FSST vs. SMST

Last updated Aug 2, 2026

FSST (Fidelity Sustainability U.S. Equity ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - FSST is a Sustainable fund tracking the Russell 3000, while SMST is a Inverse Equities fund actively managed by Defiance. FSST is passively managed, while SMST is actively managed. Their -0.37 correlation means they have often moved in opposite directions in the past. FSST charges 0.59%/yr vs 1.29%/yr for SMST.

Performance

FSST vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Sustainability U.S. Equity ETF (FSST) and Defiance Daily Target 2X Short MSTR ETF (SMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FSST

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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)
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

FSST vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FSST Fidelity Sustainability U.S. Equity ETF	0.00%	15.40%	4.24%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	-44.36%	-91.71%

Correlation

The correlation between FSST and SMST is -0.23, 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.	-0.23
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.37

The correlation between FSST and SMST shifts across timeframes, from -0.37 (all time) to -0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FSST vs. SMST — Risk / Return Rank

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

FSST

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

FSST vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Sustainability U.S. Equity ETF (FSST) 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.

	FSST	SMST	Difference
Sharpe ratio: Return per unit of total volatility	—	1.13	—
Sortino ratio: Return per unit of downside risk	—	2.09	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	2.00	—
Martin ratio: Return relative to average drawdown	—	3.68	—

Drawdowns

Drawdown Indicators

	FSST	SMST	Difference
Max Drawdown Largest peak-to-trough decline	—	-99.25%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-85.39%	—
Current Drawdown Current decline from peak	—	-97.48%	—
Average Drawdown Average peak-to-trough decline	—	-91.08%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	46.35%	—

Volatility

Volatility by Period

	FSST	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	38.14%	—
Volatility (6M) Calculated over the trailing 6-month period	—	135.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	151.04%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	166.75%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	166.75%	—

FSST vs. SMST - Expense Ratio Comparison

FSST has a 0.59% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

FSST vs. SMST - Dividend Comparison

Neither FSST nor SMST has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FSST Fidelity Sustainability U.S. Equity ETF	0.10%	0.19%	2.01%	0.68%	1.00%	0.34%
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 FSST and SMST in my portfolio?

FSST and SMST have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FSST or SMST?

On fees, FSST is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FSST or SMST?

FSST is cheaper with a 0.59% expense ratio, compared with 1.29% for SMST.

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

FSST has the higher dividend yield at 0.10%, compared with 0.00% for SMST.

What is the main difference between FSST and SMST?

FSST is categorized as Sustainable, while SMST is Inverse Equities. They also come from different issuers: Fidelity and Defiance. Their fees differ too: 0.59% for FSST and 1.29% for SMST.