FWD vs. SMST

Last updated Jul 14, 2026

FWD (AB Disruptors ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - FWD is a Global Equities fund actively managed by AllianceBernstein, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, FWD returned 49.93% vs 240.03% for SMST. At a correlation of -0.47, they often move in opposite directions. FWD charges 0.65%/yr vs 1.29%/yr for SMST.

Performance

FWD vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB Disruptors ETF (FWD) 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, FWD achieves a 27.74% return, which is significantly higher than SMST's -27.96% return.

FWD

• 1D: -3.47%
• 1M: -4.98%
• 6M: 18.54%
• YTD: 27.74%
• 1Y: 49.93%
• 3Y*: 32.83%
• 5Y*: —
• 10Y*: —

SMST

• 1D: 5.26%
• 1M: 44.38%
• 6M: -15.07%
• YTD: -27.96%
• 1Y: 240.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FWD vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FWD AB Disruptors ETF	27.74%	32.00%	5.26%
SMST Defiance Daily Target 2X Short MSTR ETF	-27.96%	-44.36%	-91.71%

Correlation

The correlation between FWD and SMST is -0.44, 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	-0.44
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.47

Return for Risk

FWD vs. SMST — Risk / Return Rank

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

FWD

FWD Risk / Return Rank: 72
FWD Sharpe Ratio Rank: 69
FWD Sortino Ratio Rank: 61
FWD Omega Ratio Rank: 62
FWD Calmar Ratio Rank: 86
FWD Martin Ratio Rank: 80

SMST

SMST Risk / Return Rank: 60
SMST Sharpe Ratio Rank: 62
SMST Sortino Ratio Rank: 63
SMST Omega Ratio Rank: 63
SMST Calmar Ratio Rank: 71
SMST Martin Ratio Rank: 43

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.

FWD vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB Disruptors ETF (FWD) 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.

	FWD	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.62	+0.16
Sortino ratio: Return per unit of downside risk	2.28	2.33	-0.06
Omega ratio: Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	3.85	2.83	+1.02
Martin ratio: Return relative to average drawdown	12.20	5.47	+6.73

FWD vs. SMST - Sharpe Ratio Comparison

The current FWD Sharpe Ratio is 1.78, which is comparable to the SMST Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of FWD 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

FWD vs. SMST - Drawdown Comparison

The maximum FWD drawdown since its inception was -29.02%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for FWD and SMST.

Drawdown Indicators

	FWD	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-29.02%	-99.25%	+70.23%
Max Drawdown (1Y) Largest decline over 1 year	-13.03%	-85.39%	+72.36%
Max Drawdown (3Y) Largest decline over 3 years	-29.02%	—	—
Current Drawdown Current decline from peak	-10.39%	-97.17%	+86.78%
Average Drawdown Average peak-to-trough decline	-4.09%	-90.89%	+86.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	44.09%	-39.99%

Volatility

FWD vs. SMST - Volatility Comparison

The current volatility for AB Disruptors ETF (FWD) is 13.28%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.59%. This indicates that FWD 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

	FWD	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.28%	56.59%	-43.31%
Volatility (6M) Calculated over the trailing 6-month period	23.51%	135.88%	-112.37%
Volatility (1Y) Calculated over the trailing 1-year period	28.18%	149.23%	-121.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.73%	167.74%	-142.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.73%	167.74%	-142.01%

FWD vs. SMST - Expense Ratio Comparison

FWD has a 0.65% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

FWD vs. SMST - Dividend Comparison

FWD's dividend yield for the trailing twelve months is around 0.09%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024
FWD AB Disruptors ETF	0.09%	0.11%	1.89%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FWD and SMST in my portfolio?

FWD and SMST have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FWD or SMST?

SMST has higher volatility (56.59%) compared to FWD (13.28%). In terms of maximum drawdown, FWD dropped -29.02% vs SMST's -99.25%.

Which ETF is better, FWD or SMST?

On 1-year performance, SMST leads with 240.03% vs 49.93% for FWD. On fees, FWD is cheaper at 0.65% per year. On volatility, FWD has been the lower-risk option at 13.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FWD or SMST?

Over the 1-year period, SMST has performed better with a 240.03% return vs 49.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FWD or SMST?

FWD is cheaper with a 0.65% expense ratio, compared with 1.29% for SMST.

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

FWD has the higher dividend yield at 0.09%, compared with 0.00% for SMST.

What is the main difference between FWD and SMST?

FWD is categorized as Global Equities, while SMST is Inverse Equities. They also come from different issuers: AllianceBernstein and Defiance. Their fees differ too: 0.65% for FWD and 1.29% for SMST.

Which has better risk-adjusted returns?

FWD currently has the higher Sharpe Ratio (1.78 vs 1.62), 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.