RKLZ vs. SMST
RKLZ (Defiance Daily Target 2X Short RKLB ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds from Defiance. Both are actively managed. At a 0.48 correlation, their price movements are largely independent. Both charge a 1.29% expense ratio.
Performance
RKLZ vs. SMST - Performance Comparison
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Returns By Period
In the year-to-date period, RKLZ achieves a -89.18% return, which is significantly lower than SMST's -5.14% return.
RKLZ
- 1D
- 10.97%
- 1M
- 137.97%
- YTD
- -89.18%
- 6M
- -87.03%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMST
- 1D
- 18.45%
- 1M
- 181.70%
- YTD
- -5.14%
- 6M
- 2.86%
- 1Y
- 236.89%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
RKLZ vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
RKLZ Defiance Daily Target 2X Short RKLB ETF | -89.18% | -75.89% |
SMST Defiance Daily Target 2X Short MSTR ETF | -5.14% | 41.07% |
Correlation
The correlation between RKLZ and SMST is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025 | 0.48 |
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Return for Risk
RKLZ vs. SMST — Risk / Return Rank
RKLZ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SMST
RKLZ vs. SMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short RKLB ETF (RKLZ) 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.
| RKLZ | SMST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.30 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.79 | — |
| Martin ratioReturn relative to average drawdown | — | 5.52 | — |
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Drawdowns
RKLZ vs. SMST - Drawdown Comparison
The maximum RKLZ drawdown since its inception was -99.10%, roughly equal to the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for RKLZ and SMST.
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Drawdown Indicators
| RKLZ | SMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.10% | -99.25% | +0.15% |
Max Drawdown (1Y)Largest decline over 1 year | — | -85.39% | — |
Current DrawdownCurrent decline from peak | -97.63% | -96.27% | -1.36% |
Average DrawdownAverage peak-to-trough decline | -81.58% | -90.74% | +9.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 43.15% | — |
Volatility
RKLZ vs. SMST - Volatility Comparison
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Volatility by Period
| RKLZ | SMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 46.13% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 130.40% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 207.29% | 146.32% | +60.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 207.29% | 167.25% | +40.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 207.29% | 167.25% | +40.04% |
RKLZ vs. SMST - Expense Ratio Comparison
Both RKLZ and SMST have an expense ratio of 1.29%.
Dividends
RKLZ vs. SMST - Dividend Comparison
Neither RKLZ nor SMST has paid dividends to shareholders.
Frequently Asked Questions
RKLZ and SMST have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 1.29% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
RKLZ and SMST have the same expense ratio: 1.29% per year.
RKLZ and SMST have nearly identical dividend yields, around 0.00%.
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