FLYD vs. SMST

Last updated Jun 4, 2026

FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds. FLYD is passively managed, while SMST is actively managed. Over the past year, FLYD returned -48.13% vs 73.40% for SMST. At a 0.37 correlation, their price movements are largely independent. FLYD charges 0.95%/yr vs 1.29%/yr for SMST.

Performance

FLYD vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) 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, FLYD achieves a -11.20% return, which is significantly higher than SMST's -49.49% return.

FLYD

• 1D: 3.25%
• 1M: -18.38%
• YTD: -11.20%
• 6M: -19.27%
• 1Y: -48.13%
• 3Y*: -55.26%
• 5Y*: —
• 10Y*: —

SMST

• 1D: 13.96%
• 1M: 85.04%
• YTD: -49.49%
• 6M: -27.60%
• 1Y: 73.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLYD vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	-11.20%	-60.42%	-50.66%
SMST Defiance Daily Target 2X Short MSTR ETF	-49.49%	-44.36%	-90.90%

Correlation

The correlation between FLYD and SMST is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024	0.37

Return for Risk

FLYD vs. SMST — Risk / Return Rank

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

FLYD

FLYD Risk / Return Rank: 3
FLYD Sharpe Ratio Rank: 4
FLYD Sortino Ratio Rank: 4
FLYD Omega Ratio Rank: 4
FLYD Calmar Ratio Rank: 1
FLYD Martin Ratio Rank: 3

SMST

SMST Risk / Return Rank: 24
SMST Sharpe Ratio Rank: 18
SMST Sortino Ratio Rank: 31
SMST Omega Ratio Rank: 32
SMST Calmar Ratio Rank: 21
SMST Martin Ratio Rank: 18

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.

FLYD vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) 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.

	FLYD	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	0.52	-1.17
Sortino ratio: Return per unit of downside risk	-0.67	1.63	-2.30
Omega ratio: Gain probability vs. loss probability	0.92	1.21	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.88	0.86	-1.74
Martin ratio: Return relative to average drawdown	-1.30	1.81	-3.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLYD vs. SMST - Sharpe Ratio Comparison

The current FLYD Sharpe Ratio is -0.65, which is lower than the SMST Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of FLYD 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.

Sharpe Ratios by Period

	FLYD	SMST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.65	0.52	-1.17
Sharpe Ratio (All Time) Calculated using the full available price history	-0.75	-0.52	-0.22

Drawdowns

FLYD vs. SMST - Drawdown Comparison

The maximum FLYD drawdown since its inception was -98.11%, roughly equal to the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for FLYD and SMST.

Drawdown Indicators

	FLYD	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-98.11%	-99.25%	+1.14%
Max Drawdown (1Y) Largest decline over 1 year	-54.89%	-85.39%	+30.50%
Max Drawdown (3Y) Largest decline over 3 years	-93.41%	—	—
Current Drawdown Current decline from peak	-97.95%	-98.02%	+0.07%
Average Drawdown Average peak-to-trough decline	-83.12%	-90.67%	+7.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.06%	40.73%	-3.67%

Volatility

FLYD vs. SMST - Volatility Comparison

The current volatility for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) is 25.85%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 37.33%. This indicates that FLYD 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

	FLYD	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.85%	37.33%	-11.48%
Volatility (6M) Calculated over the trailing 6-month period	59.48%	126.48%	-67.00%
Volatility (1Y) Calculated over the trailing 1-year period	74.47%	140.93%	-66.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.70%	166.79%	-83.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.70%	166.79%	-83.09%

FLYD vs. SMST - Expense Ratio Comparison

FLYD has a 0.95% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

FLYD vs. SMST - Dividend Comparison

Neither FLYD nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FLYD and SMST in my portfolio?

FLYD 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, FLYD or SMST?

SMST has higher volatility (37.33%) compared to FLYD (25.85%). In terms of maximum drawdown, FLYD dropped -98.11% vs SMST's -99.25%.

Which ETF is better, FLYD or SMST?

On 1-year performance, SMST leads with 73.40% vs -48.13% for FLYD. On fees, FLYD is cheaper at 0.95% per year. On volatility, FLYD has been the lower-risk option at 25.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLYD or SMST?

Over the 1-year period, SMST has performed better with a 73.40% return vs -48.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLYD or SMST?

FLYD is cheaper with a 0.95% expense ratio, compared with 1.29% for SMST.

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

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

What is the main difference between FLYD and SMST?

They also come from different issuers: REX and Defiance. Their fees differ too: 0.95% for FLYD and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (0.52 vs -0.65), 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.