IBLC vs. SMST

Last updated Jul 14, 2026

IBLC (iShares Blockchain and Tech ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - IBLC is a Cryptocurrency fund tracking the ICE FactSet Global Blockchain Technologies Index, while SMST is a Inverse Equities fund actively managed by Defiance. IBLC is passively managed, while SMST is actively managed. Over the past year, IBLC returned 13.40% vs 240.03% for SMST. At a correlation of -0.68, they often move in opposite directions. IBLC charges 0.47%/yr vs 1.29%/yr for SMST.

Performance

IBLC vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Blockchain and Tech ETF (IBLC) 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, IBLC achieves a 8.78% return, which is significantly higher than SMST's -27.96% return.

IBLC

• 1D: -3.55%
• 1M: -13.91%
• 6M: -4.85%
• YTD: 8.78%
• 1Y: 13.40%
• 3Y*: 26.36%
• 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)

IBLC vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBLC iShares Blockchain and Tech ETF	8.78%	27.05%	17.64%
SMST Defiance Daily Target 2X Short MSTR ETF	-27.96%	-44.36%	-91.71%

Correlation

The correlation between IBLC and SMST is -0.68, 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	-0.68
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.68

The correlation between IBLC and SMST has been stable across timeframes, ranging from -0.68 to -0.68 - a consistent structural relationship.

Return for Risk

IBLC vs. SMST — Risk / Return Rank

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

IBLC

IBLC Risk / Return Rank: 14
IBLC Sharpe Ratio Rank: 13
IBLC Sortino Ratio Rank: 17
IBLC Omega Ratio Rank: 16
IBLC Calmar Ratio Rank: 13
IBLC Martin Ratio Rank: 13

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.

IBLC vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Blockchain and Tech ETF (IBLC) 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.

	IBLC	SMST	Difference
Sharpe ratio: Return per unit of total volatility	0.24	1.62	-1.38
Sortino ratio: Return per unit of downside risk	0.73	2.33	-1.61
Omega ratio: Gain probability vs. loss probability	1.08	1.30	-0.22
Calmar ratio: Return relative to maximum drawdown	0.30	2.83	-2.53
Martin ratio: Return relative to average drawdown	0.57	5.47	-4.90

IBLC vs. SMST - Sharpe Ratio Comparison

The current IBLC Sharpe Ratio is 0.24, which is lower than the SMST Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of IBLC 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

IBLC vs. SMST - Drawdown Comparison

The maximum IBLC drawdown since its inception was -62.54%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for IBLC and SMST.

Drawdown Indicators

	IBLC	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-62.54%	-99.25%	+36.71%
Max Drawdown (1Y) Largest decline over 1 year	-44.94%	-85.39%	+40.45%
Max Drawdown (3Y) Largest decline over 3 years	-51.68%	—	—
Current Drawdown Current decline from peak	-28.48%	-97.17%	+68.69%
Average Drawdown Average peak-to-trough decline	-25.74%	-90.89%	+65.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.54%	44.09%	-20.55%

Volatility

IBLC vs. SMST - Volatility Comparison

The current volatility for iShares Blockchain and Tech ETF (IBLC) is 14.26%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.59%. This indicates that IBLC 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

	IBLC	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.26%	56.59%	-42.33%
Volatility (6M) Calculated over the trailing 6-month period	41.30%	135.88%	-94.58%
Volatility (1Y) Calculated over the trailing 1-year period	55.60%	149.23%	-93.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.34%	167.74%	-103.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.34%	167.74%	-103.40%

IBLC vs. SMST - Expense Ratio Comparison

IBLC has a 0.47% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

IBLC vs. SMST - Dividend Comparison

IBLC's dividend yield for the trailing twelve months is around 5.75%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
IBLC iShares Blockchain and Tech ETF	5.75%	6.31%	1.60%	1.79%	0.84%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBLC and SMST in my portfolio?

IBLC and SMST have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBLC or SMST?

SMST has higher volatility (56.59%) compared to IBLC (14.26%). In terms of maximum drawdown, IBLC dropped -62.54% vs SMST's -99.25%.

Which ETF is better, IBLC or SMST?

On 1-year performance, SMST leads with 240.03% vs 13.40% for IBLC. On fees, IBLC is cheaper at 0.47% per year. On volatility, IBLC has been the lower-risk option at 14.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBLC or SMST?

Over the 1-year period, SMST has performed better with a 240.03% return vs 13.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBLC or SMST?

IBLC is cheaper with a 0.47% expense ratio, compared with 1.29% for SMST.

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

IBLC has the higher dividend yield at 5.75%, compared with 0.00% for SMST.

What is the main difference between IBLC and SMST?

IBLC is categorized as Cryptocurrency, while SMST is Inverse Equities. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.47% for IBLC and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.62 vs 0.24), 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.