ISHG vs. SMST
ISHG (iShares 1-3 Year International Treasury Bond ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - ISHG is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, while SMST is a Inverse Equities fund actively managed by Defiance. ISHG is passively managed, while SMST is actively managed. Over the past year, ISHG returned -0.54% vs 223.04% for SMST. At a correlation of -0.18, they often move in opposite directions. ISHG charges 0.35%/yr vs 1.29%/yr for SMST.
Performance
ISHG vs. SMST - Performance Comparison
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Returns By Period
In the year-to-date period, ISHG achieves a -1.21% return, which is significantly higher than SMST's -31.56% return.
ISHG
- 1D
- 0.06%
- 1M
- -1.04%
- 6M
- -0.60%
- YTD
- -1.21%
- 1Y
- -0.54%
- 3Y*
- 3.44%
- 5Y*
- -0.95%
- 10Y*
- -0.18%
SMST
- 1D
- -1.67%
- 1M
- 37.17%
- 6M
- -24.18%
- YTD
- -31.56%
- 1Y
- 223.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ISHG vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | -1.21% | 13.31% | -5.55% |
SMST Defiance Daily Target 2X Short MSTR ETF | -31.56% | -44.36% | -91.71% |
Correlation
The correlation between ISHG and SMST is -0.24, 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 | -0.24 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024 | -0.18 |
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Return for Risk
ISHG vs. SMST — Risk / Return Rank
ISHG
SMST
ISHG vs. SMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year International Treasury Bond ETF (ISHG) 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.
| ISHG | SMST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -2.36 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.29 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | 2.39 | -2.56 |
| Martin ratioReturn relative to average drawdown | -0.37 | 4.64 | -5.01 |
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Drawdowns
ISHG vs. SMST - Drawdown Comparison
The maximum ISHG drawdown since its inception was -37.24%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for ISHG and SMST.
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Drawdown Indicators
| ISHG | SMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.24% | -99.25% | +62.01% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -85.39% | +80.37% |
Max Drawdown (3Y)Largest decline over 3 years | -8.21% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -22.29% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -25.56% | — | — |
Current DrawdownCurrent decline from peak | -23.17% | -97.31% | +74.14% |
Average DrawdownAverage peak-to-trough decline | -18.46% | -90.88% | +72.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 43.98% | -41.69% |
Volatility
ISHG vs. SMST - Volatility Comparison
The current volatility for iShares 1-3 Year International Treasury Bond ETF (ISHG) is 1.58%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that ISHG 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.
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Volatility by Period
| ISHG | SMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 56.47% | -54.89% |
Volatility (6M)Calculated over the trailing 6-month period | 4.92% | 135.94% | -131.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.49% | 149.09% | -142.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 167.87% | -160.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.91% | 167.87% | -160.96% |
ISHG vs. SMST - Expense Ratio Comparison
ISHG has a 0.35% expense ratio, which is lower than SMST's 1.29% expense ratio.
Dividends
ISHG vs. SMST - Dividend Comparison
ISHG's dividend yield for the trailing twelve months is around 1.47%, while SMST has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.47% | 1.45% | 2.56% | 0.18% | 0.00% | 1.29% | 0.00% | 0.00% | 1.80% | 0.46% | 0.00% | 0.09% |
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
ISHG and SMST have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMST has higher volatility (56.47%) compared to ISHG (1.58%). In terms of maximum drawdown, ISHG dropped -37.24% vs SMST's -99.25%.
On 1-year performance, SMST leads with 223.04% vs -0.54% for ISHG. On fees, ISHG is cheaper at 0.35% per year. On volatility, ISHG has been the lower-risk option at 1.58%. 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 223.04% return vs -0.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISHG is cheaper with a 0.35% expense ratio, compared with 1.29% for SMST.
ISHG has the higher dividend yield at 1.47%, compared with 0.00% for SMST.
ISHG is categorized as International Government Bonds, while SMST is Inverse Equities. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.35% for ISHG and 1.29% for SMST.
SMST currently has the higher Sharpe Ratio (1.37 vs -0.13), 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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