KORU vs. SMST

Last updated Jul 14, 2026

KORU (Direxion Daily MSCI South Korea Bull 3X Shares) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - KORU is a South Korea Equities fund tracking the MSCI Korea 25/50 Index, while SMST is a Inverse Equities fund actively managed by Defiance. KORU is passively managed, while SMST is actively managed. Over the past year, KORU returned 413.07% vs 240.03% for SMST. At a correlation of -0.34, they often move in opposite directions. KORU charges 1.32%/yr vs 1.29%/yr for SMST.

Performance

KORU vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSCI South Korea Bull 3X Shares (KORU) 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, KORU achieves a 130.89% return, which is significantly higher than SMST's -27.96% return.

KORU

• 1D: -24.74%
• 1M: -49.18%
• 6M: 66.57%
• YTD: 130.89%
• 1Y: 413.07%
• 3Y*: 60.31%
• 5Y*: 1.85%
• 10Y*: 6.31%

SMST

• 1D: 5.26%
• 1M: 44.38%
• 6M: -15.07%
• YTD: -27.96%
• 1Y: 240.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KORU vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KORU Direxion Daily MSCI South Korea Bull 3X Shares	130.89%	432.73%	-56.51%
SMST Defiance Daily Target 2X Short MSTR ETF	-27.96%	-44.36%	-91.71%

Correlation

The correlation between KORU and SMST is -0.38, 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	-0.38
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.34

Return for Risk

KORU vs. SMST — Risk / Return Rank

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

KORU

KORU Risk / Return Rank: 89
KORU Sharpe Ratio Rank: 94
KORU Sortino Ratio Rank: 79
KORU Omega Ratio Rank: 85
KORU Calmar Ratio Rank: 95
KORU Martin Ratio Rank: 92

SMST

SMST Risk / Return Rank: 60
SMST Sharpe Ratio Rank: 62
SMST Sortino Ratio Rank: 63
SMST Omega Ratio Rank: 63
SMST Calmar Ratio Rank: 71
SMST Martin Ratio Rank: 43

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.

KORU vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSCI South Korea Bull 3X Shares (KORU) 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.

	KORU	SMST	Difference
Sharpe ratio: Return per unit of total volatility	2.78	1.62	+1.16
Sortino ratio: Return per unit of downside risk	2.78	2.33	+0.45
Omega ratio: Gain probability vs. loss probability	1.40	1.30	+0.10
Calmar ratio: Return relative to maximum drawdown	6.23	2.83	+3.40
Martin ratio: Return relative to average drawdown	17.42	5.47	+11.95

KORU vs. SMST - Sharpe Ratio Comparison

The current KORU Sharpe Ratio is 2.78, which is higher than the SMST Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of KORU 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

KORU vs. SMST - Drawdown Comparison

The maximum KORU drawdown since its inception was -95.79%, roughly equal to the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for KORU and SMST.

Drawdown Indicators

	KORU	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-95.79%	-99.25%	+3.46%
Max Drawdown (1Y) Largest decline over 1 year	-66.86%	-85.39%	+18.53%
Max Drawdown (3Y) Largest decline over 3 years	-73.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-92.82%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-95.79%	—	—
Current Drawdown Current decline from peak	-66.86%	-97.17%	+30.31%
Average Drawdown Average peak-to-trough decline	-57.39%	-90.89%	+33.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.85%	44.09%	-20.24%

Volatility

KORU vs. SMST - Volatility Comparison

Direxion Daily MSCI South Korea Bull 3X Shares (KORU) has a higher volatility of 78.13% compared to Defiance Daily Target 2X Short MSTR ETF (SMST) at 56.59%. This indicates that KORU's price experiences larger fluctuations and is considered to be riskier than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KORU	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	78.13%	56.59%	+21.54%
Volatility (6M) Calculated over the trailing 6-month period	145.83%	135.88%	+9.95%
Volatility (1Y) Calculated over the trailing 1-year period	150.12%	149.23%	+0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	93.49%	167.74%	-74.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	84.08%	167.74%	-83.66%

KORU vs. SMST - Expense Ratio Comparison

KORU has a 1.32% expense ratio, which is higher than SMST's 1.29% expense ratio.

Dividends

KORU vs. SMST - Dividend Comparison

KORU's dividend yield for the trailing twelve months is around 0.38%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
KORU Direxion Daily MSCI South Korea Bull 3X Shares	0.38%	0.89%	4.10%	2.55%	0.48%	0.76%	0.01%	0.93%	1.40%	3.59%
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%

Frequently Asked Questions

Can I hold both KORU and SMST in my portfolio?

KORU and SMST have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KORU or SMST?

KORU has higher volatility (78.13%) compared to SMST (56.59%). In terms of maximum drawdown, KORU dropped -95.79% vs SMST's -99.25%.

Which ETF is better, KORU or SMST?

On 1-year performance, KORU leads with 413.07% vs 240.03% for SMST. On fees, SMST is cheaper at 1.29% per year. On volatility, SMST has been the lower-risk option at 56.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KORU or SMST?

Over the 1-year period, KORU has performed better with a 413.07% return vs 240.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KORU or SMST?

SMST is cheaper with a 1.29% expense ratio, compared with 1.32% for KORU.

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

KORU has the higher dividend yield at 0.38%, compared with 0.00% for SMST.

What is the main difference between KORU and SMST?

KORU is categorized as South Korea Equities, while SMST is Inverse Equities. They also come from different issuers: Direxion and Defiance. Their fees differ too: 1.32% for KORU and 1.29% for SMST.

Which has better risk-adjusted returns?

KORU currently has the higher Sharpe Ratio (2.78 vs 1.62), 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.