HEDG vs. SMST

Last updated Jun 26, 2026

HEDG (Equable Shares Hedged Equity ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - HEDG is a Equity Hedged fund tracking the Actively Managed, while SMST is a Inverse Equities fund actively managed by Defiance. HEDG is passively managed, while SMST is actively managed. At a correlation of -0.41, they often move in opposite directions. HEDG charges 0.96%/yr vs 1.29%/yr for SMST.

Performance

HEDG vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Equable Shares Hedged Equity ETF (HEDG) 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, HEDG achieves a 2.54% return, which is significantly higher than SMST's -5.14% return.

HEDG

• 1D: 0.03%
• 1M: -0.04%
• YTD: 2.54%
• 6M: 2.34%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: 18.45%
• 1M: 181.70%
• YTD: -5.14%
• 6M: 2.86%
• 1Y: 236.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEDG vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
HEDG Equable Shares Hedged Equity ETF	2.54%	3.20%
SMST Defiance Daily Target 2X Short MSTR ETF	-5.14%	197.72%

Correlation

The correlation between HEDG and SMST is -0.41, 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 (All Time) Calculated using the full available price history since Oct 13, 2025	-0.41

Return for Risk

HEDG vs. SMST — Risk / Return Rank

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

HEDG

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

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 54
SMST Sortino Ratio Rank: 55
SMST Omega Ratio Rank: 54
SMST Calmar Ratio Rank: 64
SMST Martin Ratio Rank: 38

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.

HEDG vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Equable Shares Hedged Equity ETF (HEDG) 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.

	HEDG	SMST	Difference
Sharpe ratio: Return per unit of total volatility	—	1.63	—
Sortino ratio: Return per unit of downside risk	—	2.35	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	2.79	—
Martin ratio: Return relative to average drawdown	—	5.52	—

Drawdowns

HEDG vs. SMST - Drawdown Comparison

The maximum HEDG drawdown since its inception was -3.85%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for HEDG and SMST.

Drawdown Indicators

	HEDG	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-3.85%	-99.25%	+95.40%
Max Drawdown (1Y) Largest decline over 1 year	—	-85.39%	—
Current Drawdown Current decline from peak	-0.73%	-96.27%	+95.54%
Average Drawdown Average peak-to-trough decline	-0.39%	-90.74%	+90.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	43.15%	—

Volatility

Volatility by Period

	HEDG	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	46.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	130.40%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.86%	146.32%	-140.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.86%	167.25%	-161.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.86%	167.25%	-161.39%

HEDG vs. SMST - Expense Ratio Comparison

HEDG has a 0.96% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

HEDG vs. SMST - Dividend Comparison

HEDG's dividend yield for the trailing twelve months is around 2.35%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
HEDG Equable Shares Hedged Equity ETF	2.35%	1.38%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both HEDG and SMST in my portfolio?

HEDG and SMST have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEDG or SMST?

On fees, HEDG is cheaper at 0.96% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEDG or SMST?

HEDG is cheaper with a 0.96% expense ratio, compared with 1.29% for SMST.

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

HEDG has the higher dividend yield at 2.35%, compared with 0.00% for SMST.

What is the main difference between HEDG and SMST?

HEDG is categorized as Equity Hedged, while SMST is Inverse Equities. They also come from different issuers: Equable Shares and Defiance. Their fees differ too: 0.96% for HEDG and 1.29% for SMST.