IWX vs. SMST
IWX (iShares Russell Top 200 Value ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - IWX is a Large Cap Value Equities fund tracking the Russell Top 200 Value Index, while SMST is a Inverse Equities fund actively managed by Defiance. IWX is passively managed, while SMST is actively managed. Over the past year, IWX returned 29.72% vs 236.89% for SMST. At a correlation of -0.33, they often move in opposite directions. IWX charges 0.20%/yr vs 1.29%/yr for SMST.
Performance
IWX vs. SMST - Performance Comparison
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Returns By Period
In the year-to-date period, IWX achieves a 16.33% return, which is significantly higher than SMST's -5.14% return.
IWX
- 1D
- 1.25%
- 1M
- 2.38%
- YTD
- 16.33%
- 6M
- 15.40%
- 1Y
- 29.72%
- 3Y*
- 19.25%
- 5Y*
- 11.93%
- 10Y*
- 12.38%
SMST
- 1D
- 18.45%
- 1M
- 181.70%
- YTD
- -5.14%
- 6M
- 2.86%
- 1Y
- 236.89%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IWX vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IWX iShares Russell Top 200 Value ETF | 16.33% | 18.23% | 1.84% |
SMST Defiance Daily Target 2X Short MSTR ETF | -5.14% | -44.36% | -91.71% |
Correlation
The correlation between IWX and SMST is -0.36, 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 | -0.36 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024 | -0.33 |
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Return for Risk
IWX vs. SMST — Risk / Return Rank
IWX
SMST
IWX vs. SMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Value ETF (IWX) 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.
| IWX | SMST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.20 | ||
| Sortino ratioReturn per unit of downside risk | +1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.30 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 4.53 | 2.79 | +1.74 |
| Martin ratioReturn relative to average drawdown | 19.23 | 5.52 | +13.72 |
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Drawdowns
IWX vs. SMST - Drawdown Comparison
The maximum IWX drawdown since its inception was -35.76%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for IWX and SMST.
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Drawdown Indicators
| IWX | SMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.76% | -99.25% | +63.49% |
Max Drawdown (1Y)Largest decline over 1 year | -6.59% | -85.39% | +78.80% |
Max Drawdown (3Y)Largest decline over 3 years | -13.37% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.13% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -35.76% | — | — |
Current DrawdownCurrent decline from peak | -0.09% | -96.27% | +96.18% |
Average DrawdownAverage peak-to-trough decline | -3.81% | -90.74% | +86.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.55% | 43.15% | -41.60% |
Volatility
IWX vs. SMST - Volatility Comparison
The current volatility for iShares Russell Top 200 Value ETF (IWX) is 4.12%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 46.13%. This indicates that IWX 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
| IWX | SMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.12% | 46.13% | -42.01% |
Volatility (6M)Calculated over the trailing 6-month period | 8.33% | 130.40% | -122.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.57% | 146.32% | -135.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.90% | 167.25% | -153.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.50% | 167.25% | -150.75% |
IWX vs. SMST - Expense Ratio Comparison
IWX has a 0.20% expense ratio, which is lower than SMST's 1.29% expense ratio.
Dividends
IWX vs. SMST - Dividend Comparison
IWX's dividend yield for the trailing twelve months is around 1.45%, while SMST has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWX iShares Russell Top 200 Value ETF | 1.45% | 1.59% | 1.97% | 2.13% | 2.07% | 1.79% | 2.12% | 2.60% | 2.66% | 2.12% | 2.22% | 2.77% |
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
IWX and SMST have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMST has higher volatility (46.13%) compared to IWX (4.12%). In terms of maximum drawdown, IWX dropped -35.76% vs SMST's -99.25%.
On 1-year performance, SMST leads with 236.89% vs 29.72% for IWX. On fees, IWX is cheaper at 0.20% per year. On volatility, IWX has been the lower-risk option at 4.12%. 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 29.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWX is cheaper with a 0.20% expense ratio, compared with 1.29% for SMST.
IWX has the higher dividend yield at 1.45%, compared with 0.00% for SMST.
IWX is categorized as Large Cap Value Equities, while SMST is Inverse Equities. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.20% for IWX and 1.29% for SMST.
IWX currently has the higher Sharpe Ratio (2.83 vs 1.63), 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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