MSTR vs. SMST
MSTR (Strategy Inc) is a stock, while SMST (Defiance Daily Target 2X Short MSTR ETF) is Inverse Equities fund actively managed by Defiance. Over the past year, MSTR returned -78.81% vs 240.03% for SMST. At a correlation of -1.00, they often move in opposite directions.
Performance
MSTR vs. SMST - Performance Comparison
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Returns By Period
In the year-to-date period, MSTR achieves a -39.39% return, which is significantly lower than SMST's -27.96% return.
MSTR
- 1D
- -2.68%
- 1M
- -25.71%
- 6M
- -43.23%
- YTD
- -39.39%
- 1Y
- -78.81%
- 3Y*
- 26.14%
- 5Y*
- 10.45%
- 10Y*
- 17.27%
SMST
- 1D
- 5.26%
- 1M
- 44.38%
- 6M
- -15.07%
- YTD
- -27.96%
- 1Y
- 240.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTR vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSTR Strategy Inc | -39.39% | -47.53% | 116.64% |
SMST Defiance Daily Target 2X Short MSTR ETF | -27.96% | -44.36% | -91.71% |
Correlation
The correlation between MSTR and SMST is -1.00, 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 | -1.00 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024 | -1.00 |
The correlation between MSTR and SMST has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
MSTR vs. SMST — Risk / Return Rank
MSTR
SMST
MSTR vs. SMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Strategy Inc (MSTR) 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.
| MSTR | SMST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.69 | ||
| Sortino ratioReturn per unit of downside risk | -4.71 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.30 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.83 | -3.79 |
| Martin ratioReturn relative to average drawdown | -1.38 | 5.47 | -6.85 |
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Drawdowns
MSTR vs. SMST - Drawdown Comparison
The maximum MSTR drawdown since its inception was -99.86%, roughly equal to the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for MSTR and SMST.
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Drawdown Indicators
| MSTR | SMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -99.25% | -0.61% |
Max Drawdown (1Y)Largest decline over 1 year | -81.95% | -85.39% | +3.44% |
Max Drawdown (3Y)Largest decline over 3 years | -82.63% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -84.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.27% | — | — |
Current DrawdownCurrent decline from peak | -80.56% | -97.17% | +16.61% |
Average DrawdownAverage peak-to-trough decline | -86.43% | -90.89% | +4.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 57.18% | 44.09% | +13.09% |
Volatility
MSTR vs. SMST - Volatility Comparison
The current volatility for Strategy Inc (MSTR) is 26.76%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.59%. This indicates that MSTR 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
| MSTR | SMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.76% | 56.59% | -29.83% |
Volatility (6M)Calculated over the trailing 6-month period | 61.05% | 135.88% | -74.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.29% | 149.23% | -74.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 90.78% | 167.74% | -76.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 74.25% | 167.74% | -93.49% |
Dividends
MSTR vs. SMST - Dividend Comparison
Neither MSTR nor SMST has paid dividends to shareholders.
Frequently Asked Questions
MSTR and SMST have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMST has higher volatility (56.59%) compared to MSTR (26.76%). In terms of maximum drawdown, MSTR dropped -99.86% vs SMST's -99.25%.
SMST currently has the higher Sharpe Ratio (1.62 vs -1.06), 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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