IYF vs. SMST
IYF (iShares U.S. Financials ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - IYF is a Financials Equities fund tracking the Russell 1000 Financials 40 Act 15/22.5 Daily Capped Index, while SMST is a Inverse Equities fund actively managed by Defiance. IYF is passively managed, while SMST is actively managed. Over the past year, IYF returned 14.06% vs 128.37% for SMST. Their -0.31 correlation means they have often moved in opposite directions in the past. IYF charges 0.38%/yr vs 1.29%/yr for SMST.
Performance
IYF vs. SMST - Performance Comparison
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Returns By Period
In the year-to-date period, IYF achieves a 5.27% return, which is significantly higher than SMST's -35.77% return.
IYF
- 1D
- -0.09%
- 1M
- 2.09%
- 6M
- 6.28%
- YTD
- 5.27%
- 1Y
- 14.06%
- 3Y*
- 21.23%
- 5Y*
- 12.16%
- 10Y*
- 13.70%
- ALL TIME*
- 6.14%
SMST
- 1D
- 8.37%
- 1M
- 5.47%
- 6M
- -29.35%
- YTD
- -35.77%
- 1Y
- 128.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $64.39M | $58.62M | $40.71M | |
| $15.35M | $15.12M | $17.58M |
IYF vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IYF iShares U.S. Financials ETF | 5.27% | 18.25% | 10.62% |
SMST Defiance Daily Target 2X Short MSTR ETF | -35.77% | -44.36% | -91.71% |
Correlation
The correlation between IYF and SMST is -0.30, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.30 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024 | -0.31 |
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Return for Risk
IYF vs. SMST — Risk / Return Rank
IYF
SMST
IYF vs. SMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Financials ETF (IYF) 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.
| IYF | SMST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.27 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 2.00 | -1.14 |
| Martin ratioReturn relative to average drawdown | 2.33 | 3.68 | -1.35 |
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Drawdowns
IYF vs. SMST - Drawdown Comparison
The maximum IYF drawdown since its inception was -79.09%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for IYF and SMST.
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Drawdown Indicators
| IYF | SMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.09% | -99.25% | +20.16% |
Max Drawdown (1Y)Largest decline over 1 year | -13.88% | -85.39% | +71.51% |
Max Drawdown (3Y)Largest decline over 3 years | -16.60% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -25.06% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -42.57% | — | — |
Current DrawdownCurrent decline from peak | -1.51% | -97.48% | +95.97% |
Average DrawdownAverage peak-to-trough decline | -17.51% | -91.08% | +73.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.14% | 46.35% | -41.21% |
Volatility
IYF vs. SMST - Volatility Comparison
The current volatility for iShares U.S. Financials ETF (IYF) is 3.97%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that IYF 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
| IYF | SMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.97% | 38.14% | -34.17% |
Volatility (6M)Calculated over the trailing 6-month period | 11.05% | 135.29% | -124.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.67% | 151.04% | -136.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.94% | 166.75% | -147.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.82% | 166.75% | -145.93% |
IYF vs. SMST - Expense Ratio Comparison
IYF has a 0.38% expense ratio, which is lower than SMST's 1.29% expense ratio.
Dividends
IYF vs. SMST - Dividend Comparison
IYF's dividend yield for the trailing twelve months is around 1.42%, while SMST has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYF iShares U.S. Financials ETF | 1.42% | 1.32% | 1.29% | 1.67% | 1.86% | 1.27% | 1.72% | 1.64% | 1.90% | 1.46% | 1.67% | 1.66% |
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
IYF and SMST have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMST has higher volatility (38.14%) compared to IYF (3.97%). In terms of maximum drawdown, IYF dropped -79.09% vs SMST's -99.25%.
On 1-year performance, SMST leads with 128.37% vs 14.06% for IYF. On fees, IYF is cheaper at 0.38% per year. On volatility, IYF has been the lower-risk option at 3.97%. 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 128.37% return vs 14.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYF is cheaper with a 0.38% expense ratio, compared with 1.29% for SMST.
IYF has the higher dividend yield at 1.42%, compared with 0.00% for SMST.
IYF is categorized as Financials Equities, while SMST is Inverse Equities. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.38% for IYF and 1.29% for SMST.
SMST currently has the higher Sharpe Ratio (1.13 vs 0.82), 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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