KGRN vs. SMST
KGRN (KraneShares MSCI China Clean Technology Index ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - KGRN is a China Equities fund tracking the MSCI China IMI Environment 10/40 Index, while SMST is a Inverse Equities fund actively managed by Defiance. KGRN is passively managed, while SMST is actively managed. Over the past year, KGRN returned -8.93% vs 128.37% for SMST. Their -0.27 correlation means they have often moved in opposite directions in the past. KGRN charges 0.79%/yr vs 1.29%/yr for SMST.
Performance
KGRN vs. SMST - Performance Comparison
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Returns By Period
In the year-to-date period, KGRN achieves a -9.74% return, which is significantly higher than SMST's -35.77% return.
KGRN
- 1D
- -1.22%
- 1M
- 4.21%
- 6M
- -10.51%
- YTD
- -9.74%
- 1Y
- -8.93%
- 3Y*
- -6.00%
- 5Y*
- -11.72%
- 10Y*
- —
- ALL TIME*
- 1.06%
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) |
|---|---|---|---|
| $273.80K | $295.76K | $430.09K | |
| $15.35M | $15.12M | $17.58M |
KGRN vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KGRN KraneShares MSCI China Clean Technology Index ETF | -9.74% | 21.45% | 17.24% |
SMST Defiance Daily Target 2X Short MSTR ETF | -35.77% | -44.36% | -91.71% |
Correlation
The correlation between KGRN and SMST is -0.32, 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. | -0.32 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024 | -0.27 |
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Return for Risk
KGRN vs. SMST — Risk / Return Rank
KGRN
SMST
KGRN vs. SMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI China Clean Technology Index ETF (KGRN) 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.
| KGRN | SMST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.56 | ||
| Sortino ratioReturn per unit of downside risk | -2.55 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.27 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.36 | 2.00 | -2.36 |
| Martin ratioReturn relative to average drawdown | -0.71 | 3.68 | -4.39 |
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Drawdowns
KGRN vs. SMST - Drawdown Comparison
The maximum KGRN drawdown since its inception was -66.24%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for KGRN and SMST.
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Drawdown Indicators
| KGRN | SMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.24% | -99.25% | +33.01% |
Max Drawdown (1Y)Largest decline over 1 year | -28.36% | -85.39% | +57.03% |
Max Drawdown (3Y)Largest decline over 3 years | -41.50% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -63.60% | — | — |
Current DrawdownCurrent decline from peak | -52.74% | -97.48% | +44.74% |
Average DrawdownAverage peak-to-trough decline | -34.28% | -91.08% | +56.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.13% | 46.35% | -32.22% |
Volatility
KGRN vs. SMST - Volatility Comparison
The current volatility for KraneShares MSCI China Clean Technology Index ETF (KGRN) is 5.44%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that KGRN 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
| KGRN | SMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.44% | 38.14% | -32.70% |
Volatility (6M)Calculated over the trailing 6-month period | 15.54% | 135.29% | -119.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.50% | 151.04% | -127.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.18% | 166.75% | -132.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.69% | 166.75% | -134.06% |
KGRN vs. SMST - Expense Ratio Comparison
KGRN has a 0.79% expense ratio, which is lower than SMST's 1.29% expense ratio.
Dividends
KGRN vs. SMST - Dividend Comparison
KGRN's dividend yield for the trailing twelve months is around 0.95%, while SMST has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
KGRN KraneShares MSCI China Clean Technology Index ETF | 0.95% | 0.85% | 1.49% | 0.74% | 1.98% | 0.41% | 0.01% | 5.88% | 2.04% |
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% |
Frequently Asked Questions
KGRN and SMST have a correlation of -0.32, 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 KGRN (5.44%). In terms of maximum drawdown, KGRN dropped -66.24% vs SMST's -99.25%.
On 1-year performance, SMST leads with 128.37% vs -8.93% for KGRN. On fees, KGRN is cheaper at 0.79% per year. On volatility, KGRN has been the lower-risk option at 5.44%. 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 -8.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KGRN is cheaper with a 0.79% expense ratio, compared with 1.29% for SMST.
KGRN has the higher dividend yield at 0.95%, compared with 0.00% for SMST.
KGRN is categorized as China Equities, while SMST is Inverse Equities. They also come from different issuers: CICC and Defiance. Their fees differ too: 0.79% for KGRN and 1.29% for SMST.
SMST currently has the higher Sharpe Ratio (1.13 vs -0.43), 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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