IWMY vs. SMST

Last updated Jul 12, 2026

IWMY (Defiance R2000 Weekly Distribution ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - IWMY is a Options Trading fund actively managed by Defiance, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, IWMY returned 18.83% vs 223.04% for SMST. At a correlation of -0.46, they often move in opposite directions. IWMY charges 1.05%/yr vs 1.29%/yr for SMST.

Performance

IWMY vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance R2000 Weekly Distribution ETF (IWMY) 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, IWMY achieves a 14.82% return, which is significantly higher than SMST's -31.56% return.

IWMY

• 1D: -0.51%
• 1M: 0.98%
• 6M: 9.75%
• YTD: 14.82%
• 1Y: 18.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: -1.67%
• 1M: 37.17%
• 6M: -24.18%
• YTD: -31.56%
• 1Y: 223.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWMY vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMY Defiance R2000 Weekly Distribution ETF	14.82%	10.18%	0.73%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	-44.36%	-91.71%

Correlation

The correlation between IWMY and SMST is -0.48, 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	-0.48
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.46

Return for Risk

IWMY vs. SMST — Risk / Return Rank

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

IWMY

IWMY Risk / Return Rank: 36
IWMY Sharpe Ratio Rank: 36
IWMY Sortino Ratio Rank: 34
IWMY Omega Ratio Rank: 34
IWMY Calmar Ratio Rank: 37
IWMY Martin Ratio Rank: 39

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 49
SMST Sortino Ratio Rank: 58
SMST Omega Ratio Rank: 58
SMST Calmar Ratio Rank: 60
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.

IWMY vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance R2000 Weekly Distribution ETF (IWMY) 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.

	IWMY	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.07	1.37	-0.30
Sortino ratio: Return per unit of downside risk	1.52	2.22	-0.69
Omega ratio: Gain probability vs. loss probability	1.19	1.29	-0.10
Calmar ratio: Return relative to maximum drawdown	1.52	2.39	-0.88
Martin ratio: Return relative to average drawdown	4.95	4.64	+0.31

IWMY vs. SMST - Sharpe Ratio Comparison

The current IWMY Sharpe Ratio is 1.07, which is comparable to the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of IWMY 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

IWMY vs. SMST - Drawdown Comparison

The maximum IWMY drawdown since its inception was -18.72%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for IWMY and SMST.

Drawdown Indicators

	IWMY	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-99.25%	+80.53%
Max Drawdown (1Y) Largest decline over 1 year	-11.57%	-85.39%	+73.82%
Current Drawdown Current decline from peak	-1.38%	-97.31%	+95.93%
Average Drawdown Average peak-to-trough decline	-2.90%	-90.88%	+87.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	43.98%	-40.44%

Volatility

IWMY vs. SMST - Volatility Comparison

The current volatility for Defiance R2000 Weekly Distribution ETF (IWMY) is 4.47%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that IWMY 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

	IWMY	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.47%	56.47%	-52.00%
Volatility (6M) Calculated over the trailing 6-month period	13.49%	135.94%	-122.45%
Volatility (1Y) Calculated over the trailing 1-year period	16.34%	149.09%	-132.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.86%	167.87%	-152.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.86%	167.87%	-152.01%

IWMY vs. SMST - Expense Ratio Comparison

IWMY has a 1.05% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

IWMY vs. SMST - Dividend Comparison

IWMY's dividend yield for the trailing twelve months is around 42.58%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Weekly Distribution ETF	42.58%	63.33%	107.92%	11.34%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWMY and SMST in my portfolio?

IWMY and SMST have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWMY or SMST?

SMST has higher volatility (56.47%) compared to IWMY (4.47%). In terms of maximum drawdown, IWMY dropped -18.72% vs SMST's -99.25%.

Which ETF is better, IWMY or SMST?

On 1-year performance, SMST leads with 223.04% vs 18.83% for IWMY. On fees, IWMY is cheaper at 1.05% per year. On volatility, IWMY has been the lower-risk option at 4.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMY or SMST?

Over the 1-year period, SMST has performed better with a 223.04% return vs 18.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMY or SMST?

IWMY is cheaper with a 1.05% expense ratio, compared with 1.29% for SMST.

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

IWMY has the higher dividend yield at 42.58%, compared with 0.00% for SMST.

What is the main difference between IWMY and SMST?

IWMY is categorized as Options Trading, while SMST is Inverse Equities. Their fees differ too: 1.05% for IWMY and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.37 vs 1.07), 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.