative to average drawdown	14.93	3.68	+11.25

FLJJ vs. SMST - Sharpe Ratio Comparison

The current FLJJ Sharpe Ratio is 2.36, which is higher than the SMST Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of FLJJ 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

FLJJ vs. SMST - Drawdown Comparison

The maximum FLJJ drawdown since its inception was -6.91%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for FLJJ and SMST.

Drawdown Indicators

	FLJJ	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-6.91%	-99.25%	+92.34%
Max Drawdown (1Y) Largest decline over 1 year	-3.86%	-85.39%	+81.53%
Current Drawdown Current decline from peak	-0.30%	-97.48%	+97.18%
Average Drawdown Average peak-to-trough decline	-0.75%	-91.08%	+90.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	46.35%	-45.61%

Volatility

FLJJ vs. SMST - Volatility Comparison

The current volatility for Allianzim U.S. Large Cap 6 Month Floor5 Jan/Jul ETF (FLJJ) is 1.56%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that FLJJ 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

	FLJJ	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.56%	38.14%	-36.58%
Volatility (6M) Calculated over the trailing 6-month period	3.92%	135.29%	-131.37%
Volatility (1Y) Calculated over the trailing 1-year period	4.71%	151.04%	-146.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.13%	166.75%	-160.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.13%	166.75%	-160.62%

FLJJ vs. SMST - Expense Ratio Comparison

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

Dividends

FLJJ vs. SMST - Dividend Comparison

Neither FLJJ nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FLJJ and SMST in my portfolio?

FLJJ and SMST have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLJJ or SMST?

SMST has higher volatility (38.14%) compared to FLJJ (1.56%). In terms of maximum drawdown, FLJJ dropped -6.91% vs SMST's -99.25%.

Which ETF is better, FLJJ or SMST?

On 1-year performance, SMST leads with 128.37% vs 11.66% for FLJJ. On fees, FLJJ is cheaper at 0.74% per year. On volatility, FLJJ has been the lower-risk option at 1.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLJJ or SMST?

Over the 1-year period, SMST has performed better with a 128.37% return vs 11.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLJJ or SMST?

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

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

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

What is the main difference between FLJJ and SMST?

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

Which has better risk-adjusted returns?

FLJJ currently has the higher Sharpe Ratio (2.36 vs 1.13), 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.