FTOH vs. SMST

Last updated Aug 1, 2026

FTOH (Franklin Ohio Municipal Income ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - FTOH is a Municipal Bonds fund tracking the Actively Managed, while SMST is a Inverse Equities fund actively managed by Defiance. FTOH is passively managed, while SMST is actively managed. Their -0.25 correlation means they have often moved in opposite directions in the past. FTOH charges 0.35%/yr vs 1.29%/yr for SMST.

Performance

FTOH vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Ohio Municipal Income ETF (FTOH) 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, FTOH achieves a 1.28% return, which is significantly higher than SMST's -35.77% return.

FTOH

• 1D: -0.24%
• 1M: -1.54%
• 6M: 0.79%
• YTD: 1.28%
• 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)
FTOH Franklin Ohio Municipal Income ETF	$275.54K	$320.00K	$312.80K
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

FTOH vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
FTOH Franklin Ohio Municipal Income ETF	1.28%	0.08%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	110.24%

Correlation

The correlation between FTOH and SMST is -0.25, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 10, 2025	-0.25

Return for Risk

FTOH vs. SMST — Risk / Return Rank

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

FTOH

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.

FTOH vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Ohio Municipal Income ETF (FTOH) 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.

	FTOH	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

FTOH vs. SMST - Drawdown Comparison

The maximum FTOH drawdown since its inception was -2.59%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for FTOH and SMST.

Drawdown Indicators

	FTOH	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-2.59%	-99.25%	+96.66%
Max Drawdown (1Y) Largest decline over 1 year	—	-85.39%	—
Current Drawdown Current decline from peak	-1.71%	-97.48%	+95.77%
Average Drawdown Average peak-to-trough decline	-0.55%	-91.08%	+90.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	46.35%	—

Volatility

Volatility by Period

	FTOH	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	3.48%	151.04%	-147.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.48%	166.75%	-163.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.48%	166.75%	-163.27%

FTOH vs. SMST - Expense Ratio Comparison

FTOH has a 0.35% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

FTOH vs. SMST - Dividend Comparison

FTOH's dividend yield for the trailing twelve months is around 2.57%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
FTOH Franklin Ohio Municipal Income ETF	2.57%	0.56%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTOH and SMST in my portfolio?

FTOH and SMST have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTOH or SMST?

On fees, FTOH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FTOH or SMST?

FTOH is cheaper with a 0.35% expense ratio, compared with 1.29% for SMST.

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

FTOH has the higher dividend yield at 2.57%, compared with 0.00% for SMST.

What is the main difference between FTOH and SMST?

FTOH is categorized as Municipal Bonds, while SMST is Inverse Equities. They also come from different issuers: Franklin Templeton and Defiance. Their fees differ too: 0.35% for FTOH and 1.29% for SMST.