FXI vs. SMST
FXI (iShares China Large-Cap ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - FXI is a China Equities fund tracking the FTSE China 50 Index, while SMST is a Inverse Equities fund actively managed by Defiance. FXI is passively managed, while SMST is actively managed. Over the past year, FXI returned 0.93% vs 128.37% for SMST. Their -0.28 correlation means they have often moved in opposite directions in the past. FXI charges 0.74%/yr vs 1.29%/yr for SMST.
Performance
FXI vs. SMST - Performance Comparison
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Returns By Period
In the year-to-date period, FXI achieves a -3.96% return, which is significantly higher than SMST's -35.77% return.
FXI
- 1D
- -0.05%
- 1M
- 14.38%
- 6M
- -7.16%
- YTD
- -3.96%
- 1Y
- 0.93%
- 3Y*
- 9.88%
- 5Y*
- 0.26%
- 10Y*
- 2.81%
- ALL TIME*
- 5.58%
SMST
- 1D
- 8.37%
- 1M
- 5.47%
- 6M
- -29.35%
- YTD
- -35.77%
- 1Y
- 128.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $773.89M | $798.32M | $975.73M | |
| $15.35M | $15.12M | $17.58M |
FXI vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FXI iShares China Large-Cap ETF | -3.96% | 28.95% | 18.83% |
SMST Defiance Daily Target 2X Short MSTR ETF | -35.77% | -44.36% | -91.71% |
Correlation
The correlation between FXI and SMST is -0.33, 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. | -0.33 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024 | -0.28 |
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Return for Risk
FXI vs. SMST — Risk / Return Rank
FXI
SMST
FXI vs. SMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares China Large-Cap ETF (FXI) 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.
| FXI | SMST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.17 | ||
| Sortino ratioReturn per unit of downside risk | -2.00 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.27 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 2.00 | -2.03 |
| Martin ratioReturn relative to average drawdown | -0.07 | 3.68 | -3.75 |
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Drawdowns
FXI vs. SMST - Drawdown Comparison
The maximum FXI drawdown since its inception was -72.68%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for FXI and SMST.
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Drawdown Indicators
| FXI | SMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.68% | -99.25% | +26.57% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -85.39% | +62.45% |
Max Drawdown (3Y)Largest decline over 3 years | -25.56% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -49.88% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -60.81% | — | — |
Current DrawdownCurrent decline from peak | -24.37% | -97.48% | +73.11% |
Average DrawdownAverage peak-to-trough decline | -31.21% | -91.08% | +59.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.00% | 46.35% | -36.35% |
Volatility
FXI vs. SMST - Volatility Comparison
The current volatility for iShares China Large-Cap ETF (FXI) is 5.14%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that FXI 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.
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Volatility by Period
| FXI | SMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.14% | 38.14% | -33.00% |
Volatility (6M)Calculated over the trailing 6-month period | 14.61% | 135.29% | -120.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.32% | 151.04% | -130.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.44% | 166.75% | -135.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.60% | 166.75% | -139.15% |
FXI vs. SMST - Expense Ratio Comparison
FXI has a 0.74% expense ratio, which is lower than SMST's 1.29% expense ratio.
Dividends
FXI vs. SMST - Dividend Comparison
FXI's dividend yield for the trailing twelve months is around 1.86%, while SMST has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXI iShares China Large-Cap ETF | 1.86% | 2.42% | 1.76% | 3.17% | 2.61% | 1.60% | 2.19% | 2.74% | 2.69% | 2.31% | 2.69% | 2.90% |
SMST Defiance Daily Target 2X Short MSTR ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXI and SMST have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMST has higher volatility (38.14%) compared to FXI (5.14%). In terms of maximum drawdown, FXI dropped -72.68% vs SMST's -99.25%.
On 1-year performance, SMST leads with 128.37% vs 0.93% for FXI. On fees, FXI is cheaper at 0.74% per year. On volatility, FXI has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMST has performed better with a 128.37% return vs 0.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXI is cheaper with a 0.74% expense ratio, compared with 1.29% for SMST.
FXI has the higher dividend yield at 1.86%, compared with 0.00% for SMST.
FXI is categorized as China Equities, while SMST is Inverse Equities. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.74% for FXI and 1.29% for SMST.
SMST currently has the higher Sharpe Ratio (1.13 vs -0.04), 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.
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