OILD vs. SMST

Last updated Jun 4, 2026

OILD (MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds. OILD is passively managed, while SMST is actively managed. Over the past year, OILD returned -72.54% vs 73.40% for SMST. At a 0.13 correlation, their price movements are largely independent. OILD charges 0.95%/yr vs 1.29%/yr for SMST.

Performance

OILD vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) 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, OILD achieves a -61.30% return, which is significantly lower than SMST's -49.49% return.

OILD

• 1D: -3.52%
• 1M: 4.33%
• YTD: -61.30%
• 6M: -58.58%
• 1Y: -72.54%
• 3Y*: -48.14%
• 5Y*: —
• 10Y*: —

SMST

• 1D: 13.96%
• 1M: 85.04%
• YTD: -49.49%
• 6M: -27.60%
• 1Y: 73.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OILD vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs	-61.30%	-41.67%	4.25%
SMST Defiance Daily Target 2X Short MSTR ETF	-49.49%	-44.36%	-90.90%

Correlation

The correlation between OILD and SMST is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024	0.13

The correlation between OILD and SMST shifts across timeframes, from 0.02 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OILD vs. SMST — Risk / Return Rank

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

OILD

OILD Risk / Return Rank: 1
OILD Sharpe Ratio Rank: 1
OILD Sortino Ratio Rank: 0
OILD Omega Ratio Rank: 0
OILD Calmar Ratio Rank: 1
OILD Martin Ratio Rank: 1

SMST

SMST Risk / Return Rank: 24
SMST Sharpe Ratio Rank: 18
SMST Sortino Ratio Rank: 31
SMST Omega Ratio Rank: 32
SMST Calmar Ratio Rank: 21
SMST Martin Ratio Rank: 18

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.

OILD vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) 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.

	OILD	SMST	Difference
Sharpe ratio Return per unit of total volatility	-1.19	0.52	-1.72
Sortino ratio Return per unit of downside risk	-2.45	1.63	-4.08
Omega ratio Gain probability vs. loss probability	0.75	1.21	-0.46
Calmar ratio Return relative to maximum drawdown	-0.94	0.86	-1.80
Martin ratio Return relative to average drawdown	-1.56	1.81	-3.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OILD vs. SMST - Sharpe Ratio Comparison

The current OILD Sharpe Ratio is -1.19, which is lower than the SMST Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of OILD 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.

Sharpe Ratios by Period

	OILD	SMST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.19	0.52	-1.72
Sharpe Ratio (All Time) Calculated using the full available price history	-0.75	-0.52	-0.23

Drawdowns

OILD vs. SMST - Drawdown Comparison

The maximum OILD drawdown since its inception was -98.90%, roughly equal to the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for OILD and SMST.

Drawdown Indicators

	OILD	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-98.90%	-99.25%	+0.35%
Max Drawdown (1Y) Largest decline over 1 year	-77.40%	-85.39%	+7.99%
Max Drawdown (3Y) Largest decline over 3 years	-88.53%	—	—
Current Drawdown Current decline from peak	-98.74%	-98.02%	-0.72%
Average Drawdown Average peak-to-trough decline	-88.64%	-90.67%	+2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.59%	40.73%	+5.86%

Volatility

OILD vs. SMST - Volatility Comparison

The current volatility for MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) is 24.24%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 37.33%. This indicates that OILD 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.

Volatility by Period

	OILD	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.24%	37.33%	-13.09%
Volatility (6M) Calculated over the trailing 6-month period	48.55%	126.48%	-77.93%
Volatility (1Y) Calculated over the trailing 1-year period	61.12%	140.93%	-79.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.39%	166.79%	-87.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.39%	166.79%	-87.40%

OILD vs. SMST - Expense Ratio Comparison

OILD has a 0.95% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

OILD vs. SMST - Dividend Comparison

Neither OILD nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OILD and SMST in my portfolio?

OILD and SMST have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OILD or SMST?

SMST has higher volatility (37.33%) compared to OILD (24.24%). In terms of maximum drawdown, OILD dropped -98.90% vs SMST's -99.25%.

Which ETF is better, OILD or SMST?

On 1-year performance, SMST leads with 73.40% vs -72.54% for OILD. On fees, OILD is cheaper at 0.95% per year. On volatility, OILD has been the lower-risk option at 24.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILD or SMST?

Over the 1-year period, SMST has performed better with a 73.40% return vs -72.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILD or SMST?

OILD is cheaper with a 0.95% expense ratio, compared with 1.29% for SMST.

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

OILD and SMST have nearly identical dividend yields, around 0.00%.

What is the main difference between OILD and SMST?

They also come from different issuers: REX and Defiance. Their fees differ too: 0.95% for OILD and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (0.52 vs -1.19), 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.