FORH vs. SMST

Last updated Jul 12, 2026

FORH (Formidable ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - FORH is a Mid Cap Blend Equities fund actively managed by Formidable, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, FORH returned 5.39% vs 223.04% for SMST. At a correlation of -0.38, they often move in opposite directions. FORH charges 1.19%/yr vs 1.29%/yr for SMST.

Performance

FORH vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Formidable ETF (FORH) 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, FORH achieves a 0.85% return, which is significantly higher than SMST's -31.56% return.

FORH

• 1D: -0.11%
• 1M: -1.95%
• 6M: -2.53%
• YTD: 0.85%
• 1Y: 5.39%
• 3Y*: 2.90%
• 5Y*: 1.04%
• 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)

FORH vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FORH Formidable ETF	0.85%	16.27%	-5.77%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	-44.36%	-91.71%

Correlation

The correlation between FORH and SMST is -0.39, 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	-0.39
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.38

Return for Risk

FORH vs. SMST — Risk / Return Rank

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

FORH

FORH Risk / Return Rank: 14
FORH Sharpe Ratio Rank: 15
FORH Sortino Ratio Rank: 14
FORH Omega Ratio Rank: 14
FORH Calmar Ratio Rank: 15
FORH Martin Ratio Rank: 14

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.

FORH vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Formidable ETF (FORH) 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.

	FORH	SMST	Difference
Sharpe ratio: Return per unit of total volatility	0.33	1.37	-1.04
Sortino ratio: Return per unit of downside risk	0.56	2.22	-1.66
Omega ratio: Gain probability vs. loss probability	1.07	1.29	-0.22
Calmar ratio: Return relative to maximum drawdown	0.41	2.39	-1.98
Martin ratio: Return relative to average drawdown	0.75	4.64	-3.89

FORH vs. SMST - Sharpe Ratio Comparison

The current FORH Sharpe Ratio is 0.33, which is lower than the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of FORH 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

FORH vs. SMST - Drawdown Comparison

The maximum FORH drawdown since its inception was -20.73%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for FORH and SMST.

Drawdown Indicators

	FORH	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-20.73%	-99.25%	+78.52%
Max Drawdown (1Y) Largest decline over 1 year	-12.80%	-85.39%	+72.59%
Max Drawdown (3Y) Largest decline over 3 years	-19.42%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.73%	—	—
Current Drawdown Current decline from peak	-9.93%	-97.31%	+87.38%
Average Drawdown Average peak-to-trough decline	-7.99%	-90.88%	+82.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.00%	43.98%	-36.98%

Volatility

FORH vs. SMST - Volatility Comparison

The current volatility for Formidable ETF (FORH) is 2.95%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that FORH 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

	FORH	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	56.47%	-53.52%
Volatility (6M) Calculated over the trailing 6-month period	10.13%	135.94%	-125.81%
Volatility (1Y) Calculated over the trailing 1-year period	15.99%	149.09%	-133.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	167.87%	-151.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	167.87%	-151.89%

FORH vs. SMST - Expense Ratio Comparison

FORH has a 1.19% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

FORH vs. SMST - Dividend Comparison

FORH's dividend yield for the trailing twelve months is around 1.81%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FORH Formidable ETF	1.81%	1.82%	0.00%	3.88%	3.72%	0.69%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FORH and SMST in my portfolio?

FORH and SMST have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FORH or SMST?

SMST has higher volatility (56.47%) compared to FORH (2.95%). In terms of maximum drawdown, FORH dropped -20.73% vs SMST's -99.25%.

Which ETF is better, FORH or SMST?

On 1-year performance, SMST leads with 223.04% vs 5.39% for FORH. On fees, FORH is cheaper at 1.19% per year. On volatility, FORH has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FORH or SMST?

Over the 1-year period, SMST has performed better with a 223.04% return vs 5.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FORH or SMST?

FORH is cheaper with a 1.19% expense ratio, compared with 1.29% for SMST.

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

FORH has the higher dividend yield at 1.81%, compared with 0.00% for SMST.

What is the main difference between FORH and SMST?

FORH is categorized as Mid Cap Blend Equities, while SMST is Inverse Equities. They also come from different issuers: Formidable and Defiance. Their fees differ too: 1.19% for FORH and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.37 vs 0.33), 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.