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 -74.13% vs 121.46% for SMST. Their -1.00 correlation means they have often moved in opposite directions in the past.
Performance
MSTR vs. SMST - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with MSTR having a -37.57% return and SMST slightly lower at -37.72%.
MSTR
- 1D
- 1.69%
- 1M
- -5.86%
- 6M
- -32.06%
- YTD
- -37.57%
- 1Y
- -74.13%
- 3Y*
- 36.02%
- 5Y*
- 7.17%
- 10Y*
- 19.02%
- ALL TIME*
- 9.18%
SMST
- 1D
- -3.03%
- 1M
- 2.28%
- 6M
- -39.60%
- YTD
- -37.72%
- 1Y
- 121.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
MSTR Strategy Inc | $1.51B | $1.54B | $2.39B |
| $15.12M | $14.46M | $17.51M |
MSTR vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSTR Strategy Inc | -37.57% | -47.53% | 116.64% |
SMST Defiance Daily Target 2X Short MSTR ETF | -37.72% | -44.36% | -91.71% |
Correlation
The correlation between MSTR and SMST is -1.00, 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. | -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 | -1.81 | ||
| Sortino ratioReturn per unit of downside risk | -3.91 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.24 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 1.43 | -2.36 |
| Martin ratioReturn relative to average drawdown | -1.33 | 2.62 | -3.95 |
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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 | -79.53% | -85.39% | +5.86% |
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 | -79.98% | -97.55% | +17.57% |
Average DrawdownAverage peak-to-trough decline | -86.42% | -91.09% | +4.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.84% | 46.51% | +9.33% |
Volatility
MSTR vs. SMST - Volatility Comparison
The current volatility for Strategy Inc (MSTR) is 16.90%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 34.07%. 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 | 16.90% | 34.07% | -17.17% |
Volatility (6M)Calculated over the trailing 6-month period | 60.42% | 134.96% | -74.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.93% | 150.32% | -75.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 89.97% | 166.60% | -76.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 74.36% | 166.60% | -92.24% |
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 (34.07%) compared to MSTR (16.90%). In terms of maximum drawdown, MSTR dropped -99.86% vs SMST's -99.25%.
SMST currently has the higher Sharpe Ratio (0.81 vs -0.99), 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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