HAP vs. SMST

Last updated Jul 14, 2026

HAP (VanEck Natural Resources ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - HAP is a Energy Equities fund tracking the MarketVector Global Natural Resources Index, while SMST is a Inverse Equities fund actively managed by Defiance. HAP is passively managed, while SMST is actively managed. Over the past year, HAP returned 32.23% vs 240.03% for SMST. At a correlation of -0.29, they often move in opposite directions. HAP charges 0.42%/yr vs 1.29%/yr for SMST.

Performance

HAP vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Natural Resources ETF (HAP) 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, HAP achieves a 15.21% return, which is significantly higher than SMST's -27.96% return.

HAP

• 1D: 0.57%
• 1M: -2.72%
• 6M: 9.88%
• YTD: 15.21%
• 1Y: 32.23%
• 3Y*: 15.24%
• 5Y*: 11.71%
• 10Y*: 10.93%

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)

HAP vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HAP VanEck Natural Resources ETF	15.21%	34.91%	-7.15%
SMST Defiance Daily Target 2X Short MSTR ETF	-27.96%	-44.36%	-91.71%

Correlation

The correlation between HAP and SMST is -0.27, 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	-0.27
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.29

Return for Risk

HAP vs. SMST — Risk / Return Rank

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

HAP

HAP Risk / Return Rank: 79
HAP Sharpe Ratio Rank: 82
HAP Sortino Ratio Rank: 76
HAP Omega Ratio Rank: 79
HAP Calmar Ratio Rank: 83
HAP Martin Ratio Rank: 74

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.

HAP vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Natural Resources ETF (HAP) 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.

	HAP	SMST	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.62	+0.45
Sortino ratio: Return per unit of downside risk	2.72	2.33	+0.38
Omega ratio: Gain probability vs. loss probability	1.37	1.30	+0.07
Calmar ratio: Return relative to maximum drawdown	3.56	2.83	+0.73
Martin ratio: Return relative to average drawdown	10.84	5.47	+5.37

HAP vs. SMST - Sharpe Ratio Comparison

The current HAP Sharpe Ratio is 2.07, which is comparable to the SMST Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of HAP 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

HAP vs. SMST - Drawdown Comparison

The maximum HAP drawdown since its inception was -50.99%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for HAP and SMST.

Drawdown Indicators

	HAP	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-50.99%	-99.25%	+48.26%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-85.39%	+76.30%
Max Drawdown (3Y) Largest decline over 3 years	-16.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.07%	—	—
Current Drawdown Current decline from peak	-7.02%	-97.17%	+90.15%
Average Drawdown Average peak-to-trough decline	-12.05%	-90.89%	+78.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	44.09%	-41.11%

Volatility

HAP vs. SMST - Volatility Comparison

The current volatility for VanEck Natural Resources ETF (HAP) is 4.66%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.59%. This indicates that HAP 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

	HAP	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	56.59%	-51.93%
Volatility (6M) Calculated over the trailing 6-month period	12.95%	135.88%	-122.93%
Volatility (1Y) Calculated over the trailing 1-year period	15.66%	149.23%	-133.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.26%	167.74%	-149.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.66%	167.74%	-148.08%

HAP vs. SMST - Expense Ratio Comparison

HAP has a 0.42% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

HAP vs. SMST - Dividend Comparison

HAP's dividend yield for the trailing twelve months is around 1.97%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAP VanEck Natural Resources ETF	1.97%	2.27%	2.65%	3.27%	3.28%	2.16%	2.45%	2.80%	2.85%	2.02%	1.99%	3.00%
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

Can I hold both HAP and SMST in my portfolio?

HAP and SMST have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HAP or SMST?

SMST has higher volatility (56.59%) compared to HAP (4.66%). In terms of maximum drawdown, HAP dropped -50.99% vs SMST's -99.25%.

Which ETF is better, HAP or SMST?

On 1-year performance, SMST leads with 240.03% vs 32.23% for HAP. On fees, HAP is cheaper at 0.42% per year. On volatility, HAP has been the lower-risk option at 4.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAP or SMST?

Over the 1-year period, SMST has performed better with a 240.03% return vs 32.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAP or SMST?

HAP is cheaper with a 0.42% expense ratio, compared with 1.29% for SMST.

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

HAP has the higher dividend yield at 1.97%, compared with 0.00% for SMST.

What is the main difference between HAP and SMST?

HAP is categorized as Energy Equities, while SMST is Inverse Equities. They also come from different issuers: VanEck and Defiance. Their fees differ too: 0.42% for HAP and 1.29% for SMST.

Which has better risk-adjusted returns?

HAP currently has the higher Sharpe Ratio (2.07 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.