FMQQ vs. SMST

Last updated Jul 12, 2026

FMQQ (FMQQ The Next Frontier Internet & Ecommerce ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - FMQQ is a Emerging Markets Diversified fund tracking the FMQQ The Next Frontier Internet & Ecommerce Index - Benchmark TR Net, while SMST is a Inverse Equities fund actively managed by Defiance. FMQQ is passively managed, while SMST is actively managed. Over the past year, FMQQ returned -15.38% vs 223.04% for SMST. At a correlation of -0.40, they often move in opposite directions. FMQQ charges 0.86%/yr vs 1.29%/yr for SMST.

Performance

FMQQ vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) 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, FMQQ achieves a -10.83% return, which is significantly higher than SMST's -31.56% return.

FMQQ

• 1D: 1.20%
• 1M: 9.38%
• 6M: -11.53%
• YTD: -10.83%
• 1Y: -15.38%
• 3Y*: 4.59%
• 5Y*: —
• 10Y*: —

SMST

• 1D: -1.67%
• 1M: 37.17%
• 6M: -24.18%
• YTD: -31.56%
• 1Y: 223.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMQQ vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF	-10.83%	10.77%	-5.28%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	-44.36%	-91.71%

Correlation

The correlation between FMQQ and SMST is -0.36, 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	-0.36
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.40

Return for Risk

FMQQ vs. SMST — Risk / Return Rank

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

FMQQ

FMQQ Risk / Return Rank: 4
FMQQ Sharpe Ratio Rank: 2
FMQQ Sortino Ratio Rank: 3
FMQQ Omega Ratio Rank: 3
FMQQ Calmar Ratio Rank: 5
FMQQ Martin Ratio Rank: 5

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 49
SMST Sortino Ratio Rank: 58
SMST Omega Ratio Rank: 58
SMST Calmar Ratio Rank: 60
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.

FMQQ vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) 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.

	FMQQ	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	1.37	-2.23
Sortino ratio: Return per unit of downside risk	-1.15	2.22	-3.37
Omega ratio: Gain probability vs. loss probability	0.87	1.29	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.53	2.39	-2.93
Martin ratio: Return relative to average drawdown	-0.96	4.64	-5.60

FMQQ vs. SMST - Sharpe Ratio Comparison

The current FMQQ Sharpe Ratio is -0.86, which is lower than the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of FMQQ 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

FMQQ vs. SMST - Drawdown Comparison

The maximum FMQQ drawdown since its inception was -64.51%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for FMQQ and SMST.

Drawdown Indicators

	FMQQ	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-64.51%	-99.25%	+34.74%
Max Drawdown (1Y) Largest decline over 1 year	-30.82%	-85.39%	+54.57%
Max Drawdown (3Y) Largest decline over 3 years	-30.82%	—	—
Current Drawdown Current decline from peak	-51.79%	-97.31%	+45.52%
Average Drawdown Average peak-to-trough decline	-49.45%	-90.88%	+41.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.11%	43.98%	-26.87%

Volatility

FMQQ vs. SMST - Volatility Comparison

The current volatility for FMQQ The Next Frontier Internet & Ecommerce ETF (FMQQ) is 5.26%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that FMQQ 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

	FMQQ	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	56.47%	-51.21%
Volatility (6M) Calculated over the trailing 6-month period	16.29%	135.94%	-119.65%
Volatility (1Y) Calculated over the trailing 1-year period	19.25%	149.09%	-129.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.73%	167.87%	-143.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.73%	167.87%	-143.14%

FMQQ vs. SMST - Expense Ratio Comparison

FMQQ has a 0.86% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

FMQQ vs. SMST - Dividend Comparison

FMQQ's dividend yield for the trailing twelve months is around 0.69%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF	0.69%	0.61%	0.45%	0.11%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMQQ and SMST in my portfolio?

FMQQ and SMST have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMQQ or SMST?

SMST has higher volatility (56.47%) compared to FMQQ (5.26%). In terms of maximum drawdown, FMQQ dropped -64.51% vs SMST's -99.25%.

Which ETF is better, FMQQ or SMST?

On 1-year performance, SMST leads with 223.04% vs -15.38% for FMQQ. On fees, FMQQ is cheaper at 0.86% per year. On volatility, FMQQ has been the lower-risk option at 5.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMQQ or SMST?

Over the 1-year period, SMST has performed better with a 223.04% return vs -15.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMQQ or SMST?

FMQQ is cheaper with a 0.86% expense ratio, compared with 1.29% for SMST.

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

FMQQ has the higher dividend yield at 0.69%, compared with 0.00% for SMST.

What is the main difference between FMQQ and SMST?

FMQQ is categorized as Emerging Markets Diversified, while SMST is Inverse Equities. They also come from different issuers: EMQQ and Defiance. Their fees differ too: 0.86% for FMQQ and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.37 vs -0.86), 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.