IMCV vs. SMST

Last updated Jul 15, 2026

IMCV (iShares Morningstar Mid-Cap ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - IMCV is a Mid Cap Value Equities fund tracking the Morningstar US Mid Cap Broad Value Index, while SMST is a Inverse Equities fund actively managed by Defiance. IMCV is passively managed, while SMST is actively managed. Over the past year, IMCV returned 23.28% vs 223.39% for SMST. At a correlation of -0.31, they often move in opposite directions. IMCV charges 0.06%/yr vs 1.29%/yr for SMST.

Performance

IMCV vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Mid-Cap ETF (IMCV) 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, IMCV achieves a 14.85% return, which is significantly higher than SMST's -36.68% return.

IMCV

• 1D: -0.29%
• 1M: 2.51%
• 6M: 11.32%
• YTD: 14.85%
• 1Y: 23.28%
• 3Y*: 15.67%
• 5Y*: 10.71%
• 10Y*: 10.55%

SMST

• 1D: -12.10%
• 1M: 26.91%
• 6M: -13.52%
• YTD: -36.68%
• 1Y: 223.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMCV vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IMCV iShares Morningstar Mid-Cap ETF	14.85%	13.52%	2.33%
SMST Defiance Daily Target 2X Short MSTR ETF	-36.68%	-44.36%	-91.71%

Correlation

The correlation between IMCV and SMST is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.31

Return for Risk

IMCV vs. SMST — Risk / Return Rank

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

IMCV

IMCV Risk / Return Rank: 80
IMCV Sharpe Ratio Rank: 79
IMCV Sortino Ratio Rank: 82
IMCV Omega Ratio Rank: 75
IMCV Calmar Ratio Rank: 81
IMCV Martin Ratio Rank: 82

SMST

SMST Risk / Return Rank: 56
SMST Sharpe Ratio Rank: 55
SMST Sortino Ratio Rank: 60
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 66
SMST Martin Ratio Rank: 40

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.

IMCV vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCV) 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.

	IMCV	SMST	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.51	+0.49
Sortino ratio: Return per unit of downside risk	2.89	2.28	+0.61
Omega ratio: Gain probability vs. loss probability	1.35	1.30	+0.06
Calmar ratio: Return relative to maximum drawdown	3.39	2.63	+0.75
Martin ratio: Return relative to average drawdown	12.65	5.07	+7.58

IMCV vs. SMST - Sharpe Ratio Comparison

The current IMCV Sharpe Ratio is 2.00, which is higher than the SMST Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of IMCV 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

IMCV vs. SMST - Drawdown Comparison

The maximum IMCV drawdown since its inception was -64.74%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for IMCV and SMST.

Drawdown Indicators

	IMCV	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-64.74%	-99.25%	+34.51%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-85.39%	+78.49%
Max Drawdown (3Y) Largest decline over 3 years	-18.63%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.33%	—	—
Current Drawdown Current decline from peak	-0.29%	-97.51%	+97.22%
Average Drawdown Average peak-to-trough decline	-8.38%	-90.91%	+82.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	44.25%	-42.40%

Volatility

IMCV vs. SMST - Volatility Comparison

The current volatility for iShares Morningstar Mid-Cap ETF (IMCV) is 3.20%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 57.45%. This indicates that IMCV 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

	IMCV	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	57.45%	-54.25%
Volatility (6M) Calculated over the trailing 6-month period	8.06%	136.03%	-127.97%
Volatility (1Y) Calculated over the trailing 1-year period	11.71%	149.51%	-137.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	167.79%	-151.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.54%	167.79%	-148.25%

IMCV vs. SMST - Expense Ratio Comparison

IMCV has a 0.06% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

IMCV vs. SMST - Dividend Comparison

IMCV's dividend yield for the trailing twelve months is around 1.84%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCV iShares Morningstar Mid-Cap ETF	1.84%	2.23%	2.36%	2.30%	2.36%	1.86%	2.61%	2.45%	2.61%	1.87%	2.09%	2.29%
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 IMCV and SMST in my portfolio?

IMCV and SMST have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMCV or SMST?

SMST has higher volatility (57.45%) compared to IMCV (3.20%). In terms of maximum drawdown, IMCV dropped -64.74% vs SMST's -99.25%.

Which ETF is better, IMCV or SMST?

On 1-year performance, SMST leads with 223.39% vs 23.28% for IMCV. On fees, IMCV is cheaper at 0.06% per year. On volatility, IMCV has been the lower-risk option at 3.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMCV or SMST?

Over the 1-year period, SMST has performed better with a 223.39% return vs 23.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCV or SMST?

IMCV is cheaper with a 0.06% expense ratio, compared with 1.29% for SMST.

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

IMCV has the higher dividend yield at 1.84%, compared with 0.00% for SMST.

What is the main difference between IMCV and SMST?

IMCV is categorized as Mid Cap Value Equities, while SMST is Inverse Equities. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.06% for IMCV and 1.29% for SMST.

Which has better risk-adjusted returns?

IMCV currently has the higher Sharpe Ratio (2.00 vs 1.51), 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.