IONZ vs. SMST
IONZ (Defiance Daily Target 2X Short IONQ ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds from Defiance. Over the past year, IONZ returned -97.85% vs 236.89% for SMST. A 0.50 correlation means they provide meaningful diversification when combined. Both charge a 1.29% expense ratio.
Performance
IONZ vs. SMST - Performance Comparison
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Returns By Period
In the year-to-date period, IONZ achieves a -86.94% return, which is significantly lower than SMST's -5.14% return.
IONZ
- 1D
- 11.28%
- 1M
- 22.82%
- YTD
- -86.94%
- 6M
- -84.33%
- 1Y
- -97.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMST
- 1D
- 18.45%
- 1M
- 181.70%
- YTD
- -5.14%
- 6M
- 2.86%
- 1Y
- 236.89%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IONZ vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IONZ Defiance Daily Target 2X Short IONQ ETF | -86.94% | -80.36% |
SMST Defiance Daily Target 2X Short MSTR ETF | -5.14% | 215.11% |
Correlation
The correlation between IONZ and SMST is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2025 | 0.50 |
The correlation between IONZ and SMST has been stable across timeframes, ranging from 0.50 to 0.51 - a consistent structural relationship.
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Return for Risk
IONZ vs. SMST — Risk / Return Rank
IONZ
SMST
IONZ vs. SMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short IONQ ETF (IONZ) 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.
| IONZ | SMST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -3.66 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.30 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 2.79 | -3.79 |
| Martin ratioReturn relative to average drawdown | -1.28 | 5.52 | -6.80 |
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Drawdowns
IONZ vs. SMST - Drawdown Comparison
The maximum IONZ drawdown since its inception was -98.66%, roughly equal to the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for IONZ and SMST.
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Drawdown Indicators
| IONZ | SMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.66% | -99.25% | +0.59% |
Max Drawdown (1Y)Largest decline over 1 year | -98.48% | -85.39% | -13.09% |
Current DrawdownCurrent decline from peak | -97.85% | -96.27% | -1.58% |
Average DrawdownAverage peak-to-trough decline | -74.23% | -90.74% | +16.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 78.39% | 43.15% | +35.24% |
Volatility
IONZ vs. SMST - Volatility Comparison
Defiance Daily Target 2X Short IONQ ETF (IONZ) has a higher volatility of 53.81% compared to Defiance Daily Target 2X Short MSTR ETF (SMST) at 46.13%. This indicates that IONZ's price experiences larger fluctuations and is considered to be riskier 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
| IONZ | SMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 53.81% | 46.13% | +7.68% |
Volatility (6M)Calculated over the trailing 6-month period | 152.53% | 130.40% | +22.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 187.36% | 146.32% | +41.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 187.10% | 167.25% | +19.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 187.10% | 167.25% | +19.85% |
IONZ vs. SMST - Expense Ratio Comparison
Both IONZ and SMST have an expense ratio of 1.29%.
Dividends
IONZ vs. SMST - Dividend Comparison
Neither IONZ nor SMST has paid dividends to shareholders.
Frequently Asked Questions
IONZ and SMST have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IONZ has higher volatility (53.81%) compared to SMST (46.13%). In terms of maximum drawdown, IONZ dropped -98.66% vs SMST's -99.25%.
On 1-year performance, SMST leads with 236.89% vs -97.85% for IONZ. Both ETFs have the same 1.29% expense ratio. On volatility, SMST has been the lower-risk option at 46.13%. 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 236.89% return vs -97.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IONZ and SMST have the same expense ratio: 1.29% per year.
IONZ and SMST have nearly identical dividend yields, around 0.00%.
SMST currently has the higher Sharpe Ratio (1.63 vs -0.52), 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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